Mortgage is basically a legal agreement to lend money on the security of property. In the past few months there came a case of home mortgage in which the several home owner of Arizona claimed that mortgage lenders had committed fraud and all the arguments get rejected by U.S. Circuit Court of Appeals. The home owners claimed that they were misinformed and also they blamed the whole system.
According to the Judge Consuelo Callahan, the electronic registration system is the way for lenders because to store mortgage documents by lender is not enough to discontinue home foreclosures. The lenders should record the deeds in the country where the property is located and the consequent sales also have to be record in country records to avoid this problem. All the claims of fraud on the lenders by the home owners were rejected by judge.
Due to huge financial crisis some peoples are on mortgage loans and are not capable to make their loan payments on time but in this way the lenders are not responsible they only follow the agreement. I think if the homeowner claims that they were misinformed and showed all of this fraud this is not the mistake of MERS. Such type of cases occurs every day but the problem there should a system to minimize such type of cases. In shortly, lake of money is the root of all evils.
By: K.A.
