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.
I have a loan with Chase and called them for the MERS number and they said they didn’t use that. Anybody else confirm that?
Heck, the people/parties who buy houses AFTER a foreclosure are really not going to like this either.
And those are the people who are necessary to satisfy to get us out of the housing slump. Who wants to buy a property that was foreclosed if the foreclosure was enacted as a fraud upon the court, if the title is not quiet, etc?