Fraud First, Then Everything Else

Production of the Note, Proof of Ownership, Securitization, breaks in the Chain of Title are all great defenses to foreclosure actions against your home, but shouldn’t your Lender and MERS have to defend themselves against fraud first then everything else.

Were you fully explained the loan process? Did you know all the risks involved with the purchase of your securities transaction, I mean mortgage. Was your mortgage legally viable and did you actually qualify at the fully indexed interest rate?

Ok so MERS, the Mortgage Electronic Registration System, won another court battle last week. But if anyone would actually read their “Mortgage” or “Deed of Trust” then yes as the New Hampshire Superior Court affirmed, in the case of Dow v Bank of New York Mellon Trust, you gave MERS the authority to both hold and assign its interest in mortgages under New Hampshire and other states law.

So did you believe that MERS was your Lender at your loan closing? If so, should MERS be liable for the origination fraud, misrepresentation, breach of fiduciary duties, and gross negligence just like the Lender?

Several cases brought by State’s Attorney General are still pending. New Hampshire Justice N. William Delker said in his decision that "there is a tremendous amount of case law throughout the country on the issues surrounding foreclosure actions when the promissory note is held by one entity and the mortgage is held by another entity - typically MERS. The process of recording each new assignment of the mortgage in the registry of deeds in order to perfect the security interest in the real estate would become exceedingly expensive and cumbersome if each time the promissory note and the mortgage changed hands a new mortgagee would have to be listed in the title record."

Homeowners should be aware of these rulings and not wait for the foreclosure process to start on their home before challenging their lenders. Keep in mind that the Mortgage Originators, Brokers, Real Estate Agents, Title Officers, Servicers, and Lenders all knew that you were being put into a bad loan that had a greater chance at failure versus success.

Audit your loan, get the facts, sue your lender and protect your rights!

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Mortgage Loan Compliance®
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