Since we started Advocate Legal Litigation Support, this is the question we get asked the most. When clients come to us before foreclosure, our goal is to help them stop it, but when they come to us after, our goal is to keep them in their homes as long as possible.
Securitization allowed Wall Street Firms to originate your mortgage by selling stock to investors. Since the Wall Street model of “originate and sell” did not include servicing your mortgage, the business of mortgage servicers was born and banks like Wells Fargo and Bank of America became servicers. To take more power for themselves, these servicers created a shell company named MERS and a new kind of mortgage– the MERS mortgage - that named the shell company MERS as a beneficiary.