|
As you read about this decision you will see that it was a 4/3 vote. Leads me to believe that perhaps we should still be leary. When this broke early this year, Jan. 2011, I was three days away from closing on a MERS property. My client was devastated and I couldn't believe that this was happening. I felt bad for the INNOCENT Seller. This was not an action against the Seller; it was against this state's own PROCESS.
Now, let's question the process. How could foreclosures be taking place for so long that all of a sudden there is a problem with the procedure. MERS didn't happen overnight and I seriously think everyone should start asking the question, "WHAT WAS THE REAL PROBLEM?"
Michigan Supreme Court Overturns Appeals Court in MERS Foreclosure Case
|
|
|
|
The Michigan Supreme Court has reversed an appeals court ruling that had sent shockwaves throughout the Michigan real estate industry for the last few months. The Michigan Supreme Court said Wednesday that it is legal for Mortgage Electronic Registration Systems to foreclose by advertisement when a loan is defaulted. In a 4-3 decision, the Supreme Court said MERS has a sufficient interest in the debt and, thus, acted properly under Michigan law.
MAR and its membership have been very interested in the outcome of this case ever since the appeals court ruling this past spring. Recognizing the importance of the case to the health of the Michigan's housing market, MAR's Legal Action Committee authorized an amicus brief urging the Supreme Court to take up the case for review this summer. Please see the attached Supreme Court Opinion for more details. MAR will be providing more information on this important decision as it becomes available.
|
Rainer
71,750
71,750
ANN PETERSON BROKER/OWNER & MORTGAGE LOAN OFFICER
ABR/E-PRO/SRES-248-495-8877 CALL NOW
Service Areas
Recent Posts
Just for Fun
over 12 years ago
Comments(0)