Michigan | Closings Canceled on Some Bank-Owned Homes After Court Rules Against MERS

“This is overall a very positive decision for us. In its opinion, the court validated that MERS had an interest in the mortgage and it can exercise its interest,” Smith said. “Title companies should have no concerns about closing loans with MERS as the mortgagee.”

Yea, good luck on that one…

Closings Canceled on Some Bank-Owned Homes After Court Rules Against MERS

Local Realtors say title companies are canceling closings on some bank-owned homes after a recent Michigan Court of Appeals decision made it more risky to insure them.

Late last month, the court ruled the Mortgage Electronic Registration System lacks authority to foreclose by advertisement in Michigan. The system is an electronic record-keeper of mortgages.

Foreclosures on two homeowners in Grandville and Jackson are on hold because of the ruling. The ruling could also impact thousands of foreclosures that have already been sold to other buyers, industry experts say.

Raymond DeBates, president of Colonial Title in St. Clair Shores, said that he has not had to cancel any closings yet, but he has put some files aside and is waiting for underwriters to indicate whether the deals can close or not.

“This invalidates every foreclosure where MERS was involved,” DeBates said. “They could set aside all these MERS transactions. It would be a catastrophe. And that’s what we have.”

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5 Responses to “Michigan | Closings Canceled on Some Bank-Owned Homes After Court Rules Against MERS”
  1. AliceN.Wunderland says:

    Title companies are Insurance Companies. So many insurance companies and so many loans. I have not read of anyone suing their Title Insurance Company yet and they should be. Fidelity has been very busy in my area scooping up all the other title companies in town. All titles are clouded, let the suing begin.

  2. AliceN.Wunderland says:

    No one should be buying a house today. There is a clouded title on every one of the 65,000 homes in the Mers system. I just found a fraudulant FULLreconveyance on a relatives home. Technically that means the loan was never satisfied. ReconTrust as trustee. Kimberly Robertson stamp, not signed, coming our of Maricopa County, Arizona. Need to look at more docs in my county. Other notables, Peter Lopez and Roxanne Bermea.

  3. Looks like REO buyers missed the fact that real vultures — the birds they prefer to name themselves after — have incredible immune systems because vultures in the wild are constantly getting exposed to live and dead toxins that would kill any other bird.

    Real vultures require their incredible immune systems because they know that eating dead and dying carcasses exposes them to incredibly powerful pathogens and, even when the pathogens are dead, toxins left over.

    REO buyers, you aren’t vultures. You’re greedy, sleazy hypocrites who now whine about the downside of the decision you made to purchase stolen houses despite that you knew the risks. Of course, vultures probably believe that absolving them of responsibility is fair because they’re different than, say, people who were suckered into taking on sub-prime mortgages.

    Sorry that it sounds like plenty of you have sold your old homes and will have to find somewhere to live because that REO dream of yours is in limbo. Maybe find the family that was pushed out; if they’re decent people — and I think you’ll find that most are a lot more decent at their core than you, they’ll help you find housing and, maybe, your soul .. if you have one.

  4. l vent says:

    This is fantastic, can’t think of enough adjectives to describe the hapiness I am feeling for these Americans who have had their homes Unconstitutionally stolen from underneath them!!!! Give these stolen homes back to these people and a large, monetary settlement should be paid to them by the banksters that stole them. These people need help to get back on their feet. Death to the Tyranny!!!!

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