So wait, who owns my house now?
July 13, 2009 12:09 PM Subscribe
We recently paid off our mortgage (finally!) and got a Substitution of Trustee and Deed of Reconveyance. Some of the info on it looks confusing and/or wrong. We've called the county recorder's office and Wells Fargo, and the people there said everything is correct, but they didn't seem too sure of themselves it just looks wrong. Here's the part I'm confused about.
posted by edjusted to work & money (13 answers total)
Wells Fargo was the lender, and the paperwork reads as follows:
...Whereas, the indebtedness secured byt he Deed of Trust, described below, has been paid and satisfied; Now, Therefore, Mortgage Electronic Registration Systems, inc, it's address being (blah blah)...being the present legal owner and holder of the indebtedness secured by said Deed of Trust, does hereby substitute and appoint Wells Fargo Bank, it's address being (blah blah)...as successor Trustee, and the Trustee(s) under said Deed of Trust, having received from the Beneficiary under said Deed of Trust sufficient directive to reconvey, detailing that the obligation secured by said Deed of Trust has been fully paid and performed, does hereby reconvey unto the parties entitled thereto, but without any covenant or warranty, express or implied, all rights, title and interest which was heretofore acquired by said Trustee(s) under said Deed of Trust.
Original Trustor(s): me and my wife
Original Trustee: Southland Title
Original Beneficiary: Mortgage Electronic Registration Systems Inc as nominee for Home Loan Center
So, if I'm reading this correctly...apparently Mortgage Electronic Registration Systems (MERS for short) was the original deed holder? And they're transferring it to Wells Fargo?? Shouldn't it be transferred to my wife and I? Or, thinking about this again, is this maybe just step 1 in a multi-step process? Can anyone shed some light on this?