Question by Carol Riffle: What is meant by “a defect relating to the affidavit used in support of the foreclosure judgment”?
We are trying to buy this house, but now they say we can’t because of this. The title is not insurable until this is fixed. Any idea how long that would take?
We live in Ohio and the servicing company is GMAC.
Know better? Leave your own answer in the comments!
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It means that the loan was sent to MERS. Mortgage Electronic Recording Service. That is not accepted as proof that the lender actually owns the loan. They can not foreclose unless they actually “own” the loan.
Someone will have to go to the County Recorders Office and file the correct papers. If the loan was sold off in 3 parts, all 3 parties will have to sign an affidavit that they no longer have an interest. Then the sale can close.
MERS was a popular idea for quickly bundling and selling loans when no one believed that a mortgage “meltdown” could really occur. Instead of following the state laws in Ohio, the lenders “swapped” loans easily thru MERS.
It means that some documentation has something wrong with it. Even if I knew what the defect was, some person or persons have to do something to correct it so it’s impossible to say how long it would take. Where you live and the lender have nothing to do with it. Whoever has to fix the problem is the key.