“The lawsuit also claims MERS’ conduct led to unlawful foreclosure practices, but MERS says the suit doesn’t cite a single instance in which a Delaware consumer not in default on a mortgage lost a home in foreclosure because of its actions.”
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Mortgage registration company wants suit dismissed
WILMINGTON, Del. (AP) – A company that runs a nationwide electronic mortgage registry is asking a Delaware judge to dismiss a deceptive trade practices lawsuit filed by the Delaware attorney general’s office.
A Chancery Court judge was to hear arguments Wednesday on a motion by Virginia-based Mortgage Electronic Registration Systems Inc. to dismiss what it says is an absurd and baseless lawsuit.
State officials sued MERS last fall, saying it has sown confusion among consumers, investors and other stakeholders in the mortgage finance system and damaged the integrity of Delaware’s land records system.
Source: AP
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To Beth A: The lender may be in violation of disclosure law, state or national. Each state has different laws but in TN the foreclosing entity is required to inform of impending sale. Most states have similar notification requirements. If in violation of state or federal law, they can be sued, the sale can be delayed. Get legal advice or research online housing foreclosure and eviction requirement laws for your state. See answer to Vicki Lynn..
Hey everyone –
I got some news today. I found that Chase has filed a Sheriff’s Deed on my property without even going through the proper foreclosure process as required in Michigan.
No notice of foreclosure published in the paper. Nothing at all in our local paper (there is only one in the entire county). They are also required to post this on the door of the home….nothing.
They tried to foreclose over a year ago….but cancelled it and tried pushing us into a modification (to cover up very obvious fraud in the foreclosure). Nothing thereafter – not a thing except they’ve been trying to show the property was abandoned (HAH!) and we sent return receipts of proof that it was not…every single month.
I was looking at our county data and there it was: 5/2012 Chase filed a Sheriff’s Deed. What a shocker. Totally illegal process of theft.
Any law firms out there or homeowners seeing this similar sneaky, illegal technique? I’d love to hear from you. Thanks as always!
Beth
They typically send a letter before they begin the sale process advising you that they can foreclose without additional notice. A friend had this happen and they set the sale. There is a law in TN and I thought it was federal that they are required to give you notice of sale. You have to read everything. In a letter he received the sale date was buried on the second page and was actually listed on a Saturday, an error. They attempted the sale the day prior but his attorney filed suit with a TRO to prevent a sale. Will keep posted on what happens next but a complaint against the lender, originating lender and service attorney was filed.
Thank you! No letter was received – no notice whatsoever.
I’m ordering copies from the registrar’s office in the meantime but this has come at a complete shock.
The banking industry has gotten away with the tactic of saying that the homeowners were in default, but they have miscalculated the fact that many of these loans were made in valid by placing them into pools, which turn them into securities without homeowners permission or knowledge and are no longer mortgage loans!
Whether a borrower is in debt or not depend on is there a valid contract, and the lack of a valid contract dooms MERS! There is one company and the secret handling of Transfer Beneficial Rights-Option 1 is the stake in the heart for MERS.
Remember all players in the mortgage industry cannot Lender and if you cannot lend or purchase the debt you cannot be a lien holder of debt because you have not invested a single red cent in the mortgage loan.
There are entities claiming that a borrower owes them monies, but they are not able to present a single piece of evidence where they extended money to the borrower or where they purchase the loan. Now come Lender Stage Coach who was servicing the loans, but now they are claiming to be the owner of a “failed bank” loans that nobody knows that was not purchase in the FDIC sale!
MERS simply claims to be the sole nominee for Lender and is assign/transfer authority of the security instrument but the Lenders have relinquish authority of the instruments to a non-Lender that cannot assign/transfer the debt back because they turned the loan into security and the signed Blank Notes are now invalid because they cannot be turn back into a Note but they never carried the debt of the loans.
Lenders made a deal with the Devil and one dead bank is will expose the entire house of cards the industry does not want Americans to find out about!
Key tip off that MERS know it is beat when it says that name one borrower that was not in default? Well if there is not Lender that can provide a paper trail of ownership, which is every loan that has ever been in a mortgage pool where the Note were signed blank, that means there was no Lender to call the Note due because there was absolutely no debt.
Charles, if only we had more legal help on a nationwide scale. There are few attorneys knowledgeable enough or that have research and funding to handle if they are even motivated to do it. The suit in Memphis against Wells had a team of attorneys and the city/county funding behind them. It paid off for people, municipalities and of course the lawyers handling. The banking industry knows they have the upper hand. This is why it will take a class action against MERS like Biden’s. If he wins it will set precedent. Each state, like Biden’s is working individually but they are tackling a giant that knows if MERS loses legal standing, they are in for a wild ride. Usually what happens when the initial motions to dismiss are rejected and things look “bad” for the bank or the Court does not dismiss, the bank will opt out by settling, opting for no admission of wrongdoing as part of the settlement. The Memphis Wells settlement will encourage other cities, states to proceed. The settlement was helpful to the overall cause against predatory lending. Stay informed in your area.
