There are multiple deeds.

Seller has a grant deed.

Leinholder has a trust deed.

Or something like that

ask an attorney 🙂

There are multiple deeds.

Seller has a grant deed.

Leinholder has a trust deed.

Or something like that

ask an attorney 🙂

Yes, I think this is a real problem. For centuries, all property records were kept at the local county recorders office. With MERS, that all ended. The notion of a Trust Deed that gave title to a property or (loan on a property) is forever clouded. In the “old days” the paper deed was kept at the bank and returned to the homeowner when the note was paid. The county had all the appropriate records recorded in their “books”

But that “paper” never existed for many of the note resale’s under MERS. There very well could be multiple people who believe they own a note on a particular property – MERS is the only record. The original trust deed lost forever.

The county would charge a recording fee each time a title was changed or encumbered. But not under MERS, the funds were never paid the changes never record, but the fore closers want the counties to enforce their implied claim anyhow.

I suppose that title companies could just insure the hell out of a sale until the claims forced another AIG type of bailout We are in for a long ride.

Yes, I think this is a real problem. For centuries, all property records were kept at the local county recorders office. With MERS, that all ended. The notion of a Trust Deed that gave title to a property or (loan on a property) is forever clouded. In the “old days” the paper deed was kept at the bank and returned to the homeowner when the note was paid. The county had all the appropriate records recorded in their “books”

But that “paper” never existed for many of the note resale’s under MERS. There very well could be multiple people who believe they own a note on a particular property – MERS is the only record. The original trust deed lost forever.

The county would charge a recording fee each time a title was changed or encumbered. But not under MERS, the funds were never paid the changes never record, but the fore closers want the counties to enforce their implied claim anyhow.

I suppose that title companies could just insure the hell out of a sale until the claims forced another AIG type of bailout We are in for a long ride.

Yes, I think this is a real problem. For centuries, all property records were kept at the local county recorders office. With MERS, that all ended. The notion of a Trust Deed that gave title to a property or (loan on a property) is forever clouded. In the “old days” the paper deed was kept at the bank and returned to the homeowner when the note was paid. The county had all the appropriate records recorded in their “books”

But that “paper” never existed for many of the note resale’s under MERS. There very well could be multiple people who believe they own a note on a particular property – MERS is the only record. The original trust deed lost forever.

The county would charge a recording fee each time a title was changed or encumbered. But not under MERS, the funds were never paid the changes never record, but the fore closers want the counties to enforce their implied claim anyhow.

I suppose that title companies could just insure the hell out of a sale until the claims forced another AIG type of bailout We are in for a long ride.

So this may be a problem w/a traditional, organic sale also?

So this may be a problem w/a traditional, organic sale also?