I think it's worse - or better - than that.
I think their original documents are defective. They bought the loan but not the mortgage - that is, they don't own the property, only the loan.
They can do whatever they can to collect - but they can't foreclose.
Would that be because they didn’t bother with paying the fees to the county’s recorders? My understanding is this was one of the ways that corners were cut. In fact, I think that was the attraction with MERS. No fees at the county!!!
The blindness of their greed is breath taking.
And it is crashing our COUNTRY!!!!
I think their original documents are defective. They bought the loan but not the mortgage - that is, they don’t own the property, only the loan.
They can do whatever they can to collect - but they can’t foreclose.
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It looks more like they have the deed and the note/mortgage but they sold the note (it’s paid off) and created a bond in it’s place that the original borrower has no obligation to pay and they have no right to foreclose as it is not linked to the property.
bingo, we have a winner. The real delema has yet to be explained in the media. Chain of custody of these documents was not preserved properly through these transfers such as resale or bundling. You can’t forclose a mortgage you can’t prove you have title to. This is a massive issue.