Except that’s not why the courts are doing it, they’re doing it as a loophole to let people who don’t pay their mortgage keep their homes.
I’m not debating that there is a problem here with the way these transfers are done.
I’m simply asking in an age of economic turmoil what it will ACCOMPLISH. The RESULT of applying this carte blanche would be CHAOS.
Why not just declare every mortgage using MERS null and void, then all of us whose money will be lost in the resultant banking collapse will at least have a free and clear house to contend with?
The modern English word “canard” meaning “lie” came from an old Canadian French proverb which translates “to half sell a duck,” the Canadian French word for “duck” being “canard.”
Instead of ducks being half sold, now houses are.
The law was never intended to cover half-sold houses.
Perhaps the originating lender should be forced to re-eat their mortgage and then take their chances with a foreclosure if the home occupant will not pay.
Except that’s not why the courts are doing it, they’re doing it as a loophole to let people who don’t pay their mortgage keep their homes.
No the courts are not doing to let people keep their homes. It is to keep the title clean. Let’s say to go buy a house with a loan with bank A. Then three years later Bank B shows up and says we never got paid from the last loan on the house and foreclose on YOUR home even though to have been paying Bank A. You would be HOT wanting to know who to sue. With this type of crap going on you can’t get title insurance for your future home. It has nothing to do with the deadbeats staying in the house.
You can read a Court's mind?
I’m not debating that there is a problem here with the way these transfers are done.
You just want to ignore those problems and toss about 300 years of well established real estate law out the window because you don't like the outcome.
I’m simply asking in an age of economic turmoil what it will ACCOMPLISH.
I accomplishes the reinforcement of about 300 years of well settled real estate law and forbids a bunch of bankers and Wall Street types from making an end run around it. That's what it accomplishes.
The RESULT of applying this carte blanche would be CHAOS.
TFB. They took the risk, now they get to pay. Unless you're one of those "it's too big to fail" types.
Why not just declare every mortgage using MERS null and void,
That's probably exactly what's going to happen. Which is as it should be. There's no legal basis for MERS anyway.
Separating the Note Payable from the Mortgage is the equivalent of tearing a $100 bill in half, then each holder of one half tries to cash it in for $100 in twenties or silver. It won't fly. The big problem is that the banksters have been getting away with it on a grand scale for years until recently.