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MERS Is Halting Foreclosures in Their Name

By
Real Estate Agent with Atlanta Communities Real Estate Brokerage GREC #208281

I think MERS sees the writing on the wall.  After a few recent court rulings going against them, it looks like they are getting the message that their system just won't cut it anymore.

They are changing their membership rules and are putting a 90 day halt on any members foreclosing in MERS' name.

Here's a post with the embedded MERS announcement.

It looks like banks are going to have to play by the letter of the law when trying to foreclose.  They will have to show them the note and all the documentation for all of the transfers.

The question is, do most of them have the proper documentation in order to foreclose? If they had the documents, then why did they go through the trouble of creating new ones and having them robo-signed?

Slowly but surely, the light will start to shine on what has been going on with the mortgage securitization process. 

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About the Author:  Tim Maitski has been a full time Realtor since 1999. He has sold several hundreds of homes in areas around metro Atlanta.  Tim started with RE/MAX Greater Atlanta and is now with Atlanta Communities Real Estate Brokerage.

 

Along with blogging on ActiveRain, he provides one of the best real estate websites in Atlanta at www.HomeAtlanta.com .

 

His proprietary  "Maitski Line Reports" chart out the absorption rates over the past 14 years in 37 different market areas.  Know when it's a good time to buy or a good time to sell.    

 

His online Property Tax Calculator allows you to compare property taxes in many counties and cities around the Atlanta area.  He provides the Atlanta MLS Power Search Tool that allows searches of homes using over 35 specific criteria.

 

Over the years, Tim has optimized his business so that he now can offer a huge 50% commission rebate to his buyers.  The more experience one gets, the easier the job becomes.

 

Tim also has a "Five Days to Sold" System that uses an intensive marketing blitz to create a showing frenzy that creates urgency and offers.

 

Tim is always looking to LinkIn with anyone who is interested in building their social network.

 

View Tim Maitski ●Atlanta Realtor●'s profile on LinkedIn

Kimberly A Norgard
Devlin McNiff Halstead Real Estate - East Hampton, NY

Gosh, I REALLY hope that light begins to shine, Tim.

Feb 17, 2011 02:20 AM
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

Bigger question is, will this actually halt the flood of foreclosures. This is going to get ver interesting, and very messy indeed, over the next several months...

Feb 17, 2011 04:07 AM
Dan Rosenberger
Harvest Realty - Westfield, IN

I am noticing a decline in the number of homes in foreclosure auctions.  And the percentage of cancellations is pretty high.  At first I thought that this was because of banks easing up during the holidays.  But the note, MERS, robosigning and similar issues might have something to do with the lull.  I wonder how long it will be until all of these issues get sorted out.

Feb 17, 2011 07:59 AM
Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

You have much better endurance than me on the tough issues...thanks.

Feb 17, 2011 03:56 PM