MERS, It's a process of your lender owning your home and your just a renter.

[Aaria]

Washington, D.C., March 2010: “We have been talking here about the enormous mortgage scandal and in response to many questions from readers, here are comments, suggestions and certain solutions: If the bank owns the mortgage company and is also the trustee for the loan and the title companies and the insurance company, the only thing they need to make a deal is the consumer. They issue one loan to the consumer and one to themselves. One is recorded in the county the property is located with the lender as the beneficiary; one is recorded with MERS with MERS as the beneficiary.

Since the consumer only pays on the loan he signed up for, the second loan eventually goes into default because of non-payment, which activates the foreclosure process by the trustee. These non-judicial foreclosures are kept in-house and are only known about by the insiders (the MERS network). This includes the lenders, real estate brokers, lawyers and title companies and other criminals, all of whom are breaking the law. Three months later the non-judicial foreclosure takes place without public knowing about it.

The trustee for the lender adds the outstanding debt on the second bogus loan to the bid price for the property. Since the bid is now 80% +(typical value of second loan) of the original appraisal, the lender is able to clear the first and second loan off their books and now owns the property. The owner never knows what has happened but technically, the real first loan and bogus second loan is cleared by right of the non-judicial foreclosure, the lender now owns the property free and clear and the owner becomes a renter. If someone other than the lender buys the foreclosure, they are issued a Substitution of Trustee and a Deed of Reconveyance from MERS (Mortgage Electronic Recording System). The payment for the foreclosure (generally the amount of the borrowers loan balance at the time) is the price of admission into the loan pool of funds. Instead of getting to take ownership of the foreclosure property, they now have an investor number and an investor loan number which puts them in the real estate investment trust and secures there position in line to collect..

There is always the title policy that is often time collected on by the group as well since most of the title policies issued pay the lender for the property because of unmarketable title either because of easements, restrictions or other title flaws that are placed on the property using DMS Order Management Software. The title company can pick a start date and a plant date to insert negative history on the property that never really happened but clouding the title so they can collect once the home has closed. These encumbrances are added to the property history after the preliminary title report is issued but before the property closes escrow.

The complete story is here: http://www.tbrnews.org/Archives/a3021.htm

along with a very long list of banks and mortage lenders. B of A has quite a few offices listed.

[customerserviceguy]

1. This is the most ignorant thing I've ever read on DU

Title companies don't "insert negative history" on properties, they merely report what others have put into the PUBLIC record, it's not secret sauce.

Put down the bong, and walk away, OK?

[lazarus]

3. did you check the site?

their contact email is through hotmail. This is just nonsense.

[Mojorabbit]

2. bookmarking to read

in the am after the nyquill wears off

[customerserviceguy]

4. You might want to stay on the Nyquil

that's the only way this blatant crap would be amusing.