mortgage assignments: MERS and the avoidance of mortgage recording fees is the next shoe to drop - 02/23/11 10:07 AM
From Hallmark Abstract Service LLC
MERS (Mortgage Electronic Registration System) and the avoidance of mortgage recording feesCurrently MERS is dealing with a storm in the foreclosure arena over whether or not a lender was legally able to foreclose on a mortgage in MERS name. This has led the firm to issue an announcement instructing all of its members to cease this practice immediately ("Is MERS attempting to put the genie back into the bottle with yesterdays announcement")Remember that MERS was established for the purpose of creating an electronic system that was able to easily assign mortgages from one entity to another. … (0 comments)
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mortgage assignments: Is MERS attempting to put the genie back into the bottle with yesterdays Announcement? - 02/17/11 12:30 PM
From The Hallmark Abstract Sentinel (http://hallmarkabstractllc.blogspot.com)
MERS - The Mortgage Electronic Registration System issues an Announcement that appears to be an attempt to put the genie back into the bottle
Summary: MERS has told its members not to foreclose in its name on home loans, effective immediately.
As a recap for those not closely following the issues surrounding MERS and foreclosures, this is hopefully a clear summary of an extremely complicated situation:
The MERS-Mortgage Foreclosure story
In the old days a potential borrower would go to their local bank, apply for a mortgage, qualify for the … (1 comments)
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