As Colonel Potter used to say, that's horsehockey. Everyone who is in mortgage trouble is grasping at straws and technicalities.
Just like the lawyers who advertise to help.
They will look through every page of a mortgage closing package, (100 pages of documents) looking for 1 page where maybe an initial was missed. They try to use garbage like that to unwind a refinance from 3 years ago and let their client of the hook.
That's just theft.
Let me clear up a misconception for you.
THE LAW APPLIES TO BOTH SIDES OF THE CONTRACT.
I am not advocating that deadbeats be forgiven. BUT, the law specifies that a lender MUST be able to prove they hold the title to foreclose.
The MERS system was designed to circumvent the recording rules of teh states and counties. The fact that there are lawyers who will look for technicalities in each paperwork package doesn’t mean that willful destruction of titles for convenience isn’t wrong.
If you are unwilling or unable to see that BOTH sides are culpable in many of these screwed up cases, I cannot help you. I’m not sure there is anyone that can.
Once more, to be clear, I am NOT advocating that the banks are always wrong and the buyers are always right. I am simply identifying that there are many cases today where BOTH are wrong. You have stated that the banks should receive the benefit of the doubt, whereas the buyer should not. I am stating that, in the case where the title was physically destroyed to immerse the property in MERS, there is not always a bank who is legally entitled to foreclose.
I favor following the law AND contract as written.
You favor following the contract, regardless of the law.
My statements apply specifically to the situation where a bank cannot prove it holds title.
Your statements cover with a general blanket, as far as I can tell.
You are wrong.