MERS mortgage loans
MERS and loan modifications
Keep an eye out for MERS and lawsuits involving MERS when it comes to your mortgage loan.
This video briefly discusses a few of the issues. The New York Times article is worth reading.
John DiCaro, a lawyer representing PHH at the hearing, was in the uncomfortable position of having to explain why there was no documentation of an assignment to U.S. Bank. He did not return a phone call seeking comment last week. Ms. Johnson, who couldn’t be reached for comment, did not attend the hearing.
According to a transcript of the Sept. 29 hearing, Mr. DiCaro said: “In the secondary market, there are many cases where assignment of mortgages, assignment of notes, don’t happen at the time they should. It was standard operating procedure for many years.”
Judge Drain rejected that argument, concluding that what had been presented to the court just did not add up. “I think that I have a more than 50 percent doubt that if the debtor paid this claim, it would be paying the wrong person,” he said. “That’s the problem. And that’s because the claimant has not shown an assignment of a mortgage.”
Mr. Shaev said he was shocked when the judge expunged the mortgage debt.
“We are in uncharted territory,” he said. “Right now I am in bankruptcy court with a house that has no discernible debt on it, yet I have a client with a signed mortgage. We cannot in theory just go out and sell this house because the title company won’t give a clear title on it.”
The loan modifications through the bank's legal department can get you a new loan at 90% of the current appraised value of your property. The requirements are that the bank feels you have a strong legal case against them. And that you have verifiable income to support the new loan.
Click here to get your Loan Mod Breakthrough course at the special low price this weekend
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Comments on MERS mortgage loans »
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