Mish expressed the same kind of concerns that I had.Submitted by GREEDisBAD on Sat, 01/08/2011 - 14:26
UPDATE TODAY 1/17/2011
Mish expressed the same kind of concerns that I had, so I thought I would update this thread.
Mish wrote this today,
"That is exactly the problem this has unleashed. Every title in MERS is potentially clouded. How do you prove you paid the correct party. How do you prove you bought a house from someone that could legally discharge the liens on it? If you didn't, some genius lawyer, bank, or title company might find "legal" cause to come after you. That in turn may cause Congress to get into the act. This is a theoretical exercise so far, but not without concern."
Utah's "Quiet Title Law" Bypasses MERS, Awards Homes Free and Clear; One Homeowner Had $417,000 Debt Erased
Original Subject: Who are you paying your mortgage to? Is your home safe?
I have these questions.
I think so called Foreclosure Gate reveled that some lenders that foreclosed homes could not prove that they had the right to do so because they could not produce the promissory note. But, I'm thinking that at some point in time before these homes were foreclosed, the owners of these homes were making mortgage payments to these lenders who ultimately could not show the promissory note.
So, my question is how is your home different? Do you know that your lender that you are making payments to actually owns the promissory note? Are you making mortgage payments to a lender who does not own the promissory note? If so, why? Are you concerned that there might be someone else that you don't know who actually own the promissory note?
Is it safe to buy a home that the current owner is making payments to a lender that does not own the promissory note?
Please, let me know your opinions. Thank you in advance.