MERS Predatory Lending Practices and Illegal
MERS is an electronic loan registry created by the real estate finance industry to eliminate assignments when trading mortgage loans. Borrowers name MERS as mortgagee and nominee for the lender on deeds of trust and mortgages that are recorded in the county land records. Lenders then register the loans on the MERS® System and electronically track changes in servicing and beneficial ownership rights over the life of the loan.
Loans registered with MERS are inoculated against future assignments because MERS remains the mortgagee of record no matter how often servicing is traded between MERS members. Fannie Mae, Freddie Mac, VA, FHA, Ginnie Mae, the Federal Home Loan Bank MPF®, California and New York housing authorities, and all major Wall Street rating agencies have approved MERS.
MERS cannot foreclose because they do not own the note!
MERS does not itself extend credit or acquire rights to receive payments on mortgage loans. Rather, the lenders retain the promissory notes and servicing rights to the mortgage, while MERS acquires legal title to the mortgage for recordation purposes.
The number of home foreclosures has skyrocketed in recent years in the United States. An alarming number of these involve homeowners who felt certain that they could cover their mortgage payments when they signed the papers. However, many had unwittingly played into the high-interest and fee-laden traps of predatory lenders. To stop home foreclosure, it's crucial to know the the consumer protection laws on the books. The Bank Victim Fraud Center can help you understand your legal rights.
The non-profit organization known as the Center for Responsible Lending estimates that each year, predatory lending is responsible for bilking American homeowners of more than 9.1 billion dollars a year. Unfortunately, mortgage fraud perpetrators harm low-income and minority homeowners in disproportionate numbers. No one, however, is exempt from their inflated claims and dangerous practices.
If you and your family are facing foreclosure, all is not yet lost. It's important to use any fraud law at your disposal, such as the Truth in Lending Act. The Bank Fraud Victim Center is here to help you do that. We specialize in document auditing and consulting regarding predatory lending practices and bank fraud. We can thoroughly examine your mortgage documents and advise you of the legal options that are open to you.
Steering and targeting consumers, charging excessive fees, loan flipping--these are just a few of the known tactics of predatory lenders that are absolutely illegal. Contact the Bank Fraud Victim Center today at 401-349-4717, by email at firstname.lastname@example.org, or by simply filling out our preliminary audit form below. Let us help you stop home foreclosure. We understand what's on the line.
Is MERS trying to Foreclose?
Are you unable to Refinance your Mortgage?
You may be a victim of Predatory Lending Practices...
90% of mortgage loans closed in the last 10 years have an average of 31 Truth in Lending Act violations.
If you are a victim of predatory lending practices, where “TITLE” violations are involved, there is a very strong and real possibility that the homeowner could receive a clear title re-conveyed into their hands.
Find out more about how your Bank may have violated the Truth in Lending Act and violations that may be in your in your closing documents...
If you suspect you're a victim of predatory lending practices, the Bank Fraud Victim Center can help. Our financial experts specialize in consulting and educating consumers on their rights regarding mortgage loans and bank fraud. Fill out our free preliminary consultation form below. Or simply call us at 401-349-4717 or email us at email@example.com
. We're here to help you steer clear of the many predators who roam the financial world.
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Predatory Lending Practices
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