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To: Hawkmoon who wrote (71196)	2/22/2011 10:34:21 PM
From: Ilaine	Read Replies (1) \| Respond to of 218823

>>MERS was created to circumvent the traditional method of recording Real Estate transactions, the recorders office in each respective county. In at least one state (Virginia) there is no obligation to record assignments or transfers of notes. >>And if the documents related to originating the loan, separating the note from the deed, and transferring them from MBS to MBS are not in legal order (recorded properly) then the note technically becomes an unsecured debt. In at least one state (Virginia), it is lawful to transfer the note without losing secured status. The standard Virginia deed of trust (mortgage) form specifically allows for this. There were attempts to change this law in the most recent meeting of the Virginia General Assembly but these attempts were shot down effortlessly. It is not possible to extrapolate from one state's property laws to another state's property laws. Everybody's mileage can, and does, vary.