SAM (and others)

*This information is accurate for consumers in judicial foreclosures states only.

Most readers here are regular consumers who do not clearly understand the important difference between the mortgage and the note. They are separate documents; both important to purchase and transferring of loans.

What this lawsuit means to you is that while MERS may be named as your mortgage holder–THEY DO NOT HOLD YOUR NOTE.

Just as a point of information–

MERS

* Never held anybody’s note
* Cannot legally foreclose on ANYBODY
* Cannot transfer something which they never had (your note)
* Is simply a huge database created by the banks and assorted associates to make the process work better for them and avoid paying recording fees while speeding up the process of moving the mortgage from one investor to another at break neck speed
* Has never been established as LEGAL
* Is actually a blessing in disguise if they are the holder of your MORTGAGE because that means you
can feel pretty confident that nobody can really prove a clear, continual chain of title (A had your loan–sold it to B—B sold it to C, C sold it to D) and so forth

The most crucial thing you want from your lender or the servicer is NOT to know who is holding your mortgage. I know that is what is stated in newstories and many blogs across the country. What you really want to know is who is holding your NOTE–and can they prove when they got it, whom they got it from, was it recorded at the time of the transfer.

The person who can foreclose is the person who holds your NOTE. (Judicial foreclosures).
The investor who bought a share of your mortgage cannot foreclose–unless they have the note.

Do some research on mortgage and note as documents and the powers which they each have or can convey.

Hope this helps.

Mildred (317) 507-5105

http://www.HomeOwnershipMatters.com

http://www.dsnews.com/articles/merscorp-taps-former-fannie-exec-as-chief-risk-officer-2011-06-21

I agree with Readdocs.

mymisstake,
Even considering a modification to the loan is ludicrous. The servicer cannot do modifications
to any mortgage unless they have specific authority from the lender. Ask yourself, what investor/lender
is going to cut his profits?

it means you can decide if you want to keep on paying for a house for 15 years or so before you get equity in it or you can hope the value goes up again, of course if you walk away you ruin your credit and they come after you so you gotta file bankruptcy, all sorts of scenarios, you could try to get a home modification but i think getting one of those where they reduce the principle due is next to zero.

Prices just didn’t go down. Do you think it is normal that my house dropped by $500k in value in 2 years? Really? What happened was just like this: I went to a diamond store, the appraiser said yep, nice diamond. The jeweler said, nice diamond dude and then the Gem Institute of America said yep, flawless worth at least $20k. Then 2 years later, I find out it was really cubic zirconium and it is worth $100. I decide not to pay anymore for this crap, but now the jewelry store wants the $19,900 difference and their cubic zirconium back. The real estate industry colluded, lied, cheated and stole in collusion with the banks who then placed bets on our mortgages in a casino like scheme and THEY crashed the housing market, not me. Screw them. They should be in jail.

But THIS is not that same world, somewhere along the line the normal rules that govern got left behind. So i would not be too quick to celebrate, things that don’t make sense (sort of like Alice in Wonderland) exist in this new world anyway and no one seems to notice.

Bank of America should not be viewed as a sacrificial lamb, its more like a wolf in sheep’s clothing imo.

Before you accept or talk to them about modification, find out if they are your real lender.
If they are not, then they’re just stringing you along until they can put you into foreclosure.
Otherwise you’re just assuming the real lender is going to take a pay cut on the money owed
in via the mortgage. And assumptions can be fatal.