Deja Vu – It’s MERS Time Again…
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I guess it is OK to re-write and invent laws that trump the Supreme court if you are the baking industry.
As an escrow officer, I loved MERS. Here was a website I could go to find out who is actually servicing the loan. Good luck with that on the recording of the ADOT – it doesn’t happen.
what’s the link?
I call BS. So far nothing concerning mortgage settlements, loan modifications, socialist OBummers HAFTA SMAFTA CRAPTA programs, short sales and ‘cash for keys’ or the incredibly STUPID attorneys general settlement has worked out as planned or reported, and very few screwed over homeowners have seen justice or help.
Yeah, they all were adults and signed papers acknowledging debts, and they were given no guaranty that they would keep their jobs and have equity appreciation BUT—the underlying evil is how the banks stole properties by telling people to go late on the payments to have the loans modified then turned everyone down after stringing them out for so many months that the back due was too much to bring current. This is what the public needs to know.
MERS is going to be swept under the table. Another great screwing of the public. The courts wont favor the homeowners even though what MERS did was illegal on many levels. No even balance of justice exists in our corrupt country when the fight is between banks/oil/politicians and Joe & Jane Public
We now have lived through three levels of extreme shame.
1. Stock market screwover People lost retirement
2. Real estate screwover People lost equity
3. 2nd phase of Real estate/Banking system/Government screwover People lost homes through illegal process.
Hi Guys,
Great stuff as usual but I too would like an example or a name of a program for all this “free money” given for doing a short sale instead of foreclosure. I have a current client looking to pursue a short sale with Wells Fargo. I just got off the phone with Well’s short sale departments for both the first and the home equity line of credit and both representatives ran my question up the flag pole to management and it came back with I have never heard of that. They have the HAFA incentives of up to $1,500 and the “Wells Fargo Owned Loan Incentive” of up to $2,000 but they all thought I was crazy asking about the $20,000 discussed in today’s blog and asked me if I had a name for the program or a weblink to a Well’s Fargo page that listed this program. If this is true it would be great and I would really like to get the details so it can be a resource for my clients in distress. At this point however, other than people saying it, I can’t find any proof that it’s true or any pathway for receiving the funds.
Please let us know how to find out more and keep the great information coming!
Rich
Long-standing black letter mortgage law – the 1872 US Supreme Court precedent Carpenter v. Longan, 83 U.S. 271, at 274, inter alia, which states any separation of the Note from the Deed of Trust is a Nullity. “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity”. Now then, MERS holds the mortgage, and the note gets transferred into a CDO. Robo-signing is a distraction. Lost notes are a distraction. The issue is the “mortgage loans” are a nullity.
In other words Edward, the mortgage loans are null and void because the banks have clouded the titles and no one knows who owns the home. Think of the ramifications. Banks are now having buyers sign indemnity clauses against future title issues and the title companies are doing the same thing. The banks were already paid in full for the mortgages through securitization, PMI, bailouts and now they want to double down on their profits by foreclosing. NO !
thanks you for getting it!
Edward – I also need your help. I need to sell a house that I don’t own. Please let me know how I can accomplish this.
Hi Frank & Brian. Really enjoy your blog. Will you be doing any seminars in the New York area in the near future? We are getting that neglected feeling.
Fellas, you are gentlemen, scholars and good judges of bad liquor all in that order. Try the Bushmills Black Label it is real smooth. Of course it is only for medicinal purposes!!!
@ Keith, Honey Badger?
Anyone else check out this GreenBar thing and find the Refi example way out of touch with reality?
I wanted more info but didn’t want to wait 2 days for the seminar so i went to their site directly. On video 4 they display an example of how a homeowner with 28 yrs left on their mortgage can be in a position to pay it off in only 10.
Sounds great but based on the numbers given we are to assume that this homeowner refinanced in the past 2 yrs INTO a rate of 8.625% with an LTV of around 60% and will now cash out refi to 80% and lower their PITI by $172 per month.
While I think it could be a nice tool, I think the example is so uncommon as to
be misleading. If I could find borrowers that have tons of equity and rates almost 4% above the market, I’d be a very happy loan officer.
just wondering if I’m crazy or missing something.
anyone out there know what lender will do an FHA purchase with a 595 midscore?
Edward, I’ve worked with an LO Jerome Jackson with Embrace Home Loans in Atlanta and closed FHA loans with 580 mid scores. His contact info is 404.936.0667, jeromejjackson@gmail.com or jjackson@embracehomeloans.com. I hope this will be of help to you.
That it I am going to just quit paying my mortgage live for free for the next 6 to 12 months maybe longer and then when the ask me to leave pick up my check for 25K. I may even be able to sue my lender if I think they forgot to file a pice of paper. As the guy from Rocky V said only in America.
