“We’re really wrestling with MERS. Does it need to be part of this?” said one official who spoke on the condition of anonymity because the talks are ongoing. “MERS is a bit of a swamp.”
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‘MERS morass’ is hanging up negotiations on foreclosure settlement
Given the broad reach that MERS has into every aspect of the mortgage and foreclosure process, officials have been grappling with whether they can address one element of the MERS business model in the current settlement while leaving other aspects open to future investigation. In part, they say, the patchwork of conflicting laws and court decisions in different states makes a one-size-fits-all solution difficult. In addition, they are facing pressure from banks that already stand to pay billions of dollars in penalties and would prefer to steer clear of the MERS problem altogether in the current negotiations.
Several people familiar with the negotiations said that officials leading the talks have no intention of releasing MERSCORP, the parent company of MERS, from liability claims. The trickier question is how to address MERS-related foreclosure cases that involve the banks under scrutiny.
Article in full here…
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4closureFraud.org
I have a question maybe someone can answer. I am getting mixed signals from attorneys about property taxes…..One attorney tells me that as long as you are in foreclosure the pretender lender is contractually obligated to pay the property taxes….Another attorney told me that is a touchy subject…Does anyone know the truth about this? I saw an infomercial on CNBC late last night that talked about how you can pay people’s property taxes and get money back from the Government and eventually own the property…I really need to know the truth because I don’t want to get thrown under the bus on the property taxes….which are due in a couple of months..
Vent, Google up Illinois property tax laws……..and your wish can be complete!
Thank You Rob!
Lenders are not contractually obligated to pay the taxes on your mortgage (unless they are receiving funds from you, paid into your escrow account).
It is important for you to know that the lender WILL ALMOST always pay the taxes even when a home is in foreclosure and you are NOT paying.
From a purely business stand point they MUST DO SO in order to be sure that the taxes do not fall behind and the local taxing agency place a lien against the property.
Most folk don’t know that the taxing agency, as a government agency, would have a claim against the property which supercedes any claim the lender may bring.
To verify for yourself whether or not what I am tell ing you is true:
Check the foreclosure statues in your state. Specifically the section which says who will be paid from the proceeds of a sheriff or trustee sale. It should state something like
a. First, funds will cover the costs of the foreclosure sale
b. then funds will be paid to ______________________
c. then funds will be paid to ___________________
Many states have the tax authority in line b.
Consequently, the lender pays them from a sense of business necessity.
The property cannot be transferred to another party AFTER the sale without the lender having satisfied the tax bill.
**Just as an aside, the tax assessor can bring foreclosure action for unpaid taxes, typically after
between 1.5 and 2 years
A lender would then have to pay the taxes in order to keep a new party from acquiring it for the unpaid tax bill.
You might check “sheriff’s sale” at http://www.homeownershipmatters.blogspot.com
Good luck with your research.
Thank You Mildred!!!
Mildred…..you are correct on the info…. The county has the rights to place a lien on that parcel of land…..in default the land goes on a tax sale.
Hello, Ivent
My situation in particular the bank has been paying property taxes and insurance. I have used Due Process of Law, wich you might or not be familiar with; is a conditional acceptance for value and else..At this time I have not make a payment since June 2008 and stop foreclosures 4 times but this time I had to protect our home in different approach.
Thank You, Fito! I will look into what you explained. What a mess!!
I am not an attorney. It has always been my belief that if anyone pays your property taxes for three years staight they can claim your property. I have been watching that one as well. Each state may have different rules just like each state has statute of limitation rules, and adverse possession rules, and castle law rules. I am Pro Se and learning myself.
Thank You Shelley. I am up to date on my property taxes because of the loan mod. It looks to me like they put enough money in escrow to cover my last tax bill because they sent me a check for a few hundred that I overpaid into tax escrow. The next taxes are due in October so I just want to know I am safe.. I give you all the credit in the world for fighting this pro se I think you are doing a really tough job.. I went to court today for my fraudclosure, PHH attorneys Fisher & Shapiro filed a motion to strike my answer to the amended complaint..I met with an attorney last week and he told me to ask for time so he could answer the motion to strike. While sitting in court, guess what I found? MORE FORECLOSURE FRAUD!!!!!….They stamped over forgeries and removed the allonge that were all in the original complaint..I showed it to the judge and he said it would be best to show that to my attorney and that it is good that I found an attorney.. Damn!! I thought he might dismiss the fraudclosure but guess not! He did give us 28 days to answer the motion to strike and told me my attorney will know what to do from here…..The attorney for the plaintiff said he did not see a reason to strike my answer to the amended complaint but I did not follow the proper protocol…WOW, look who’s talking?? I told the judge my first attorney threw me under the bus and I had to answer it myself and I thought I did it right. The judge was nice to me. The banks just keep calling out their own fraud to see if we catch it…I think because in my answer to the original complaint I called them out on all of the fraud and so they went back and stamped over all of it and removed the allonge! I noticed one attorney actually fighting back for a homeowner today for the very first time, he asked for discovery because the bankster attorney was looking to be granted a summary judgement. For the most part though, people are sheeple..It just makes me want to go nuts sitting inside that courtroom and see this.. One woman left the court near tears because the judge told her she had until Oct. to find an attorney or her home was going up for auction….This is horrible..it is just not right!!
