Fannie and Freddie are Useless

New Mortgage Forms

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.

The foxes are still guarding the henhouse

Arkansas’ usury limit needs to be lifted