That's a situation I'm starting to contemplate.
I took out a mortgage in 2005; I'm wondering if, when I pay it off, I'll be able to get a clear Title.
If I can't get a clear title, I can never sell it, so its only value is the fact that I'd be able to live in it "rent-free" (except for the property tax).
I just looked up our records at the county recorder of deeds. We refinanced twice as rates dropped. The first one was recorded as being with MERS, and was recorded as satisfied (also MERS). The second refinancing is not recorded at all. We’ve been paying on it since 2004, but our county has no record of it existing. The whole MERS entity is another ball of wax. When hubby gets home tonight we’ll be talking about getting some legal advice. I don’t see how we’ll have clear title if we pay off the balance of our loan. I’m sick to death of corrupt bankers and politicians.
And the worst thing about it is, there is no clear idea of who you could shoot if you wanted some justice. (Which is something the government is sure as hell uninterested in.)
We took out ours in 2001, but we refied twice.
I have looked for our house in the MERS database, but it is not there. Fannie SEEMs to have our house, but with all of the reports of what is going on, it doubt anyone who bought or refied since 2000 KNOWS who really has title.
If NONE of us can get clear title, what happens to the equity we have put in?? How can we sell??? Why am I paying for something I can’t OWN???