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Maybe not.
If your mortgage is registered with Mortgage Electronic Registration Systems and you live in Kansas then you don't owe anything - because no-one holds the mortgage.
This is a "produce the note" type case (a thing which I have mentioned before in these pages) and comes down to the fact that the securitized mortgage industry sliced and diced mortgages up into investment vehicles that where then resold. However, the whole process resulted in mortgages not actually being owned by anyone - ownership was atomized and basically extinguished. Hence "produce the note". If the lender cannot produce the original loan contract then they don't have proof that they own the debt and therefore the debtor cannot be compelled to pay because there IS no debt. MERS has brought the obfuscation of actual ownership to such a high art form that they have basically extinguished ownership altogether. And, most fatally it seems, they have split the party that hold the "deed of trust" from the party that may or may not hold the note.
Blammo - nearly 60 million mortgages suddenly don't exist. Now their only hope is trying to make sure most people never hear about this.
The upshot is that since 2008 all US banks have been effectively dead. Now at least there is an opportunity to pick the corpses.
If your mortgage is registered with Mortgage Electronic Registration Systems and you live in Kansas then you don't owe anything - because no-one holds the mortgage.
This is a "produce the note" type case (a thing which I have mentioned before in these pages) and comes down to the fact that the securitized mortgage industry sliced and diced mortgages up into investment vehicles that where then resold. However, the whole process resulted in mortgages not actually being owned by anyone - ownership was atomized and basically extinguished. Hence "produce the note". If the lender cannot produce the original loan contract then they don't have proof that they own the debt and therefore the debtor cannot be compelled to pay because there IS no debt. MERS has brought the obfuscation of actual ownership to such a high art form that they have basically extinguished ownership altogether. And, most fatally it seems, they have split the party that hold the "deed of trust" from the party that may or may not hold the note.
Blammo - nearly 60 million mortgages suddenly don't exist. Now their only hope is trying to make sure most people never hear about this.
The upshot is that since 2008 all US banks have been effectively dead. Now at least there is an opportunity to pick the corpses.
