The MERS system created huge legal issues. Lenders are no longer able to provide the original documents in court which is required by law. This is an issue which has created several different legal strategies, but most people can't afford to fight the system.
This does not claim its illegal. It does say you get to negotiate on what you owe. Basically what you paid and what the house is currently worth. At least that's the end goal.
The guy also says the bank isn't the owner of your house after 91 days. The insurance company is.
The null and void thing seemed to only apply to who has the rights to ownership. The contract is null and void, but some entity still put up the money. So, I think he is saying, you are negotiating with the insurance company to buy your totaled car back. Not the banks. However the lawyers are probably representing both parties or know what the game is already.
The MERS system created huge legal issues. Lenders are no longer able to provide the original documents in court which is required by law. This is an issue which has created several different legal strategies, but most people can't afford to fight the system.
This does not claim its illegal. It does say you get to negotiate on what you owe. Basically what you paid and what the house is currently worth. At least that's the end goal.
The guy also says the bank isn't the owner of your house after 91 days. The insurance company is.
The null and void thing seemed to only apply to who has the rights to ownership. The contract is null and void, but some entity still put up the money. So, I think he is saying, you are negotiating with the insurance company to buy your totaled car back. Not the banks. However the lawyers are probably representing both parties or know what the game is already.