Quiet title action a sneak attack on RMBS

A Virginia quiet title litigator won a nullified deed of trust in Fairfax County this week on a Onewest loan (as successor to Indymac). We are trying to get the property sold immediately. This time a property last sold for 1.8+ million$.  Briefly, this technique takes advantage of the layer of opaqueness purposefully created by MERS in the land record. MERS- or mortgage electronic registration systems, - Wall Streets’ mortgage swamp monster does four things for big bankers:  

 

A)  MERS Allows banks to illegally get away with NOT paying County promissory note transfer taxes each time the note passes to a new entity through chain of title in the securitization process.

 

B)  MERS Keeps a layer of Opaqueness in the land record through which the homeowner cannot see to find out who really owns their promissory note, but the banks can  see through it allowing dishonest representations to both homeowner and Courts alike with very little interference or penalty.

 

C)  MERS Allows banks to foreclose in MERS name so even through the foreclosure process in many states, the RMBS- (mortgage backed securities pool) that owns the note doesn’t have to reveal itself.

 

D) MERS is, According to MERS executives who have had to suffer depositions a “single use bankruptcy vehicle” therefore, when it all goes sideways and is exposed for being the demonic wealth transferring monster that it is, the banks plan on killing MERS ultimately and with it as much liability as they can dump into the legal sink hole..

 

However brilliant this piece of Wall Street magic was, there are problems.  As soon as MERS places a MIN number on a deed of trust and sells the note off to a depositor or trustee of an RMBS, the lender in the land record is now no longer a true party of interest. In deed of trust states like Virginia, California, Utah,  Nevada  & Texas the question immediately begged is well who is the trustee of the deed of trust?  Does this party have a relationship with the new note holder that MERS is dutifully hiding?  Do they even know who the note holder is?   Is the trustee a little title company who is no longer in business??     

 

The best case scenario for quiet title is in a deed of trust state where the trustee in the land record is out of business or doesn’t know who the real note holder is. The attorneys sue to demand that the party who doesn’t belong in the land record remove themselves. If the party is out of business, we’ll we call that a default judgment. There are lots of deeds of trusts that are susceptible to this very easy attack, because MERS made the banks think that the land record didnt require true parties of interest to be updated.    

 

If you would like to find out more about quite title action than please contact us and we can put you in touch with one of our attorneys.