I am not very good at maintaining my credit cards & now have 9 cards with around $50,000 balance on them with rates that range from 12 to 18%. Few days back I got a offer for a $55,000 second mortgage which would be at 16% for a period of 30 yrs. to be used for consolidating these credit card debts.
When a lender receives a mortgage application, most will check the credit file and credit score the applicant. Checking the credit file will reveal how well the applicant manages any credit. That’s why you will have seen that having some credit is not a bad thing, as it gives a lender a track record to look at in order to help profile and score a potential borrower.
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[Update 1: Aristar Funding Corp. comment] If local governments succeed in the fight against how banks have recorded the transfer of mortgage notes through the Mortgage Electronic Registration.
Nevada Supreme Court Reverses Course on MERS. The specific facts before the Nevada Supreme Court in Montierth involved a borrower in default on a note and deed of trust; Deutsche Bank held the note, and MERS was the beneficiary of the deed of trust. The borrowers filed for bankruptcy, and after the bankruptcy was filed,
However, if you haven’t yet signed your mortgage, it’s something you need to be aware of, and if you already have a mortgage with MERS in it, you need to know that these issues exist if you ever find yourself facing a foreclosure action. read the whole "What’s In Your Mortgage" series here.
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"The legal mechanism set up to put creditors on notice of a mortgage is valid," as was "the ability to foreclose," assured Moody’s. That same year, Lehman Brothers issued the first AAA-rated mortgage-backed security built out of MERS mortgages. By the end of 2002, MERS was registering itself as the owner of 21,000 loans every day.
How MERS Is Used to Find Mortgage Information. The servicer of a mortgage can have it removed from the MERS database by sending request to have it deactivated. MERS will in turn notify Fannie Mae. If the servicer of a mortgage wants to end their membership with MERS entirely, they must also notify Fannie Mae as soon as possible.