MERS is a huge mortgage holding/managing entity created by the mortgage industry. The basic premise was to be able to have mortgages change ownership without any interruption or notice to the mortgagors (homeowners). It has morphed into an entity used to hide or avoid unethical and even illegal actions, and is rapidly becoming the primary foreclosing entity in the US.
Sunday, August 22, 2010
What is MERS (Mortgage Electronic Registration System) and why would MERS own a residential property?
MERS owns a property in my neighborhood. The latest occupant claims they own the house, but the county record doesn't show a transaction for their purchase of the house. MERS is the current owner of record. I am thinking that the MERS system may be recording the transactions that occur with this house, thus ';hiding'; the transaction from public record.What is MERS (Mortgage Electronic Registration System) and why would MERS own a residential property?
MERS is a huge mortgage holding/managing entity created by the mortgage industry. The basic premise was to be able to have mortgages change ownership without any interruption or notice to the mortgagors (homeowners). It has morphed into an entity used to hide or avoid unethical and even illegal actions, and is rapidly becoming the primary foreclosing entity in the US.coupons face blush
MERS is a huge mortgage holding/managing entity created by the mortgage industry. The basic premise was to be able to have mortgages change ownership without any interruption or notice to the mortgagors (homeowners). It has morphed into an entity used to hide or avoid unethical and even illegal actions, and is rapidly becoming the primary foreclosing entity in the US.
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