SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Value Investing
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Spekulatius who wrote (39723)10/18/2010 12:43:27 PM
From: Madharry   of 78744
 
BTW i heard some lawyer from secutity mortgage industry group on cnbc saying that what they were doing perfectly fine and the it was permitted under the ucc code. however from what i learned in banking that is not entirely true. If i understand what they were doing they were filing the mortgage as mersa, and then assigning the note to whomever, which they can certainly do, however, the new mortgage holder never filed the mortgage under their own name. Now that is a very questionable practice in my view, and i dont think this lawyer is on firm ground at all because real estate transactions are not covered by the uniform commercial code. that is why a mortage has to be filed by the owner of the paper to be valid. now it sounds to me that if i own a property and mersa has filed on it but doesnt hold the mortgage they would be required to release that mortgage within a reasonble amount of time, and failure to do so might make them vulnerable to legal action. furthermore if i own a property like this. i can see all sorts of problems down the road getting clear title as i can prove i paid the bank off i dont know that i can prove i paid mersa off if push comes to shove. this is a big can of worms in im opinion and there be costs and fines galore over this issue.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News