MERS (Mortgage Electronic Registration System) has made an announcement once again (since my last post). This time they have contacted all their members and advised them NOT to commence any foreclosure in the name of MERS. No matter that they believe they are the holder of the mortgage, and therefore have the right to foreclose. Two courts now have recently ruled MERS has no such right (add Kansas to the list).
As I said before, the issue with MERS is going to get very messy. MERS by their own estimate may have some sort of interest in 60% of all mortgages in this entire country. Or more, but who's keeping track?
While this issue is discussed in closed conference rooms of all the MERS members, the real issues will be worked out by courts nationwide. Of course this could eventually end up with the Supreme Court, as it is likely not every states' high courts will agree, and it will have to be sorted out.
So what happens when MERS goes to the Supremes?
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