Understanding MERS

MERS is a way for mortgage companies to sell mortgages to one another quickly and with low cost. MERS is a straw party named as the owner of the mortgage. But it doesn’t really own it. But on county records across the country, MERS appears as the owner of millions of mortgages. As I said, the system was designed to avoid the costs involved in transferring mortgages among different owners. In theory, MERS keeps track of who owns the underlying mortgage. In practice, MERS does not keep accurate records. According to a recent study, fewer than 30% of mortgages held by MERS had accurate records. Continue reading

Jobless Rate Rises In January

Unemployment in Greater Cincinnati and Northern Kentucky climbed to 10% as of January 2011. January marks the twenty-third month with more than 100,000 people unemployed in the region. During the same period, more workers gave up looking and dropped out of the job market.

If you find yourself in financial difficulties because of a job loss, don’t blame yourself. A lot of people are in the same boat. Use the bankruptcy law to protect your assets and clear your credit report. Contact me for a free consultation.

New Foreclosure Developments

Two million homeowners are in foreclosure nationwide. Another two million home loans are severely distressed.

The state attorney generals have presented a list of demands to mortgage lenders that prohibit foreclosure during pending loan modification. That would be a major change from the way lenders now conduct business. Usually I see modifications and foreclosures pending on the same loan with homeowners hopelessly confused. Continue reading