MERS Suspended From Doing Business in California

pamelazander@hotmail.com        Forensic Documents Research/Forensic Loan Examiner

I never thought I would become a victim of the unconscionable loan, created between the banks and the broker (claiming to be the lender, the pretender lender).  I attended the American School of mortgage banking, and certified as a LoanProcessor and Escrow II, (local college). Through the 80's, I worked at the Title Co.

We were promised a conventional loan, but received a three year teaser rate of 6.5 %, with two subsequent interest rates and a yield spread premium, however when the Arm matured and the interest rate rider, along with the variable interest rate of 2% plus the libor rate based on the index, "kicked in, we would surely fail and fall into foreclosure.  Plus the fact the originator charged $99,000.00 to procure the loan.  "Usary"

In other words we were qualified for the first part of the loan, but not for the second part. On the face of the DOT, the min. number precludes that it was established with MERS and recorded under their data base, prior to the signing of the loan.  My husband signed with the Notary who came to our home with the loan docs.  He had no idea the loan was unbelievably "predatory lending."  She stopped him in the middle of signing the docs, saying she wanted me to sign first.  He was actually not suppose to sign at all, but we did not know the Escrow Instructions.  We both were suppose to sign.  My mistake was signing the DOT first, then in witness of the loan package, became horrified of the unconscionable terms.  I begged the notary to tear up the docs, but she wouldn't and told me to send in the 3 day rescission.  I knew her and trusted her and never thought she was a hound.  But she mailed the docs to the title co who recorded the null and void loan.  I refused to finish signing. 

According to the CA Secretary of State, MERS was SUSPENDED in 2002 and did not re-register with the Secretary until 2010.  Under FOIA, I have requested that information for a certified letter to take to court.  ProPer.  The creation of MERS has become more than a stir.  It is oxy-moronic to think that a PC program, that circumvents the recorder's office, is a legal entity, capable of transferring assignments, an illegal act in CA.  I can almost guarantee by 99.9% that NOT ONE EMPLOYEE OF MERS has ever signed an assignment for trustee or to reassign the Deed of Trust for servicer.  It bypasses essential fees and taxes collected by the Recorder.  In reality, its function is much like E-Bay, where you record your own info.  The employee of the servicer, not MERS, allows for backdating of the instrument and gives MERS a right to foreclose on property without having financial interest.  The worst part is that it creates Corp. Fraud, where the self-appointed Trustee from a company signs as Secretary or Vice President or some other corporate officer of MERS, when in fact the employee has been working for the servicer all along.  Remember, just because a bank is instrumental in the servicing, does not mean they are the holder in due course.  They are just the servicer.  Servicers are third party bill collectors without having paid one dime to the consumer for the Deed of Trust.  Respectfully, Pamela Zander, 760) 244-6248.