Nice biking Pee Wee! Where’s Miss Yvonne?
Most important question on today’s video . . . . . What kind of animal was that!!??
The assertion that MERS fraud regarding recording fees is ridiculous. In economic terms, recording fees are considered a transaction cost that deters economic activity. You guys are against adding to mortgage insurance costs in order to pay for employment tax cuts. It is the same thing. You seem to assert that two things: homeowners were screwed and that localities were screwed when mortgage intewrests were transfered. Wrong. The borrowers borrowed money and localities were paid – when the property was transfered. While everyone wants more, all the time, this is all that everyone expected. This is why the story has no traction with the general public. All they think is the banks are devils – and the people who borrowed money are angels. Money was transfered and deed were recorded when the property, not the note, transfered.
Edward:
I need your help!
Can you file a notice of default and substitution of trustee when you do not have physical possession of the Original note?
Please advise.
I keep hearing about the thousands of dollars lenders are giving to homeowners in a short sale but I’ve never experienced it myself. Can anybody PROVE and SHOW an example of an actual client getting back $35,000 or even $3,500 at the closing by choosing a short sale versus foreclosure? Everyone’s writing about it but nobody has shown an example ( http://www.cnbc.com/id/46454093 ). Something along the lines of what you did with the sweetheart deal between IndyMac OneWest Bank and the FDIC. GREAT STUFF! Bruce
I am a realtor. Had a client on a cooperative short sale receive $3000 at close from Bank of Bank of America (we think?) The two years of hell we went through to get a short sale done and the collateral damage done to his credit, it should have been $3,000,000. Incompetence, poor decision making on the bank’s part, fraudulent loan to begin with. No PMI and then undated PMI documents signed three weeks after the loan closes by cooercion. Payments go up $300 per month.. Classic example of predatory lending at it’s worst.
it’s ’cause the ONLY incentive for banks is to FORECLOSE! they DO NOT want to short sale, or modify, these options leave title clouded. If they can get you OUT of your house, then the title issues are erased, and they get re-imbursed by gov for total cost of loan PLUS they get the property. Nice set-up. Fraud, Fraud, Fraud, Fraud…
’cause there IS No example. Foreclosure attorneys I have spoken with have NEVER seen a principle reduction etc.. It is all a lie, they want to foreclose to clear title, and oh yeah they get FULL re-imbursement by gov for loan and get property.
The banksters drag out mod process after telling homeowners to STOP PAYING to qualify, only to foreclose on them even after thousands of $’s in trial payments have been made by homeowner (trial payments are a way for banks to get homeowner to pay for their own foreclosure.)
The supreme court ruling 5pence mentions above in this blog makes this all illegal, no matter what the slimey state legislatures have “passed” recently to cover their elitist too big to fail buddies.
Long-standing black letter mortgage law – the 1872 US Supreme Court precedent Carpenter v. Longan, 83 U.S. 271, at 274, inter alia, which states any separation of the Note from the Deed of Trust is a Nullity. “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity”. Now then, MERS holds the mortgage, and the note gets transferred into a CDO. Robo-signing is a distraction. Lost notes are a distraction. The issue is the “mortgage loans” are a nullity.
In other words Edward, the mortgage loans are null and void because the banks have clouded the titles and no one knows who owns the home. Think of the ramifications. Banks are now having buyers sign indemnity clauses against future title issues and the title companies are doing the same thing. The banks were already paid in full for the mortgages through securitization, PMI, bailouts and now they want to double down on their profits by foreclosing. NO !
We the people do not believe the banks/financial institutions, are devils for avoiding recording fees. We believe that they are devils because of the occultation of the ownership of the notes. The standard Fannie / Freddie note called for a conversation between the maker of the note and the “holder” of the note. It therefore gives the maker of the note the right to the identity of the holder of the note. This right is denied and the identity protected at great costs to the servicer. Why? Could it be that a conversation between the maker and the holder would tend to negate the position of the servicer? Could it be that the holder would be in a position to face reality and sell the note back to the maker at reduced price based on both the actual value of the asset and the imminent threat of forced foreclosure? Result= holder/maker win win and servicer = complete loss? Who claims the MI?
Edward, nothing is EVER re-recorded at county recorder when mortg is securitized. The same/original note and d.o.t. is used to foreclose, even though the original note has been sold and turned into securities. You must work for Obama to believe what you say. MERS has NO legeslative history. It was INVENTD by bankers with clintons/gov blessing. It is total FRAUD and you are mis-guided.
MERS is the cornerstone of the problem and courts accepting this is in-justice to the core.