Mortgage Electronic Registration Systems (MERS)
The Law Office of Glenn F. Russell, Jr. can determine whether MERS is a factor in your foreclosure.
Mortgage Electronic Registration Systems, or MERS, is the only national database that publicly displays service information for homeowners who seek information for their registered home mortgages. MERS was created by the mortgage-backing industry to streamline the mortgage process. Utilizing internet and electronic technology, MERS has made access to mortgage origin and mortgage information as easy as clicking a button online.
Foreclosure Defense Attorney for Massachusetts Homeowners
The MERS system tracks the changes in servicing rights and beneficial ownership interests in mortgage loans that are registered in the database. Homeowners have public access to information for their mortgages, and local governments can even benefit from MERS by using the database to identify at-fault parties in real estate issues such as code or vacancy violations.
MERS also acts as a complete record for lenders and borrowers. Any loan made in the United States will remain in the MERS database, no matter how many times the loan may be bought, sold, or traded.
Although the system is incredibly beneficial in the mortgage industry and tracks ownership interests in loans secured in residential real estate, the system can have disadvantages. All real estate titles and transactions are subject to state regulations, so MERS essentially provides a central database that tracks all mortgage loans in the nation. If a MERS deed is unlawful, homeowners could suffer the consequences.
In some cases, courts have even held that MERS is permitted to foreclose on homes even when it is the holder of the mortgage. This has put unsuspecting and innocent homeowners across the nation at risk of losing their homes. By retaining our firm, you can gain insight into how this system works and may affect you.
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Having a collective and electronic database that encompasses the nation's loans and mortgages presents many advantages and disadvantages. The disadvantages, however, have led to foreclosures for many Americans. Because MERS relies completely on electronic activity, the effectiveness of the distribution and collection of legal documents is questionable. Documents that require notarized signatures could lack the proper signatures, but are still traded, bought, or sold.
Failure to follow strict standards outlined by the Federal Housing Association has led to the act of buying and trading unauthorized mortgages and loans. Without the proper legal information required, fraudulent transfers across the nation put homeowners at risk.
To determine whether MERS is a contributing factor in your foreclosure, you need to speak with a Massachusetts foreclosure defense attorney from The Law Office of Glenn F. Russell, Jr. immediately. You could have grounds for defenses to foreclosure or foreclosure appeals. Contact us today!
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Our FAQ
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Do I really need a foreclosure lawyer?Absolutely. Should you need foreclosure defense counsel, only an experienced attorney can determine which course of action is best for you. Whereas predatory scam artists try to prey on your financial vulnerability, a skilled foreclosure defense attorney genuinely can look out for the best interest of you and your family. Legal advice must be practical and efficient in order to be effective, so if you need strong legal guidance, trust that The Law Office of Glenn F. Russell, Jr. can offer the counsel needed to successfully navigate the complicated legalities of foreclosure or bankruptcy.
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Third parties are offering to help my foreclosure process. How do I know who to trust?
Perhaps one of the greatest obstacles individuals encounter during the foreclosure process is learning who to trust and who to avoid. Due to the nature of the foreclosure process, descriptions of any homes being foreclosed may be published and accessible as public information. It is a sad truth that there are fraudulent companies that prey on public lists of foreclosing homes and attempt to take advantage of a people's financial vulnerability.
You may be contacted by mortgage brokers, mortgage negotiators, or mortgage holders. You may also be contacted by a Massachusetts bankruptcy attorney or a private financier who offers to help you sort out your finances. These parties may be dependable sources of legal and helpful advice during your foreclosure.
Unfortunately, there are frauds and scam artists who will try to take your home or your money without providing any sort of service. A general word of advice we give to clients to follow is: If a deal sounds too good to be true, it probably is. Avoid scams with the help of a qualified attorney from our firm!
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What happens at a foreclosure sale?
It doesn't happen all the time, but if you have exhausted all of your legal alternatives and feel as though a foreclosure or short sale is the last resort, you need to know what to expect.
No foreclosure sale is exactly the same, but for the most part, the foreclosure sale process typically involves the following:
- Lenders must first send a notice of a foreclosure to the homeowner. The notice must be sent at least 14 days prior to the foreclosure sale date.
- A foreclosure sale will take place at the date, time, and place specified in the foreclosure notice.
- The foreclosure sale will be conducted by a licensed auctioneer. The auctioneer will read various legal notices, descriptions, and documents pertaining to the property.
- The auctioneer will take bids on the property, take deposit checks, and accept the highest bid to close the foreclosure property sale.
- Parties - including the mortgagor, the purchaser, and the auctioneer - will draft a foreclosure deed, which must be recorded and filed at the Registry of Deeds.
- A grace period - typically 30 days - will be given to allow the purchaser to line up financing.
- A closing will take place, and the new owner will formally take title to the foreclosed property.
All monies paid by the new purchaser will go toward paying real estate taxes, owed mortgages, and payments to creditors or other debts owed on the property. If no one at the foreclosure sale is able to bid a high enough amount to cover the debt of the property, then the balanced owed - called a deficiency - would then be the liability of the old owner.