LENDERS TURNING TO OLD FASHION WAY OF "PAPER", TURN AWAY FROM MERS

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LENDERS TURNING TO OLD FASHION WAY OF “PAPER”, TURN AWAY FROM MERS

LENDERS TURNING TO OLD FASHION WAY OF “PAPER”, TURN AWAY FROM MERS

Thanks to a tip from California’s hero Brian Davies:

Lenders Turning Their Backs on MERS, Going Back to Paper

With more borrowers filing legal challenges to foreclosure, many mortgage lenders have turned their back on using MERSCORP Inc., which operates an electronic loan registry, to bring foreclosure actions. Some lenders are even returning to the old-fashioned, paper-based system of physically recording mortgage assignments at county recorder offices to ensure an unbroken chain of title.

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4 Responses to “LENDERS TURNING TO OLD FASHION WAY OF “PAPER”, TURN AWAY FROM MERS”

  1. Kevin Hardin says:

    this is not news. This stuff kills me. 12 years ago MERS was clear to all uses of MERS that they should be recording the assignment out of MERS for defaulted loans to the Note Holder prior. All of this has nothing to do with MERS. MERS was never designed to foreclose on anyone. This is a lender issue. Guns don’t kill people, people kill people. MERS does not kill chain of Title on a Note, the lender does with their incompetence and greed.

  2. MSJ says:

    @ Kevin…….You hit it correctly on the spot…BULLSEYE

  3. Tim says:

    @Kevin, MERS and “the Lenders” are one in the same. Check the list of Shareholders, mostly banks. MERS isn’t necessary, nor can you prove it has any benefit to consumers whatsoever, only benefit is to the Lenders/Shareholders. If MERS was such a good thing, there should be a lot more transparency. There isn’t.

    As for Chain of Title issues, there are plenty. MERS regularly assigns to the Servicer, not the real party in interest. So as a result, when pressed for discovery, the actual owner of the note may or may not appear, but it becomes evident the Servicer is NOT the owner/holder of the note, and now because of the assignment, there is a Cloud on the Title.

    Check out Dave Krieger’s eBook “Clouded Titles”. http://www.cloudedtitles.com to learn more. It’s only $20 and you’ll learn everything you need to know about MERS.

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