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, … [Read more...] about What Private Note Buyers Can Learn from MERS
safekeeping original note
Note Buyers Demand Original Promissory Note
In an effort to hang on to homes in foreclosure many owners are telling banks to, “Show Me the Note!” It looks like Wall Street lenders are learning something private note buyers have known for years… When buying and selling mortgages or trust deeds you need to get the original promissory note! Put it in a safe place where it won’t get lost and make sure it comes with … [Read more...] about Note Buyers Demand Original Promissory Note
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 … [Read more...] about Safekeeping the Original Promissory Note
