Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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real quick, new to site, not at risk of foreclosure but was simply curious about whether or not Wells Fargo actually held the note for my condo (that I rent out).  Thru a series of googles, found the MERS/MIN site and tried my name/location, etc to no avail. 

Backtracked to Wells Fargo who got my loan from my refi with Prosperity Mortgage back in 2006..they said today on the phone they show the loan was transferred (or however they put it), in Dec. 2006,although I signed everything in Feb of 2006.

Anyhow, so they give me a MIN number, at my request.  First one doesn't work (it wasn't the loan number but some other number).  Then I call back and they give me an 18-digit number that they said definitely was the MIN.  I plug it in, while they are on the phone, triple check with them...still, doesn't work.

I cannot pull up my loan to find out who is actually servicing it according to MERS (Wells Fargo claims they are), as NOTHING COMES UP, with that MIN number or my name/street, etc. 

I have not yet written Wells Fargo for the "prove the note" thing, as I was concerned even asking could effect my credit or tip them off if there ARE issues.  The WF guy on the phone said he really didn't understand why the MIN wasn't coming up.

Does this mean anything?  What do I need to do now?  I just found out by accident that there is this issue.  

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The MIN for your mortgage should appear on the mortgage, deed of trust, security deed or other security instrument recorded within the public land records for your county.  You can obtain the MIN directly from the instrument.


If the MIN shown on the mortgage security instrument does not come up in a search using the MERS database, there are several possible explanations.


First, the originating lender might have neglected to register the loan at all.  In order for a loan to appear within the database, the loan would have needed to be registered.  If the registration didn't happen, then the loan wouldn't appear in the database.


Second, the loan might have been registered, but a data transcription error might have occurred.  There are several possible errors.  One error is that the MIN was correctly entered in the MERS records, but incorrectly transcribed by the servicer. In this case, the servicer could have given you a number, which turns out to be incorrect.


Similarly, the information could have been mistranscribed on the instrument itself.




Whatever you have been reading, the correctness of the MIN is of minor significance to you.


You borrowed money and executed a promissory note to memorialize your promise to repay that loan.  The loan is further secured by a mortgage, deed of trust, security deed or other mortgage security instrument.


Under the provisions of the UCC, you owe the money to the holder of note, without respect to any registration issues associated with an MERS loan.


So while it is an interesting academic exercise to discover the identity of the owner of the note or the servicer of the note, you need to pay the holder of the note.  You also agreed to waive presentment of the note, so even the holder need not show you the note to be entitled to payment.


So one choice is to make each scheduled monthly payment pursuant to the contractual provisions of the note you signed.  Another choice is to default in payment and wait for the owner or the owner's representative to bring either a judicial or non-judicial foreclosure action against you.


While it is interesting to learn the identity of the owner and servicer, my suggestion is to refuse to allow yourself to be drawn into some swindle or scam which might cost you your home.  Pay your mortgage to the servicer each month and everything will be OK.  Fail to pay and you will learn quickly enough who is asserting ownership.  IF YOU ARE UNDER SOME ILLUSION THAT ANY DEFECT IN THE MIN REGISTRATION WOULD ABSOLVE YOU OF RESPONSIBILITY TO PAY OR WOULD PRESENT YOU WITH A VIABLE DEFENSE, YOU ARE DELUSIONAL!     

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