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Re: No. Don't drink the Kool-Aid (nt)

Posted by Rod Ciferri on August 01, 2011 at 8:59 PM

In Reply to: Re: No. Don't drink the Kool-Aid (nt) posted by Bill H on August 01, 2011 at 11:38 AM

: : : Rod-
: : : Could you expand on this statement-
: : : "When a homeowner initially buys he/she owns the property free and clear after all liens are cleared"

: : : At what point specifically does the buyer who just bought the property own the property free and clear, even if instantaneous? What document or evidence would show that?

: : By operation of law, the grant deed has to come before the deed of trust. Otherwise, the trustor has no security to give.

: I suppose that by mere operation of law that the one short instant between the time the old lien is removed and the new deed and deed of trust are recorded, yes, the buyer does own the property free and clear. NOT going to happen that you get it free and clear by this process.

: The other "Fly in the ointment" is that MERS is merely a recording and servicing agency.

: HAS NOTHING to do with the mess that was created by the banks and wall street in putting together packages of mortgages and securitizing and selling them.

: Good Luck,

: Bill H

Bill H:

That's right. And if the deed of trust is void, who owns the property? I say it's the one who last had clear title - the homeowner.

I agree, it is the banks who created the mess. And they also created MERS.

However, their scam could not work unless they had MERS to hide behind. MERS allowed them to obscure the true lender, and thus, the one liable for the scam. MERS was also necessary because you cannot pull it off by filing thousands of assignments every day in the county recorder's office. They had to figure out a way to fix that little problem. Enter MERS.

But, you are absolutely correct, it is the banks that created the mess.

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