Will This be Our Future and the Future of Education
I suppose most of us have adapted to the new way of living our co-joined lives with Twitter, LinkedIn, FaceBook and dozens of other communiques in a virtual world. But I was directed to an amazing UTube clip this week about very real use of the newest technology and I wonder if the clip foretells our everyday lives in the not-too-distant future. Take a look, it will blow you away Microsoft sees 2019
Huge Loss for MERS in NY Court
An important state case – NY court holds that the appointment of MERS “as nominee for the lender and its successors” is insufficient to allow MERS as an agent with legal ability to assign mortgages.
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NEW YORK
In re: Case No. 810-77338-reg
FERREL L. AGARD, Chapter 7 Debtor
MEMORANDUM DECISION
The Debtor’s argument raises a fundamental question as to whether MERS had the legal authority to assign a valid and enforceable interest in the subject mortgage. Because U.S. Bank’s rights can be no greater than the rights as transferred by its assignor – MERS – the Debtor argues that the Movant, acting on behalf of U.S. Bank, has failed to establish that it holds an enforceable right against the Property.۩۩۩۩۩۩
“The Court recognizes that an adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States. However, the Court must resolve the instant matter by applying the laws as they exist today. It is up to the legislative branch, if it chooses, to amend the current statutes to confer upon MERS the requisite authority to assign mortgages under its current business practices. MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage recording process. This Court does not accept the argument that because MERS may be involved with 50% of all residential mortgages in the country, that is reason enough for this Court to turn a blind eye to the fact that this process does not comply with the law.”
Trouble Concentrating? Learn Helpful Hints
A great article from WebMD gives us the top items that keep most of us from concentrating, staying on task and really getting things done. The top six problems are:
1. Multitasking (are you switching back and forth between tasks…)
2. Boredom (those tasks you hate to do…)
3. Mental Distractions (do you worry…)
4. Electronic Interruptions (are you checking email…)
5. Fatigue (need to get 7 hours or more…)
6. Drug Side Effects and Other Medical Issues (many standard meds…)
Watch Out for Equitable Mortgages
When I teach title examination, closing, title abstracting, and other real estate classes, you have all heard me talk about “Equitable Mortgages,” i.e. A deed is given that has specific language in it that lessens the full impact of the conveyance. A typical example might be an owner deeding a lot to a builder who is going to build them their dream home. Such deed might contain the restriction that “this deed is being given as security. ” That language implies that the persons conveying have an expectation to get it back and in fact it becomes equal to a mortgage (equitable mortgage) in terms of closing, laws, etc. Here is a must read new article from Minnesota that points out such problems. Here is a Press Release by 24/7 that gives a couple examples of the complications with such a deed. It is a MUST READ for title people.
A New PACE Lien for Abstractors
Good Catch ALTA! Another new lien has been introduced by the Federal Housing Finance Agency that could impact our title searches, abstracting, closing and title insurance policies. But what type of lien? We don’t know – perhaps a mortgage type lien, or perhaps a tax or assessment lien?
Accordingly, ALTA has sent a must read ALTA letter to the Federal Housing Finance Agency asking for clarification about the process by which a Property Assessed Clean Energy (PACE) lien is created, administered and satisfied. Without additional information regarding PACE liens, abstractors will not be able to properly identify whether or not property being searched has a PACE lien. Additionally, it is not clear the priority of such lien – upon recording, or as a form of government taxation. Read More at Business Wire and Housing Wire
Amazing Video of What Positive Thinking and Action Can Do
Here is a video that made me laugh …and cry. For those of you who know me well, I will tear up when really touched by something. Well, take a look at this man, and then take a look at your life. This gentleman is an inspiration to all of us. He is a hero who makes us appreciate what we have and even what we do not have. See the VIDEO HERE.
Home Closing 101: An Educational Initiative of the American Land Title Association
