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I wonder what will happen when people realize that “paying off the note” under the MERS system is also invalid. The whole residential real estate market could freeze up.

Worse, our mortgage was initiated by Washington Mutual. Because they went belly up, it is supposedly administered by Chase but the note is held by the FDIC!!!

Although we are not far from paying it off and are paid six months in advance, now we literally do not know if we should be paying on this note at all. I'd really like to know what to do.

26 posted on 02/14/2011 11:09:58 PM PST by Carry_Okie (The environment is too complex and too important to manage by central planning.)

Worse, our mortgage was initiated by Washington Mutual. Because they went belly up, it is supposedly administered by Chase but the note is held by the FDIC!!!

That was my situation on my 2nd note, and when I called for the MERS number Chase said they didn't use it and when I pay it off they will file it in the courthouse,