No More Foreclosures by MERS.

Posted By Cliff Tuttle | July 28, 2011

No. 664

Mortgage Electronic Recording System (MERS), a private corporation,  announced that it will no longer permit mortgage foreclosures or Bankruptcy claims to be filed in its name.  MERS was established to hold record title to mortgages as “nominee”, enabling them to be assigned privately without the need to file assignments. However, the standing to bring foreclosures in the name of MERS has been successfully challenged in several states and caused problems in others.  MERS will require foreclosing entities to take an assignment of the mortgage before initiating a foreclosure.

CLT

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CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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