The ruling is based upon whether the person who is trying to repossess can prove that they really hold the loan, particularly if they are not the entity that originated it.
MERS has no standing because they don’t own it.. unless they are being paid to ‘service’ the loan, at which point they do. The problem is.. can MERS prove that they control that loan (paperwork trail?).
During the real-estate madness heydays.. I don’t think that many people were keeping the paperwork in order.
Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?
Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?
Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?
Somebody or entity somewhere owns these houses. Ownership can’t change without a paper trail, that’s to protect against fraud. The right of redemption however I’m less clear on. What if someone gets foreclosed on and then before a year is up wins the lottery and wants their house back. You know it’s going to happen to someone in CA someday.I’m guessing all monies would have to retrace, no harm / no foul. The new buyers would just have to happy to get their money back?