wells fargo evicted me and my sick daughter we are both disabled i bought my house in anoka mn, in 2001 i read my documents yhe first facke closing i paid all these settlement fees oh mu god i was so dumb my daughter who supposedly bought the house with me they have her as single when she had 4kids and was married thje fack appraisial has my house has a patio and all these things that are not true he charged me a bunsh of money+
we hag asbestos tile what do i do.shouls i go after liberty mutual i filled out indpedent review but i now thats not in my benifit ethier we have been homeless for 7 mounths there is aloy more in my papers i going to hang yhese people i want my life back
You may have limitations on the time frame in which you could file a lawsuit so it is important to contact someone for advice very soon. If you have a legal services in your community ask them for help explaining your situation that you were forced out as a disabled person. You might contact attorneys who typically handle bankruptcies to see if they handle or know of an attorney who handles suits of this type. Check with the law schools, if one is near, for referral info. There may already be a suit filed as there was in my area that tackled Wells Fargo for predatory loans and targeted the same type action as you suffered. Wells just settled with Memphis, Shelby County for millions of dollars, which will be used to help people like you. You might write letters to your Attorney General, the OCC, even contact attorneys who do pro bono work. If you are legally disabled it might have been illegal to evict you but you have to seek information now before a statute of limitations expires. It is possible to file suits pro se, but a complicated road to travel but not impossible. The Courts are a little more lenient to pro se filers but timing is critical. You need to learn your rights and see what might be available for you. Your story breaks my heart because I have seen it played out locally in Memphis as people were forced from long time homes in the same way you were. Good luck.
The Memphis Wells Fargo settlement was targeted for this area and Tennessee but there may be a similar action in your state that you are unaware of or may have already occurred. I find that much of this happens without the public being fully aware of what is available past or present. Anyone reading this and may be in a similar situation, it pays to check and educate yourself on available resources..
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Isn’t MERS prima fascia illegal? Why does it get the right to go to court and make any type of motion? It has no standing, correct? The courts are either doped up on drugs, stupid bought off. It doesn’t matter, MERS is illegal. It has right to talk about whether foreclosures were done upon non paying homeowners, ANY MORE THEN THE COUNTY CLERKS OFFICE DOES! IMHO.
MERS was/is useful to the underworld? RICO?
s just amazing and bewildering at the same time how MERS can stand in our courts and argue its usefulness
They have ruined the system, a system that has successfully been in place for 200 years. Who do they think they are? Who told them they could just become a public entity in the first place. THE SCUMBAG BIG BANKERS. They just did it because money is power and gov never challenged them. They did it so they could sell your homes over and over again in the secondary markets and hide like cowards. American business at its best. NOW…time to pay…..their goin down. Their arguments are a joke and it will give some of us sub prime suckers a chance to keep our homes…..going down baby…goin down,down,down,..wheee whoooo 🙂
I think the major lenders fund, support and defend MERS collectively and that is why and how they stay in the kitchen with all the heat. The banks are stuck with MERS though because they are on almost every note in recent years. If SOMEHOW MERS could be taken down as perpetrating an illegal action contrary to property registration law the industry would be in trouble. You know they are already at work supporting MERS to ensure that does not happen. Some Courts have granted legal standing because a default exists. Some bankruptcy courts have not been as forgiving with MERS. Personal opinion but I believe If MERS goes down, we could see some relief because it would make every foreclosure action suspect, wouldn’t it? MERS should be unable to initiate action as trustee when they really have no skin in the game if note has transferred without proof of chain of title. Does the note not have to follow transfer? We need legal exploration.. As it stands, MERS has been allowed to operate independently of chain of title. How do title companies insure title in cases where they have no interest?
Do away with MERS and then we can go back to the old and right way to record land titles.Had the MERS system been used as it was designed to be used this whole issue would never come up.Because of peoples greed it was abused and corrupted.Mers was supposed to be a system to cement what land recording was already doing.It has turned into a way for banks to rip off everybody.
Totally agree with this post! The banking industry’s house of cards is constructed on MERS. If the legal system or trial lawyers really challenged and defeat MERS nationwide you would see a “come to Jesus” moment in the banking industry or you would see a lot of lawyers make a buck or two and straighten out this mess in short order. (I apologize for the reference but we in the Bible belt understand the concept so I am begging indulgence in advance). Washington might have to step in and clean up the resulting mess. The industry will fight this and will come to settlement without admission if the court does not allow them to duck out. Remember they are in a state that harbors the “enemy” (or banking industry.) Almost 100% of mortgages in recent years have based foreclosure rights on the MERS construct. Those of you who can investigate, challenge and expose MERS will be the heroes of the day if this one comes down!! OCCUPY/OWS picket this court and demand justice for everyone by destruction of MERS, which neither loans, borrows, owns nor instigates action. It is a blind alley designed to protect the financial industry’s scheme to circumvent the legal system or property law. Designed to foreclose easily!.
Go for it!
It is designed to facilitate and conceal multi-pledging of loans. Everything else is a distraction.