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Joined: 21 Aug 2011
Posts: 9
Location: Atlanta

Does MERS take itself seriously?
PostPosted: Fri Nov 04, 2011 1:04 pm Reply with quoteBack to top

I’ve read as much as I can find about MERS and keep coming back to same question: Do they pass the test of “Clean Hands”. They were formed to facilitate securitizations with a national footprint versus the cumbersome county-by-county process of recording assignments. A single pool may include 8,000+ mortgages and be the end result of 4, or more, beneficial transfers of each underlying Note.

If they are going to stand “instead of” a searchable County database don’t they have to be just as reliable: Clean Hands. Our real estate ownership records must withstand assault or there will be anarchy. The need for a defensible chain-of-title goes back to the original colonization of our country.

I’ve gone to my County Recorder to see if I could track the lien history of my own home. There is very little there to give me comfort that at some point I will not have to legally “quiet title” before selling to a third party --- years of litigation. My nine year old Deed of Trust names MERS as the Nominee of the Beneficiary. The funding Mortgagee was the Service Corp of a Commercial Bank. Both no longer exist. A search of the MERS on-line system shows no further assignments have been made on their MIN Number and it goes without saying that nothing was ever sent to my County.

I originally had a DU driven loan approval and FNMA’s website does show they “own” the loan --- over the years there have been 4 servicers. If neither the county or MERS has a chain-of-assignments, who can I turn to satisfy the loan upon sale/payoff? MERS?

I’m not inclined, right now, to make future conveyances via a Warranty Deed (disclosure Reps/Warrantees binding on my heirs); but, rather use a Quit Claim Deed (whatever interest I may have). That will drive a title company nuts.

If FNMA wants to foreclosure I’m sure they have an answer to paper trail gap I see. What if I simply want to pay off my loan --- is the satisfaction just as defensible for me?
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