MERS: File Assignments back to Owner Before Foreclosing

07/28/2011 10:31 AM | Anonymous

Following a series of cases splitting on the question of whether MERS is a proper party to foreclose.   Mortgage Electronic Registration Systems, Inc. (MERS) is withdrawing from the foreclosure business. 

The organization has issued a policy update to its members stating that no foreclosure proceeding may be initiated in the name of MERS and no legal proceedings in a bankruptcy may be filed in the name of MERS.

Before a lender or investor starts a foreclosure or files a bankruptcy motion, they must execute an assignment of the security instrument from MERS to themselves as the mortgagee and record the transfer with the applicable county clerk or public land records office, MERS said.

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