Cloud on title forever post foreclosure {but wait the Banks own the title companies} (via Timothymccandless’s Weblog)

This is a (fairly outraged and rightfully so) discussion of MERS, the electronic system used by the foreclosure industry to prove ownership of homes. Depending on the state, it proves a little or a lot. It appears as time has gone by that the faults of the system have become more and more obvious.

Of course, many who lost their homes to companies using this system never really got a day in court since this weakness in the ownership status has only recently become well known. This was not fair and that it produces strong feelings of rage and hopelessness is not surprising.

I hope the thoughts here can help some people get justice.

James Pilant

Recently Discovered Flaw in Recording System Clouds Titles on Previously Foreclosed Properties   The modern system of mortgage refinancing and assignments created during the housing boom has left behind a wave of title defects on properties that have ever had a foreclosure in their history, due to a loophole in the property records recording system. This has been detected on a number of properties currently in foreclosure, and found to have … Read More

via Timothymccandless's Weblog