For interested ActiveRainers, please read the post below.
It just may "BLOW YOUR MIND".
MERS and Fannie Mae sue Short Sale Seller and Buyer
http://www.realtown.com/DiabloValley/groups/short-sale-strategies/view/34312#post34321
You may have to copy and paste the URL above. I couldn't figure a way to link to the post.
That said, it was too interesting to now share with ActiveRain readers.
I have decided that short sales would not be a part of my repertoire, and so you can imagine that my business has been limited. Reading this sort of thing does blow my mind. Rather not have a ton of business than have a tons of business that goes south. I feel incredibly sorry for the people buying these properties.
Lenn
Pretty amazing story to start the day. But then, maybe we really SHOULDN'T be all that surprised. The mess we are in, and the folks who are party to it, are getting messier. And no one is doing squat about it. This is worthy of sharing to spread the word.
Jeff
They used MERS to avoid paying transfer fees, now they want to use MERS to claim improper recording?????
Lenn, it's already a lot of work trying to get short-sales to close but this is just ridiculous! I hope the buyer gets to keep their home!
Jeff. Thanks. I keep my eye out for "interesting" stuff.
Tom. Boggles the mind doesn't it?
Trang. Folks have to make their payments. But, the banks don't have to be so determined to foreclose. That appears to be their perpetual goal.
Hi Lenn - I hope the buyer had title insurance. MERS is a blight on the real estate business and just keeps on giving.
Let's see. The gubment is involved. Mistakes made. Corruption. False this and that. Everyone screwed. Only the lawyers make out, and like bandits.
Just another day in Recovery Summer! What's the problem here? This is the new normal...
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