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