What Private Note Buyers Can Learn from MERS

Note Buyers take notice; a U.S. Bankruptcy Judge has now ruled MERS's business practices are unlawful. Heard of robo-signing, burger king kids, and attorneys promising to stop foreclosure?  Well that’s all part of the MERS mortgage lending mess and it just got a lot harder than calling for a cleanup on aisle 5. What’s the impact?  L. Randall Wray, Professor of Economics, wrote this: "United States Bankruptcy Judge Robert Grossman has ruled that MERS's business practices are unlawful. He … [Read more...]

Safekeeping the Original Promissory Note

The Promissory Note is an important legal document that should be kept in a safe place, and here is why! The note is a promise to pay or IOU from the buyer, spelling out the amount and terms of repayment. In legal jargon it is known as a negotiable instrument.  Similar to a check, the original must be presented to collect or prove ownership. If the seller desires to sell and assign the note payments to an investor, the investor will ask for the original note to be provided at closing. … [Read more...]