Hi Folks. A few weeks ago I decided to start asking my past Short Sale Sellers to send me the Release of Mortgage notice once they received it from their lender after the short sale was completed.
I’m just getting started on my quest but have received several “Release of Mortgage” notices thus far. As I was reading through them I noticed 2 things that were the same even though the Lenders were completely different.
First they all state “…..acknowledge that it has received full payment and satisfaction, and in consideration thereof, does hereby cancel and discharge said Mortgage”.
And secondly the “Original Mortgagee” as stated in all of the releases thus far is……..“Mortgage Electronic Registration Services, Inc.” or MERS.
So whether the lender/servicer was Bank of America, Wells Fargo or Chase (the 3 notices I have received) the “Original Mortgagee is MERS.
MERS, from what I understand, steps between the original Lender and the servicer. It acts as the nominee for the Lender and the servicer. Nominee: A person or organization in whose name a security is registered though true ownership is held by another party.
So when MERS is involved we have no clue who the true owner of the mortgage is. I wonder how this will affect Lenders going after a Deficiency Judgment in the future?
MERS is a privately owned company with some pretty serious players as shareholders.
Their mission is to…“Register every mortgage loan in the United States into the MERS System“.
OK so what am I missing here? Does this company have way too much control or are they truly nothing more than a registration company? Help me out here. What say you?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
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