Tag Archives: mers

MERS Says No Mas! To Michigan Foreclosures

No mas!

MERS is folding up its tent as far as foreclosing in its own name, or filing pleadings in bankruptcy court in its own name, as it told is clients they have to get an assignment from MERS, and then file stuff in their own name.

No more MERS foreclosures in Michigan.

Our Michigan court of appeals probably influenced its decision, holding that MERS could not foreclose in Michigan by publication.

Even this is not good enough for Abigail Field of the Foreclosure Fraud site, who wants MERS outlawed.

I yield to no one in anti-MERS sentiment, but am philosophically opposed to just outlawing stuff I think, even know, is bad.

Not good precedent.

I believe there are enough laws on the books against fraud, civil and criminal.  They just need to be enforced.

The government runs all criminal prosecutions, so all we can do there is harp on our elected officials.

At least the Michigan attorney general is investigating at mortgage fraud issues.

MERS Assignments Valid?

But this does not end the issue of the validity of foreclosures with MERS in the chain of title.

If MERS cannot foreclose in Michigan (by publication), how can the company it assigns its rights to foreclose?

How can it assign greater rights than it holds?

Put another way, if you do not own a car, you cannot sell it to me.

Now, if you transfer your interest in the car to Joe Blow, how can Joe Blow sell me the car?  He does not own it either.

So MERS new policy is not dispositive of the underlying issue:  what interest does/did MERS hold in a home being foreclosed?

And title to homes in which MERS already foreclosed is still clouded, as we say in the legal biz.

Many of those homes are going through the foreclosure process AGAIN, just to make the  title companies happy.


image credit:  bleacher report.com

3 Responses to MERS Says No Mas! To Michigan Foreclosures

  1. I live in Michigan ,am being foreclosed on by BOA, but they say FNMA ACT?ACT is the creditor, sale date is aug30, I don’t know what to do, can you help?

  2. Because the Illinois Department of Professional Regulation inspects
    each parlor annually, you must pay special care
    to hygiene, safety and equipment sanitation.
    Some people think creams only give a temporary lasting result.
    Hobbs, Marine Navigation, Second Edition, 1981 Naval Institute Press.

  3. The process of car shopping can be lengthy. You have so many options,
    not to mention things to consider as you compare each one.
    You will be able to make the right decision if you know enough about car shopping.
    Here are some great tips on buying a car.

The MERS Decision Story

Fallout from the Michigan Court of Appeals decision tossing out two foreclosures by MERS is sweeping the state of Michigan. Had a call yesterday from someone whose closing was canceled at the last minute, because, MERS had done the foreclosure and quit claimed the property to the bank, which had agreed to sell the homeContinue Reading

One Response to The MERS Decision Story

  1. I heard on the news and read your article about the mers forclosurer ruling. My home is going to the county sheriff sale this month. My question is how do i find out it my forcloser will de delayed because of the ruling? Also i found that it to be quiet strange that my servers name is on my mortgage documents but the server tells me that I borrowed money from the investers. I dont no who the investers are and upon getting approved for the loan I contacted the credit union. I assume the credit union provided the funds for me. Since this time the credit union is closed and now coop credit union. I contacted coop and first they told me they didnt have my mortgage. After speaking to several people the manager tells me that yes coop does have the mortgage but its not in their computer its in their books. Should the credit union contacted me upon recieving my mortgage, do the server have a right to be listed as the leinholder on my mortgage even if they didnt loan me the funds, and do I have some type of claim?

The Truth About Debt Buyers

(image from Wall Street Journal) Jessica Silver-Greenberg wrote about debt buyers at the end of last year, but the information is still timely. Companies like Portfolio Recovery Associates, which used many affidavits, like the one pictured, from a person who died before the date on the affidavit. Bad debts are sold in bundles of thousandsContinue Reading

2 Responses to The Truth About Debt Buyers

  1. Ginger can even cure a lot of ailments apart from its wonderful flavors.
    Although it is used in cooking, it has been used both culinary and medicinally
    for over 5000 years in the Chinese and Indian cultures.

    The Roman Empire used it and when the empire collapsed the
    herb nearly disappeared from Europe.

  2. The bottom line is this: price will reflect quality.
    Though the fact remains that green tea is also a very powerful weight loss agent.
    Save yourself some frustration and invest time in developing a 3 month to
    6 month fitness program.

The Real Truth About Mortgages (Part One)

This has been the most common question I get for a long time, so I will periodically post on the possible answers. If you are current, and can afford to continue paying, there is really no bankruptcy alternative. You can stop paying, the so-called “strategic default“. Unfortunately, there is no accurate prediction as to whatContinue Reading

6 Responses to The Real Truth About Mortgages (Part One)

  1. While a good offense is definitely needed to prevent getting hacked, in this case having a
    series of recent backups (at least one every time you
    publish a new post) and consistently checking
    for hacks provides the best defense against being hacked that there is.
    By the same token, normal use of the Web site can be impossible if the firewall is configured
    badly. You’ll have higher chances of beating the bad guys if you are aware of how they play the game of fraud.

  2. Aw, this was an extremely nice post. Taking a few
    minutes and actual effort to make a really good article… but what can I say… I procrastinate a lot and don’t seem to get nearly anything done.

  3. whoah this weblog is fantastic i really like reading your posts.
    Keep up the good work! You already know, many persons are searching round for this information,
    you can aid them greatly.

  4. Thanks for sharing your thoughts. I truly appreciate your efforts and I
    will be waiting for your next post thank you once again.

  5. I’m truly enjoying the design and layout of your site.
    It’s a very easy on the eyes which makes it much more pleasant for me to
    come here and visit more often. Did you hire out a designer to create your theme?
    Great work!

  6. Vic: You make money for two reasons; to pay your bills and to do things you love.

    Even though some of the 19th century dress options were
    scrutinized initially for being prudish in nature, they soon overcame the
    stigma and went on to become one of the most sought after lines of clothing.
    The massive move into the northwest known as the “Oregon Trail”,
    and the discovery of gold actually laying on the ground in the resource-rich
    land of California in 1849.

What Can You Do To Save Your Home From Foreclosure?

The housing market gets worse, more foreclosures happening, and more foreclosures coming. Household wealth declines, another predictor of increased bankruptcy filings to come. Even the rich and famous are joining in, word is Mel Gibson facing foreclosure on his Malibu, California properties. People are waiting for loan modifications to save their home are forced intoContinue Reading

One Response to What Can You Do To Save Your Home From Foreclosure?

  1. Definitely believe that that you said. Your favourite reason seemed to be on
    the internet the simplest thing to have in mind of.
    I say to you, I certainly get irked whilst other people consider worries that they just do not realize about.
    You managed to hit the nail upon the highest as neatly as outlined out the entire
    thing without having side effect , other folks can
    take a signal. Will probably be back to get more.
    Thank you

Summers Endorses Bankruptcy Court Mortgage Modification

DATELINE: WASHINGTON The following is the letter released Monday by Lawrence Summers, director-designate of the National Economic Council for the Office of President-Elect Obama: sent to the leadership of both parties in the House and Senate 3. Launch a Sweeping Effort to Address the Foreclosure Crisis: The President-elect has directed his White House and CabinetContinue Reading