Seems MERS has issued a memo to all it's members banks saying "STOP Foreclosing in our name"!
Portion of Article:
In short, the memo states:
“In recent months legal challenges have arisen regarding alleged inadequacies and improprieties in the foreclosure process including allegations of insufficient or incorrect supporting documentation and challenges to the legal capacity of parties’ right to foreclose . . . MERS is planning to shortly announce a proposed amendment to Membership Rule 8. The proposed amendment will require Members to not foreclose in MERS’ name. Consistent with the Membership Rules there will be a 90-day comment period on the proposed Rule. During this period we request that Members do not commence foreclosures in MERS’ name.” (emphasis added)
For some reason I am not able to embed the Scribd document in here right now.
Here is the direct link to the MERS memo sent out.
So my question is - WHO will foreclose? Servicers who use to foreclose can not as they are not the owners and that is why foreclosures were switched be being MERS foreclosures as listed as the owner.
SO...... seems the banks are caught between a rock and a hard place. I will be interested to seeing who will be listed as the foreclosing entities. As I have been seeing pre-foreclosure listings under MERS name.
This is getting very interesting and good - watching the banks scramble around. OH, what will they do now?
This is just surreal... So Judy from my Congressman's office chatted with me a while, acted very helpful and even sympathetic, and was to email me a form that I had to fax back... Seriously, I live in the stix - 40 miles with a toddler to fax anything! Anyway, I was going to do it, but before I even got shoes on she called back and turfed me to another number (HUD) who turfed me to another number (Idaho Housing and Finance) where I got an answering machine.
ReplyDeleteThe AG's office turfed me to a machine in one call, where I was assured someone would listen to my message next Tuesday...
I finally cut loose with some straight up silly to relieve the stress. You might get a laugh out of it - check my youtube channel in a few hours for my exclusive interview with Lady Naga.
Well, I was just about to post when my phone rang. I may have someone in my corner after all.
So the big question is what does this do to the foreclosures that have sale dates set in MERS name??
ReplyDeleteSounds like the wheels are coming completely off, and this is the time to attack the banksters.
I am filing a shhhhh...Quiet Title!
ReplyDeleteLove it!!! Quiet Title....
ReplyDeleteAlso look up UCC 8 & UCC 9 clearly points out that the loan documents cannot be both a securitized instrument and a deed of trust - therefore, upon reselling into the pool of securitization it no longer represents to be a deed of trust...and there is no creditor as they were paid already. Good stuff!!