Tag Archives: mers

MERS Says No Mas! To Michigan Foreclosures

No mas!

MERS is folding up its tent as far as foreclosing in its own name, or filing pleadings in bankruptcy court in its own name, as it told is clients they have to get an assignment from MERS, and then file stuff in their own name.

No more MERS foreclosures in Michigan.

Our Michigan court of appeals probably influenced its decision, holding that MERS could not foreclose in Michigan by publication.

Even this is not good enough for Abigail Field of the Foreclosure Fraud site, who wants MERS outlawed.

I yield to no one in anti-MERS sentiment, but am philosophically opposed to just outlawing stuff I think, even know, is bad.

Not good precedent.

I believe there are enough laws on the books against fraud, civil and criminal.  They just need to be enforced.

The government runs all criminal prosecutions, so all we can do there is harp on our elected officials.

At least the Michigan attorney general is investigating at mortgage fraud issues.

MERS Assignments Valid?

But this does not end the issue of the validity of foreclosures with MERS in the chain of title.

If MERS cannot foreclose in Michigan (by publication), how can the company it assigns its rights to foreclose?

How can it assign greater rights than it holds?

Put another way, if you do not own a car, you cannot sell it to me.

Now, if you transfer your interest in the car to Joe Blow, how can Joe Blow sell me the car?  He does not own it either.

So MERS new policy is not dispositive of the underlying issue:  what interest does/did MERS hold in a home being foreclosed?

And title to homes in which MERS already foreclosed is still clouded, as we say in the legal biz.

Many of those homes are going through the foreclosure process AGAIN, just to make the  title companies happy.

 

image credit:  bleacher report.com

3 Responses to MERS Says No Mas! To Michigan Foreclosures

  1. I live in Michigan ,am being foreclosed on by BOA, but they say FNMA ACT?ACT is the creditor, sale date is aug30, I don’t know what to do, can you help?

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The MERS Decision Story

Fallout from the Michigan Court of Appeals decision tossing out two foreclosures by MERS is sweeping the state of Michigan. Had a call yesterday from someone whose closing was canceled at the last minute, because, MERS had done the foreclosure and quit claimed the property to the bank, which had agreed to sell the homeContinue Reading

One Response to The MERS Decision Story

  1. I heard on the news and read your article about the mers forclosurer ruling. My home is going to the county sheriff sale this month. My question is how do i find out it my forcloser will de delayed because of the ruling? Also i found that it to be quiet strange that my servers name is on my mortgage documents but the server tells me that I borrowed money from the investers. I dont no who the investers are and upon getting approved for the loan I contacted the credit union. I assume the credit union provided the funds for me. Since this time the credit union is closed and now coop credit union. I contacted coop and first they told me they didnt have my mortgage. After speaking to several people the manager tells me that yes coop does have the mortgage but its not in their computer its in their books. Should the credit union contacted me upon recieving my mortgage, do the server have a right to be listed as the leinholder on my mortgage even if they didnt loan me the funds, and do I have some type of claim?

The Truth About Debt Buyers

(image from Wall Street Journal) Jessica Silver-Greenberg wrote about debt buyers at the end of last year, but the information is still timely. Companies like Portfolio Recovery Associates, which used many affidavits, like the one pictured, from a person who died before the date on the affidavit. Bad debts are sold in bundles of thousandsContinue Reading

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The Real Truth About Mortgages (Part One)

This has been the most common question I get for a long time, so I will periodically post on the possible answers. If you are current, and can afford to continue paying, there is really no bankruptcy alternative. You can stop paying, the so-called “strategic default“. Unfortunately, there is no accurate prediction as to whatContinue Reading

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What Can You Do To Save Your Home From Foreclosure?

The housing market gets worse, more foreclosures happening, and more foreclosures coming. Household wealth declines, another predictor of increased bankruptcy filings to come. Even the rich and famous are joining in, word is Mel Gibson facing foreclosure on his Malibu, California properties. People are waiting for loan modifications to save their home are forced intoContinue Reading

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Summers Endorses Bankruptcy Court Mortgage Modification

DATELINE: WASHINGTON The following is the letter released Monday by Lawrence Summers, director-designate of the National Economic Council for the Office of President-Elect Obama: sent to the leadership of both parties in the House and Senate 3. Launch a Sweeping Effort to Address the Foreclosure Crisis: The President-elect has directed his White House and CabinetContinue Reading