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MERS further adds to foreclosure mess

Shared by Jameshogg on Sat Oct 23, 2010 2:22 am
A large number of borrowers have complained that the Mortgage Electronic Registration Systems (MERS) has wrongly filed home-seizure actions against them. MERS tracks ownership changes on home loans. Also, the high courts in at least three states have ruled that MERS is not the true owner of about 20 million home loans as the mortgage owner because it only maintains the database. Source: http://www.latimes.com/business/la-fi-mortgage-foreclosure-20101021,0,4933760.story

Community Members Opinion

Niicss
Niicss

Joined: 03 Oct 2005

Posts: 4834
Location: New Jersey

508.88 Dollars($)

Posted: Sat Oct 23, 2010 2:51 am Post subject:

The complaints of the borrowers have now called into question the right of MERS to foreclose on homes. However, MERS opposed it by saying that it has the right to foreclose because borrowers sign documents at the closing, agreeing to give the company legal title as a representative of the actual owner of the loan. _________________ Good is the Enemy of Great.