I vent….my daughters foreclosure was served in Jan 2010…she had already paid her property taxes..Florida pays for the prior past year….so that was for the year 2009…for the year 2010 taxes she went to pay them to find that Chase had paid them. Now at the end of this year for 2011 taxes if her case is still open she will let them pay the taxes. Her attorney said ..Great..let them pay the taxes…and your home insurance policy…But she covered her butt…both places put into the computer that she appreared to pay and letter was given for her proof of intent. Now this is Florida…Actually..I would believe it does not matter who pays the taxes as long as they are paid….I paid my Mom’s taxes in Florida when I lived in Michigan….But I have heard of that years back on abandon houses…to gain the land rights to own. If the bank does pay the taxes…do like my daughter did…a short letter dated for proof and remarks in the computer. Otherwise either the tax collector in your county may have the answer or try the county appraisers office…they would know where you can get your county or state answer on this.
By the way…my daughter never had an escrow account with any bank.
Thanks Marilyn! My taxes are in my mortgage..I did try to call the county appraisers office but could not wait on the line any longer because I had to go to court. I will call back.. I looked up the Illinois tax code but could not really be sure with all of that legaleze if you know what I mean. To interperet these things correctly you need an attorney!!! What a mess they created..Bret Baier from FOX had a couple guests on tonite talking about if the Gov should help homeowners.. I wanted to kill the woman on there she was rambling on about well if these people can’t afford the mortgage they should move into a rental and they probably bought a house they could not afford subprime blah, blah, blah…..The gentleman guest was more human and said well people have an emotional attachment to their homes and the bitch would have none of it..Not a word about the 40 trillion in collateral fraud committed by Wall Street or all of their other massive pernicious crimes!!!!!!!..Just the usual Nazi b.s., blame the victims of the Ponzi Scheme, not the criminals who committed the massive fraud!!… More of the same crap, people bought homes they could not afford…I can’t watch FOX even for a few minutes, they are bad for my health!!!
This is exactly why Bank of America changed from Bank of America BAC to Bank of America SA. They then put a fraudulent assignment into the recorders office stating that my note is now in the hands of BONY which was Robo signed by a known Robo Signer. On the original Deed there no records of assignments and I do have a letter from BofA stating that my Note went to MERS. Now Bank of America won’t even acknowledge that. It is absolutely the most corrupt situation one can even imagine. We need to do something and what even bothers me worse is that something is going to happen and it don’t look good.
Wayne, they are trying to cover up the Origination fraud…MERS is a database, they don’t own any ones loans. MERS is a sham. They get 90 days tops after the closing to deliver the complete loan file, THE NOTE, to the trust and file a proper assigment…There is no legal fix for this..They hid their Origination Fraud under an old pin. My recorders office told me because of the lenders lack of never properly assigning an assignment in 18 years my house is paid for, I can live in it, sell it or do whatever I want with it….They lost their legal rights a long time ago…
Your situation is par for the course, Wayne. nothing more, nothing less…..a typical toxic mess…..but typical!
It seems like we are not getting the support from attorneys, they have special interest..So here is my two cents: become a secured party attorney. I have mention this in other comments but people have not even question what I am talking about. Americans could be at least try be free by filing freedom documents…is a process.
Fito, with all rights reserved.
Fito….just what are you trying to tell the people ? You say we are not getting support from attorneys…what attorneys? Do you mean the Attorney Generals or the defense attorneys ? Do you even understand why no attorney is there to help any of us? Do you understand how deep this crime goes and who is the culprits behind the ‘ curtain hiding ‘ ? Please explain what you mean……..
Wayne…..And I feel this ‘ something ‘ is going to happen soon……very soon….and agree..it don’t look good. Can you even imagine….millions of people taken down to shreads with complete corruption and fraud and the government is right along in this crime of America…..Millions need to start preparing for tomorrow…..
It’s Crunch Time, Friends.
The AGs are about to make a deal absolving the banks of their frauds, which will destroy foreclosure court cases and put homeowners on the street. This is a slap-on-the-hand penalty of $20 billion for $trillions of fraud for Big Banks and “goodbye home” for us.
Unless we protest! NOW!
(Warren Buffet has just today bought 50,000 BofA preferred shares with warrants for hundreds of million common shares. The stock jumped over 25% so far today.)
* Call your AGs office EVERY DAY and tell him/her to oppose the outrageous settlement with the fraudulent banks, and investigate their frauds in MERS and securitization.
* Call, write, email, tweet your elected representatives at the national, state and local levels and ask them to investigate the bank mortgage frauds against homeowners.
* The regular contributors to this blog must now turn their considerable talents to urging, helping, chiding, pleading and begging people to speak up to those in charge and be heard. We must switch from talk to action. From making points to advocacy and leadership. It would be helpful for someone to compile and post a list of phone numbers, emails and twitter accounts for the AGs and the elected representatives across the nation, including the Registrars of the Public Records, to make it easier to make contact.
* Talking points also, relative to MERS and the bank destruction of the original documents, avoiding the public records which caused clouds upon titles, non-existent assignments, void securitizations and fraud on the courts by the banks, covering it all up.
Then all of us must use these tools as weapons in the battle with the Big Banks.
We must act now! Otherwise we will all be ground flat under the weight of this Big Bank steamroller and will have a bleak future.
In the words of our founders, “If we all don’t hang together, we will all hang separately.”
It can be stopped, but only if we all act now!
Decide, Commit, Act, Succeed (With thanks to Beachbody)
Call it The Mortgage Justice Movement, or something.
Bob
This whole scheme would not have been possible without the entity known as MERS. How many millions of fraudclosures were done by MERS. MERS who had no right, title, or interest in any of those stolen homes. Millions of lives destroyed by MERS. MERS is a computer program. MERS, a computer program, became the most powerful entity in the world, more powerful than the banks. MERS isn’t a swamp, MERS is God to the mortgage industry and the investigators fear their God MERS. Who could have imagined that in the year 2011 we would have a God named MERS.