“I agree with your comments. Regardless of deficiencies in mortgage paperwork, banks are not foreclosing on people who are paying their mortgages.”
Some interesting questions arise even in this area though. I went on MERS and looked myself up. BAC services my loan (correct). The investors are undisclosed. What happens if BAC goes belly up before paying investors money I have paid to BAC? Do I have a complete defense against the investors? I’m not sure. Would a title company insure my sale of the house to someone else? Hmmm.
One of the main ideas of land and mortgage recordation was that the owner would know with certainty who to pay on the mortgage. The mission statement on the MERS site is: “MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.”
Wow! The site claims it has been created with Fannie Mae’s approval. But will state judges agree that Fannie has the authority to override state land recordation schemes? This one has the ability to get out of control fast.
Wheres the website to search MERS?