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Tag Archives: mortgage

Lost Mortgage – what NOT to do

href=”http://styronblog.com/2010/05/25/arkansass-high-court-says-an-affidavit-of-lost-mortgage-is-notice-of-nothing/”>Harry Styron’s blog involving MERS in Arkansas. The case, Wetzel v. MERS, has the following background: 1. A woman named Pirlee Fox filed bankruptcy, and listed two pieces of property, one worth $75,000. 2. MERS, as the designated beneficiary for NovaStar Mortgage, filed a motion to release the automatic bankruptcy stay. 3. The bankruptcy trustee, Wetzel, objected to MERS’ motion, saying MERS didn’t have a valid mortgage. 4. MERS agrees it doesn’t have the original mortgage, but says it filed an “Affidavit of Lost Mortgage” and this should suffice. 5. Wetzel says that’s not a properly perfected mortgage, and as trustee his lien has priority. 6. The bankruptcy court sends it to the Arkansas Supreme Court for clarification.

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