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To: Kartographer

Foreclosures are one thing. I wonder what will happen when people realize that “paying off the note” under the MERS system is also invalid. The whole residential real estate market could freeze up.

Then again most people don’t pay attention so maybe not.


3 posted on 02/14/2011 4:51:14 PM PST by Eyes Unclouded ("The word bipartisan means some larger-than-usual deception is being carried out." -George Carlin)
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To: Eyes Unclouded
I wonder what will happen when people realize that “paying off the note” under the MERS system is also invalid.

Been waiting for folks to pick up on this. Well said. After paying 300K for a 100 K house there is no deed at the end of the rainbow. Yep home owners are going to really like that.

7 posted on 02/14/2011 6:12:15 PM PST by Nuc 1.1 (Liberals aren't Patriots. Remember 1789!)
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To: Eyes Unclouded
wonder what will happen when people realize that “paying off the note” under the MERS system is also invalid.

Ummm...whoa. What percentage of titles are mixed up in MERS? This could get hideous.

11 posted on 02/14/2011 7:21:57 PM PST by mockingbyrd (We remembered in November.)
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To: Eyes Unclouded
I wonder what will happen when people realize that “paying off the note” under the MERS system is also invalid. The whole residential real estate market could freeze up.

Worse, our mortgage was initiated by Washington Mutual. Because they went belly up, it is supposedly administered by Chase but the note is held by the FDIC!!!

Although we are not far from paying it off and are paid six months in advance, now we literally do not know if we should be paying on this note at all. I'd really like to know what to do.

26 posted on 02/14/2011 11:09:58 PM PST by Carry_Okie (The environment is too complex and too important to manage by central planning.)
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To: Eyes Unclouded

That is what I have been wondering abut for a long time. How can a person be sure that he will ever have a clear title or be able to resell a house once the debt is paid off.


33 posted on 02/15/2011 4:41:27 AM PST by RipSawyer (Trying to reason with a liberal is like teaching algebra to a tomcat.)
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To: Eyes Unclouded

I’m confused. How is it that when I pay off my mortgage, I won’t own my home? What am I missing here?


47 posted on 02/15/2011 7:14:33 AM PST by rarestia (It's time to water the Tree of Liberty.)
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