Comments on: MERS Throws In the Towel – Prohibits Foreclosures In Its Name to “Strengthen Business Practices”

By: Bayard

Bayard — Fri, 18 Feb 2011 23:32:21 +0000

In reply to Joyce. MERS doesn't need to foreclose in their name. They are only acting as nominee on the Trust Deed so that the intervening assignments won't have to be publicly filed. However, any foreclosure done pursuant to one of their Trust Deeds will have to be filed by the current Noteholder (MERS is not a noteholder, but only nominee without legal standing) at the time of the foreclosure. In order for the foreclosure to be filed and finalized, the current noteholder must be prepared to produce an original signed Promissory Note and all intervening assignments. Otherwise, they simply can't go forward with the foreclosure.

By: Joyce

Joyce — Thu, 17 Feb 2011 17:32:08 +0000

There are how many mortgages in the name of MERS right now ? 93 million ? So, MERS says it’s members can’t foreclose in their name, but how are the going to take their name off all of those mortgages ? Is there any homeowner who will agree to that ?

By: Debbie

Debbie — Thu, 17 Feb 2011 16:31:53 +0000

I completely agree…the problems are not fixed

By: mike

mike — Thu, 17 Feb 2011 13:25:55 +0000

So what does this mean? Still the assignments and the chain of title has been broken, how can Mers survive, it seems to me that everyone in the banking business, that has a mers in the mortgage is wishing that they did’nt