Reader Jeff P. noted the MERS case that was outlined in detail at drhousingbubble yesterday:
The link has comments at the bottom that help define the case. How it’ll affect the mortgage industry at-large has yet to be determined.
But a legal finding is another event that could set off a panic among lenders and/or servicers too. I don’t think MERS is it by itself, but pile it on top of any more moratoriums or political directives, and you could see a renegade in the industry get fed up and push the sell button.
32 inch LCD for 350 or more – go onto slickdeals and pick up a 42 new with warranty for 500.
Some stuff in there could be worthwhile – I could use a nice big leather chair in my office.
What a mess.Guess people can live in those foreclosures for years in kansas.Dorothy would be proud of the crooks on wall street.
I am preparing a “Live Free In Kansas” Bus tour to make trips to Kansas. Bring your deposits and first payment and no more payments after that. Hey….bring your surf boards too. Life’s a beach in Kansas now.
Much of the blogoshere analysis to date of this case is pretty poor. The comments by Ann in the link provide a better summary of what the case is really about. She does not address the reference to the Bellistri case cited by the court and the importance of keeping the note and trust deed together – which is a concern – but that’s not what this case is really about.
I’m confused, which is not surprising considering that everything relating to home loans has become insanely confusing in the past few years. Does this mean that if MERS touched your home loan then nobody can foreclose on you if you quit paying, at least in Kansas?
It’s not the first time this issue pops up. There was a similar case in Ohio a few years back. Let’s just say that I don’t believe for a second that people can stop paying their mortgages and then claim that the dog ate the mortgage note. The system is messed up, but it’s not THAT messed up.
“The system is messed up, but it’s not THAT messed up.
Daniel | September 25th, 2009 at 3:33 pm”
WRONG again. it’s Worse than you think or can imagine. Al Capone and John Gotti would be proud.
http://www.youtube.com/watch?v=lWnAhCjJkws
Peter Schiff classics. You were Warned.
I agree with the dacounsler that there is some pretty bizzare contentions out there about MERS. MERS does have legal issues it needs to contend with, but those are mostly in judicial foreclosure states, not private power of sale states like California.
MERS itself has its own forum for its members on legal issues that come up:
http://www.mersinc.org/forum/viewtopics.aspx?id=13
Kingside, thanks for the link. I read somewhere earlier that there are attorneys in Florida (a judicial foreclosure state) specializing in getting foreclosures completely dismissed because the original notes and deeds have disappeared and cannot be found. The note losers deserve what they get $0.
The NY Times has a better analysis of this case:
http://www.nytimes.com/2009/09/27/business/27gret.html?em