patrick.net

What part of Florida in particular?

They should keep better records. However, I have a feeling that the industry will find a way to get legislation to fix this little problem.

Finding the paperwork can't be that difficult. It might be hugely time consuming, but there should be some kind of trail of it.

If there isn't, I could only imagine the fraud that could be going on. Either intentionally, or through incompetence. How many times could a mortgage be sold, with no actual transfer? Would anyone notice?

If a bank is collecting money from person A and they don't hold the mortgage any longer, wouldn't someone down the chain make a complaint if they stopped paying them? Wouldn't someone work their way back to the bank saying "Where is my monthly payment?"

I hope this isn't like medical billing practices! Those never seem to add up!

A reader asked me:

> can you write /find an article teaching us laypeople how
> to find out if MERS holds our mortgage, as well as what our current state
> laws position is on the topic?

Anyone know how to find out if MERS holds a particular mortgage, and which states are ruling against MERS because they can't come up with the actual loan papers?

This could liberate millions of people from their mortgages.

It is unlikely a seller of the actual loan portfolio would not include details like individual mortgage agreement. Prudent buyers of the loans would require it. Much of this is scanned and kept off site latter to be audited. This is especially true if they are public.

Check the next box pizza you get delivered. It maybe be recycled from loan documentation.

LOL! unlikely you will see this as widespread or enforced as some would like.
If the loan does not exist, then what does it say about the occupant residing on property
they do not in sense own. A free ride? unlikely....

A reader asked me:
> can you write /find an article teaching us laypeople how
> to find out if MERS holds our mortgage, as well as what our current state
> laws position is on the topic?
Anyone know how to find out if MERS holds a particular mortgage, and which states are ruling against MERS because they can’t come up with the actual loan papers?
This could liberate millions of people from their mortgages.

A friend of mine's mortgage was assigned to MERS. They asked me not to post their personal info online, so I can only tell you that we searched the assessor's site and found that there was a deed of trust assigning the mortgage from the orignial lender (Taylor Bean & Whitaker) to MERS. Underneath that statement, it said,

"MERS is Mortgage Electronic Registration Systems, Inc. MERS is a separage corporation that is acting solely as a nominee for Lenders and Lender's successors and assigns. MERS is the beneficiary under this Security Instrument. MERS is organized and existing under the laws of Delaware and has an address and telephone number of PO Box 2026, Flint, MI, 48501-2026, etl.(888) 679-MERS."

So - in order to find out if one's mortgage was assigned to MERS, they can check the property records at their assessor's office. Most are online, but a few people will need to actually go to the assesor's office.

So far as the laws that apply in that state, I have no idea.