Monthly Archives: January 2011

What to do throughout the foreclosure process

Throughout the foreclosure prevention process: Keep notes of all your communications with the servicer, including date and time of contact, the nature of the contact (face-to-face, by phone, email, fax or postal mail), the name of the representative, and the … Continue reading

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General Advice

MERS has no standing to Foreclose in Kansas

A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that … Continue reading

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Foreclosure Defenses, MERS

What Is Foreclosure?

Technically, foreclosure is a legal proceeding. It arises when a mortgage lender or bank attains a legal right to terminate or assume a home-owner’s right to real property (land). The lender may assume your equitable rights of redemption of the … Continue reading

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General Advice, Overview

States having nonjudicial foreclosure procedures

 What is non-judicial foreclosure process? Bank or lender has “power of sale” clause in deed of trust. This provision allows the bank to recover its loan by selling the foreclosure property without going to a court. Bank cannot get a … Continue reading

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Right of Redemption

From 2003 to 2006 Assignments of ownership weren’t always completed

Each time the mortgages change hands, the sellers are required to sign over the mortgage notes to the buyers. In the rush to originate more loans during the U.S. mortgage boom, from 2003 to 2006, that assignment of ownership wasn’t … Continue reading

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Foreclosure Defenses

General Advice During Foreclosure

Throughout the foreclosure prevention process: Keep notes of all your communications with the servicer, including date and time of contact, the nature of the contact (face-to-face, by phone, email, fax or postal mail), the name of the representative, and the … Continue reading

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General Advice

WHY DO YOU NEED TO KNOW THE IDENTITY OF YOUR SERVICER?

There are three reasons why you must always keep track of the identity of your Servicer: 1. Your Servicer is responsible for handling any questions you have about your mortgage loan. Payoff amount? Contact them. Taxes and hazard insurance? They … Continue reading

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Mortgage Servicers

No Tracking Mechanism

MERS has 3,246 member companies and about half of outstanding mortgages are registered with the company, including loans purchased by government-sponsored entities Fannie Mae, Freddie Mac and Ginnie Mae, said R.K. Arnold, the company’s CEO. For about half of U.S. … Continue reading

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Foreclosure Defenses