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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Mortgage Electronic Registration System (MERS) Posted by Ward-CA- on May 25, 2002 at 9:15 AM In Reply to: Bank Mortgage POCs negoiations posted by greg in Judicial State on May 22, 2002 at 3:26 PM : To Foreclosure forum; : For the past 7 years I have been in Real estate, but have researched : foreclosures for about the past year.......... : 1) I have had a very difficult time finding the bank that : "owns the loan " on the foreclosure. As you know mortgage companies and sold " the loan " many times after the original loan. : Finding the current owner in default, can be timeconsuming, and : generally, this changes the loan number that I show on my research. : I have researched this at the courthouse, records, but w/ little result. : 2) It has also been very difficult to get thru past the company : servicing the loan " servicing company " aka the gatekeepers; : They have expressed little interest in selling. : 3) Mortgage INSURANCE; Not sure how much this plays a factor, if : deciding if the bank wants to sell or not? : : Thanks Ward for this Forum. . Greg on Judicial Foreclosures. : =•=•=•=•=•=•=•=•=•=•=: : Greg, 1. Here’s the best lead I have for you concerning this problem, and believe me it’s a problem for a lot of us working junior buyouts and buying from owners before the sale. Click on the link below for background info and then try GOOGLE to search out MERS. My understanding is that MERS (or something like it) now has a monthly subscription service for tracking down current owners of mortgages/trust deeds. 2. See #1 above for the solution for these "gatekeepers". With MERS you should be able to contact the present owner of the mortgage/trust deed. 3. Mortgage insurance guarantees the owner of the mortgage that they're not going to take a loss, or if they do, it's going to be very small. So don't waste your time trying to negotiate a large discount on these deals. I skip them altogether. Good luck. Mortgage Electronic Registration System (MERS) Follow Ups: Re: Mortgage Electronic Registration System (MERS) Josh Gosnell 3:53 PM, 03/28/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : To Foreclosure forum; : : For the past 7 years I have been in Real estate, but have researched : : foreclosures for about the past year.......... : : 1) I have had a very difficult time finding the bank that : : "owns the loan " on the foreclosure. As you know mortgage companies and sold " the loan " many times after the original loan. : : Finding the current owner in default, can be timeconsuming, and : : generally, this changes the loan number that I show on my research. : : I have researched this at the courthouse, records, but w/ little result. : : 2) It has also been very difficult to get thru past the company : : servicing the loan " servicing company " aka the gatekeepers; : : They have expressed little interest in selling. : : 3) Mortgage INSURANCE; Not sure how much this plays a factor, if : : deciding if the bank wants to sell or not? : : : : Thanks Ward for this Forum. . Greg on Judicial Foreclosures. : : : =•=•=•=•=•=•=•=•=•=•=: : : : Greg, : 1. Here’s the best lead I have for you concerning this problem, and believe me it’s a problem for a lot of us working junior buyouts and buying from owners before the sale. : Click on the link below for background info and then try GOOGLE to search out MERS. : My understanding is that MERS (or something like it) now has a monthly subscription service for tracking down current owners of mortgages/trust deeds. : 2. See #1 above for the solution for these "gatekeepers". With MERS you should be able to contact the present owner of the mortgage/trust deed. : 3. Mortgage insurance guarantees the owner of the mortgage that they're not going to take a loss, or if they do, it's going to be very small. So don't waste your time trying to negotiate a large discount on these deals. I skip them altogether. : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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