Such options would only be workable for about 15% of mortgage loans. About 85% of mortgages are securitized mortgages which are Promissory Notes turned into securities over on Wall Street.
Simply, a securitized mortgage is a sophisticated Wall Street scheme to collect multiple times upon the same debt.
I covered some of that information recently in this discussion:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2171643&mesg_id=2173741If MERS appears in a mortgage loan, it has been securitized. The problem is even non-MERS mortgages have been turned into securities. A homeowner with a non-MERS mortgage would need to check with a professional to determine if it was turned into a security.
This means that about 85% of mortgage loans were used to defraud investors on Wall Street. It also means that about 85% of mortgage loans leave the homeowners with a broken chain of Title and clouded Title due to the manner in which the banksters improperly and illegally handled the securitization process.
It makes no sense to me, why any homeowner with a securitized mortgage should simply continue making payments or refinance when they will never receive a valid Deed and clear Title to their properties upon completion of their payments.
It is my position that any homeowner with a securitized mortgage, first take it to a professional who can determine how much fraud may be lurking in the mortgage agreement in the first place. My own 30 year fixed rate mortgage contained over $54,000 in fraud subject to Treble damages which will put an end to the mortgage loan since someone already owes me more money than I might still owe to them.
Then I suggest the homeowner seek an attorney who well understands securitized mortgages. Such an individual can determine who actually holds the Note and if that party has a valid lien on the homeowner’s property which is doubtful.
Such an attorney can determine the many instances in which the banksters broke the chain of Title and in what ways the Title has been clouded. As will likely be necessary, the homeowner should file a Quiet Title suit to clear their property Title, obtain their Deed and the appropriate money damages for the particular harm done to them as well as relieve themselves of the burden of a fraudulent mortgage loan.
A Quiet Title is not very expensive nor does it take a long time, usually only 6 months to complete.
It amazes me that the banksters thought they could get away with this.
I’ve been researching mortgage/foreclosure fraud for 3 years. I recently filed a Quiet Title suit over a new MERS issue. 300 such suits were filed in PA & NJ and in 297 of those suits, the mortgage servicers are either voluntarily withdrawing their fraudulent liens or the court will strike them from our land records. My case is among the 1% going to trial and is closest to trial.