OfflineHas anyone had a problem with a clouded title due to mers? If it was foreclosed-on,did the owner just give in without finding out if mers had legal standing to foreclose ? could this cause you or your buyer a problem with getting title insurance ? Thanks for your input,KEN
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What is mers? I have not heard of this before.
Shirley
MERS= Mortgage Electronic Registration System
how could they foreclose when they are suppose to be a registration company where lenders register their loans; I guess since they become the beneficiaries, they could cloud the title... another hurdle...
thanks for bringing this up Ken...
Valerie
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MERS - Mortgage Electronic Registration System. Created in 1993 by Fannie, Freddie, and a few other gov't players who wanted to streamline the process of turning mortgages into securities. Opened in 1997 and based in Midland, MI. Since then, they've had several high court decisions against them for attempting to foreclose on properties they could not prove they owned nor were in default. Recently changed headquarters from Midland, MI to Reston, VA. Changed from a private entity with pseudo-governmental powers to a public corporation, probably to avoid more lawsuits like the dozen already ruled against them.
They are also a HUGE part of why the housing and mortgage collapses happened to begin with. Look MERS up on Wikipedia. Then watch Michael Moore's Movie "Capitalism: A Love Story." MERS' history, purpose, and crimes against law-abiding homebuyers are explained in detail there. Trust me! If you have a problem gaining title or clearing up a foreclosure or short sale, 90% of the time, MERS is the reason. Just another bastion of corporate greed that never should've been allowed to exist in the first place. Best of luck to anyone who has to deal with them...
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wow- that is sickening! the things they get away with!
thanks for explaining; those who'd like to read more...here's the Wikipedia link...
http://en.wikipedia.org/wiki/MERS
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...