Well that is the trick. The company that last physically owned the note/title and failed to foward it to the buyer, and the buyer who never received the note/title fowarded the MBS and hoping to eventually get the note/title are the ones on the hook to account for it. The state forms that they must fill requires a rep/lawyer to sign a sworn statement on what had happened to the lost docs. It means the lawyer or statement giver is liable for making false statements if they chose to lie and risk their careers/licenses. Most mortgage experts feel the docs can be located or accounted for. Despite the dizzy pace of the MERS system, its electronic transactions can be retraced, unless someone in the MERS erases all the digital records (that would be a disaster for the banks involved). It means the banks must hire someone to take his time and diligence to retrace the transactions and attempt to locate the documents.
Methinks then they ought find those docs without forgeries or perjuries. If it benefits a servicer to delay foreclosure via reimbursable fees, why would they rush to foreclose with falsified docs if indeed, the originals exist? Methinks those "mortgage experts" are living in a fairy world, soon to be awakened.
Methinks too those "mortgage experts" are the same ones who drove this cart into the ditch and are refusing to recognize the wreckage.
“The state forms that they must fill requires a rep/lawyer to sign a sworn statement on what had happened to the lost docs”
So who’s going to be the first to fill out that the documents were shreaded in an effort to promote an investment fraud?