(BREAKING NEWS – OP-ED) —
FYI, NOT for use as legal advice … but for the added benefits of research!
ICE OWNS MERSCORP … and things have changed!
If you haven’t been paying attention to the “new and improved MERS”, you should be. As of October of last year, Intercontinental Exchange, Inc. (“ICE”; the same bunch that owns the New York Stock Exchange) took over MERSCORP Holdings, Inc. and Mortgage Electronic Registration Systems, Inc.
Two new corporate shills appear to be heading up the parent (MERSCORP Holdings, Inc.). I got this from the “new and improved MERSinc” website:
How ironic? The “Goone” squad! (I know you’re trying to hold back the laughter, but this is serious folks!)
Noticeably missing from the MERSINC.org website is the “Member Search” tool. Now ICE has made it impossible and further obfuscates WHO is participating as a “user/subscriber of the MERS® System! Thus, anyone wanting to do research on a MERS-originated mortgage or deed of trust is going to have to ask for their closing documents PRIOR TO signing them. Otherwise, those who are ignorant of history are doomed to repeat it because THE GOONE SQUAD now controls all of the information in the MERS System!
It also appears that since Goone is connected to the DTCC, he now might have access to every credit transaction conducted throughout the United States!
You can still search for the alleged “Servicer” on the MERS® System website; however, the users of the system are expected to continue to put the same malarkey on the “Investor” portion of the site when you go to access that information, vis a vis entering your personal identifying information, namely, your last name and your social security number.
Let’s be clear one more time … your social security number is actually NOT your number. It was assigned to you by the Social Security Administration when you volunteered to be in the social in-security program.
My wisdom for 2019 … AVOID MERS MORTGAGES LIKE THE PLAGUE!
Any mortgages or deeds of trust you intend to execute from now on probably should be through the following entities:
(1) credit unions that are NOT user/subscribers to the MERS® System; and
(2) owner financing, or in the alternative, hard money lending, designed to purchase within the short term.
You have every right to walk away from the closing table and not have your property encumbered by “MERS” paper. You should also do a chain of title search on anything you intend on purchasing because you never know what unknown (mesne) assignees might be lurking in the shadows, just waiting for that inopportune moment to foreclose on you!
My further wisdom for 2019 … TAX DEEDS!
Every state has a system for purchasing tax deeds. Investigate these in the alternative! You’re helping the county pay its bills, in addition to getting yourself a great deal!
In Florida, for example, you can buy tax deeds at auction for less than assessed value. In Florida, for example, when you buy a tax deed and your tax deed is recorded, possession is immediate! You get to own the land (or a single lot; sometimes you can get acreage) outright; however, first investigate to make sure you can put a manufactured home or site built home of smaller proportions (if you’re in the scale-down mode) on such a lot. Many areas have deed restrictions. Don’t forget, you still need to quiet the title to the property, but on tax deeds, provided you don’t have to serve a foreign investor or person outside of the U.S., most QT actions take 60-90 days to complete and shouldn’t cost you an arm and a leg.
Whatever “state” of the union you’re in, the county maintains the #1 position for liens, based on payment of property taxes. The ways of the allodial title have disappeared, despite what you’ve heard from some well-meaning Patriots that claim you can restore a land patent to its original state. There is an interesting comment from Washington State I found to back that up:
(NOTE: Click on the image to enlarge it to make it easier to read!)
Anyone trying this crap may find themselves on the receiving end of criminal charges because filing false documents into the land records is a felony in almost all 50 states and is punishable under both civil and criminal aspects. You cannot evade property taxes anywhere. This is why I like buying tax deeds for less than assessed value … the annual taxes on them is cheap and buying agricultural land (if you can find it) is even better! It’s a great way to “start over” with less money, especially if you’re reeling from the effects of a foreclosure and are opting NOT TO DEFEND, but rather to move on. Just make sure that if you’re buying a lot to build on, have a plan to follow through on that quickly. Don’t buy raw land just for the sake of having a nest egg because you will continue to pay annual property taxes on that land in the future whether you live on that land or not. Now that industrial hemp is being legalized, build your home out of hemp (https://www.youtube.com/watch?v=mfQbXuTzQQU) like these folks did in Asheville, North Carolina!
I’ve gotten past the point of asking people to simply deed their properties (that they’re about to be foreclosed on) over to me so I can litigate them in court. If people were that “entitled” in the first place to make bad decisions to buy property using MERS-related securitization, thus screwing up their title, why would I want that headache? Analyze every deal before engaging it!
MERS generally is never found on the titles to vacant lots! That’s another plus for buying tax deeds on vacant land you intend on quickly building on. Being mortgage free is a blessing in this day and age and I can only wish the best for my readers, that they can enjoy the freedom of not owing a bank or a monthly payment to a landlord, if not in 2019, then at some point in the near future. That might be a great New Year’s resolution to make! Why become part of the Nation of Renters if you don’t have to?