Unemployed Florida

Anyone facing foreclosure might want to read this!

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Anyone facing foreclosure might want to read this!

Post  nancym on Thu Aug 26, 2010 3:14 pm

I'm not a homeowner myself, but if anyone here is facing foreclosure, you might want to check if your mortgage is held in the name of MERS--read this article for some stunning events and possible consequences:


"Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles-and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof."

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Join date : 2009-07-12
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