Re: <<MERS>> Important!

[Mark Brifman]

As much more information as you have....
If you want to post it in a central place try:
https://groups.google.com/group/defend-your-home-from-foreclosure
We would be happy if you wished to join. It is not real active, but
we do try to post MERS stuff as we get it.

Thank you for the information.

Mark


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Friends,

One thing is certain. We are by far not the only ones anymore drawing
attention to the enormity of the problem. The question is who is
going to do something about it and not if but when.


http://georgewashington2.blogspot.com/2010/10/what-is-mers-and-what-role-does-it-have.html?m=1

Of special interest.

"Worse, MERS may have literally "split the baby" and rendered millions
of mortgages unsecured:
Typically, the same person holds both the note and the deed of trust.
In the event that the note and the deed of trust are split, the note,
as a practical matter becomes unsecured. Restatement (Third) of
Property (Mortgages) § 5.4. Comment. The practical effect of splitting
the deed of trust from the promissory note is to make it impossible
for the holder of the note to foreclose, unless the holder of the deed
of trust is the agent of the holder of the note. Id. Without the
agency relationship, the person holding only the note lacks the power
to foreclose in the event of default. The person holding only the deed
of trust will never experience default because only the holder of the
note is entitled to payment of the underlying obligation. Id. The
mortgage loan became ineffectual when the note holder did not also
hold the deed of trust.

That's an actual holding of the Missouri Court of Appeals.

It gets worse.

If the growing line of cases asserting that MERS is neither a
mortgagee nor a deed of trust beneficiary is correct, then courts must
soon confront profound questions about the very enforceability of
MERS’ security agreements. ... There is a compelling legal argument
that loans originated through the MERS system fail to create
enforceable liens."




There is much to do and small fortunes to be made, but the case must
be artfully presented to the courts. In fact some judges are waiting
for just that.


Let me know if you would like more information


Best Regards,


Yaron Kimelman

508-410-3831