How can I get the date that MERS went "inactive"? If MERS is "inactive" does MERS have the right to execute an assignment?

Asked almost 2 years ago - West Palm Beach, FL

The property is in foreclosure and has gone through a bankruptcy. The note is shown owned by Fannie Mae yet there is no assignment from CW to BoA and from BoA to Fannie. Can MERS reactive to assign the note? Thank you for your assistance.

Attorney answers (1)

  1. Theodore Lyons Araujo

    Pro

    Contributor Level 20

    Answered . First why do you think MERS is inactive? They are still operating. Second the Mortgage and the Note are seperate documents. MERS was often listed as the nominee for the evtual holder of the Note in the Mortgages. MERS does not assign Notes. They assign mortgages.

    The GSE's own the vast majority of Notes, but they have servicers foreclose in the banks name so people do not realize who is foreclosing (lots of former political hacks work at Fannie and Freddie and get paid big bucks for working on the campaigns and staffs of federal politicians so they do not want you to know who is foreclosing while they make their bonuses). Most of those assignments take place pursuant to the mortgage servicing guidelines...NOW, if the note was secured that's another issue.

    By the way, properties do not go through bankruptcy, Debtors file bankruptcy. Properties become assets of the estates.

    Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and... more

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