Stocks differ in real property in more than one way. Real property has a tendency to stay in the exact place it has always been. That would be the on that street, in that particular county, in that particular state.
For the sake of argument let's say you have a mortgage obligation. Let's also assume it's been "securitized" and MERS is the nominee.
Have you read the prospectus (sales pitch) that describes the security that was dangled in front of the investor?
Do you know if your obligation fits within the terms of the prospectus? If not it may have been fraudulently securitized resulting in ownership of the note being invalid.
Have you read the Pooling and Servicing Agreement that defines the relationship between the trustee and servicer/sub-servicer? Do you know if an insurance policy is specified in the PSA? Do you know the trigger that activates the policy and pays the investors? If the insurance policy paid the lien holders in full it could be argued that the obligation is extinguished.
Do you know who issued those insurance policies? Chances are good AIG ($100 Billion recipient) or AMBAC (recently filed BK 11) held the paper..or rather pretended to.
Do you know the status of your trust? Do you know that if it has been satisfied by insurance your "obligation" has likely been "sold" to the servicer who continues to collect your payments on an invalid note at face value? Do you know that you may have a very legitimate cause of action against the servicer for fraud?
I'm not trying to bust your bells but these issues are real.
Another poster made the analogy of an electronic automobile registry that essentially disguises the lien holder. Take that analogy a step further. If you buy a car that's been stolen it's not yours..even if you didn't know. If you crash the car and total it, insurance pays the lien holder and the obligation is extinguished.
In the world of Mortgage Backed Securities those insurance companies grabbed the wildly inflated value of the collateral made by the alleged lender's agent, the property appraiser (to insert into the Credit Default Swaps) and left the taxpayers holding the bag.
Am I still on your ping list?
I hope so!