MERS wild card?

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earthwise's picture
earthwise
Status: Platinum Member (Offline)
Joined: Aug 10 2009
Posts: 848
MERS wild card?

 

This post today on Kitco from Jim Willie reminded me of the MERS issue that received a cursory discussion here at CM.com awhile back. Has anybody heard any further developments on this matter? I've looked around but don't see anything to support his contention that MERS is turning on it's masters, the Banksters. But wouldn't that be sweet?

http://www.kitco.com/ind/willie/aug052010.html

MERS & STRUCTURAL MORTGAGE DEFAULTS

The Mortgage Electronic Registration Systems (MERS) is a property title database turned hostile on its inventors, the Wall Street bond merchants. MERS has been determined to have zero legal standing in a string of state court cases. MERS has proven to be the point of extreme legal vulnerability for corrupt Wall Street merchants. Title transfer through the MERS database cannot be executed in the displacement of homeowners in the foreclosure process. Therefore, home mortgage owners are legally permitted to defy the banks, not make the monthly payments, and remain in their homes without fear of foreclosure and removal. Enter Civil Disobedience.

hucklejohn's picture
hucklejohn
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Posts: 281
Re: MERS wild card?

Here is a link to an article on one MERS related case:  http://foreclosuredefensenationwide.com/?p=264

Except from article:

"This opinion thus serves as a legal basis to challenge any foreclosure in California based on a MERS assignment; to seek to void any MERS assignment of the Deed of Trust or the note to a third party for purposes of foreclosure; and should be sufficient for a borrower to not only obtain a TRO against a Trustee’s Sale, but also a Preliminary Injunction barring any sale pending any litigation filed by the borrower challenging a foreclosure based on a MERS assignment.

The Court concluded by stating: “Since the claimant, Citibank, has not established that it is the owner of the promissory note secured by the trust deed, Citibank is unable to assert a claim for payment in this case.” Thus, any foreclosing party which is not the original lender which purports to claim payment due under the note and the right to foreclose in California on the basis of a MERS assignment does not have the right to do so under the principles of this opinion."

DrKrbyLuv's picture
DrKrbyLuv
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Posts: 1995
Re: MERS wild card?

Interesting stuff earthwise and hucklejohn, thanks for the posts.

I wonder if the "August Surprise" rumors have anything to do with this?

"Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion."  - complete article link

Larry

earthwise's picture
earthwise
Status: Platinum Member (Offline)
Joined: Aug 10 2009
Posts: 848
Re: MERS wild card?

 

Therefore, home mortgage owners are legally permitted to defy the banks, not make the monthly payments, and remain in their homes without fear of foreclosure and removal. Enter Civil Disobedience.

 

Civil disobedience indeed. Seems like a 'get out of jail free card' for every debtor of a MERS mortgage. To good to be true?

land2341's picture
land2341
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Joined: Aug 20 2009
Posts: 402
Re: MERS wild card?

I know my first mortgage is with the bank that wrote it,  but my second has changed hands several times.  How does one know if your mortgage is a MERS mortgage and would it sitll  count on HELOCS??

xraymike79's picture
xraymike79
Status: Diamond Member (Offline)
Joined: Aug 24 2008
Posts: 2040
Re: MERS wild card?

But then what????? ....How long before the authorities come to strong arm you out of the house???? Surely the home occupants would not be able to squat forever.

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