Welcome to MERS!

[underpants]

MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.

http://www.mersinc.org/

FORECLOSURES

Mortgage Electronic Registration Systems, Inc. (“MERS”) is a proper party that can lawfully foreclose as the mortgagee and note-holder of a mortgage loan. MERS Membership Rule 8 provides required guidelines that must be followed when MERS is the foreclosing entity. Please click here to access the Rules of Membership, and reference the Rule 8 requirements.

In mortgage foreclosure cases, the plaintiff has standing as the holder of the note and the mortgage. When MERS forecloses, MERS is the mortgagee and it is the holder of the note because a MERS officer will be in possession of the original note endorsed in blank, which makes MERS a holder of the bearer paper. MERS will not foreclose unless the note is endorsed in blank and held by MERS.

The MERS Legal Primer provides a sampling of cases that address the standing of MERS to foreclose its mortgages. These cases are not meant to be an exhaustive list involving MERS but are merely to serve as a primer for the legal arguments.


FOR THE WHOLE STORY SEE:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6605962

[EmeraldCityGrl]

1. Rep Marcey Kaptur (D-OH) and John Conyers (D-MI)

introduced a bill that would prohibit foreclosures unless lenders produced the proper documents in court, including the note
and proof that the lender was notified each time the note changed hands. The bill has been sitting since Feb. in Barney Franks
House Serviced Committee.

If we would all contact Franks regarding the passing of this bill we could actually have a huge impact on the foreclosure nightmare
so many are going through.

Barney Franks can be contacted at [phone]

[customerserviceguy]

2. So what?

If you don't pay your mortgage, does it matter who gets to start foreclosure procedings on your loan?

[underpants]

3. Yes

yes it does.

[Holly_Hobby]

4. I just found out today that our county recorder has no record

of our mortgage, signed in 2000. I suppose I need to call an attorney? I don't want to pay for a house and not get the deed.

[FarCenter]

5. You didn't have an attorney when you bought the house?

The deed and the mortgage are different.

[Holly_Hobby]

7. Had an attorney, but he's since passed away n/t

[flvegan]

6. Check your title owner's policy first.

I'm not really fluent in Ohio title procedures, but your mortgage information may well be contained on your policy in the event your county recorder overlooked the posting of your mortgage.

[Holly_Hobby]

8. I just looked through our mortgage papers....

I don't see a title owner policy...

I think we'll be getting an attorney :)

Thanks.

[flvegan]

9. Hm

Was this a refi or a purchase money mortgage? If it's a refi, you likely didn't re-up your owner's policy. Otherwise, check your HUD and see if you paid for title insurance. You may need that policy someday.

An attorney is never a bad idea. Good luck.