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The difference between Donald Duck and MERS? Zero. They are both fictional characters.

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The beloved cartoon character is registered by copyright. the MERS entity is registered as a corporation. Neither one ever owned any debt, note or mortgage, directly or indirectly. Neither one serves as agent of any “successor” to the “originator/Lender” on any residential mortgage loan. Decisions in Maine mirror the issues across the country.

MERS is NOTHING. No document executed on behalf of MERS allegedly transferring ownership of a mortgage or deed of trust is legally valid in any manner, shape or form.

And that is because unless the transfer of the ownership of the mortgage comes from one who legally owns it, it is a legal nullity — the equivalent of a wild deed.

Any document purporting to transfer ownership of the mortgage or the right to enforce the mortgage that is not accompanied by a transfer of the debt is a legal nullity.

Since MERS NEVER touches any money and specifically disclaims any interest in any debt, note or mortgage, it can only serve as agent. Since the law (and about 300 years of legal precedent) requires that the mortgagee can only be one who has paid value for the debt, MERS has no power or right to transfer any mortgage or deed of trust unless the originator was an actual lender who owned the debt at the time MERS was asked to execute an assignment.

Any acceptance of instructions from a self proclaimed “principal” and “successor” in the MERS agency is merely a request to perform an illegal act. There are no successors unless someone acquired the originator. But nobody does because to do so would be inviting liability for lending law violations.

see… https://www.americanbar.org/groups/business_law/publications/blt/2020/05/mers-mortgages/

Maine’s Supreme Court recently held that a foreclosing lender’s equitable interest in the mortgage does not by itself equate to ownership of the mortgage and does now allow courts to compel the mortgage’s assignment.Beal Bank USA v. New Century Mortg. Corp., 2019 ME 150, ¶ 15. The opinion revives concerns over the viability of foreclosing Maine mortgages involving Mortgage Electronic Registration Systems, Inc. (MERS).

MERS operates as an electronic mortgage registry whereby borrowers taking out mortgage loans give the mortgage to MERS as nominee for the lender’s successors and assigns.


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