by Brian Mahany
There isn’t much good news these days if you are facing foreclosure. The myriad of home foreclosure workout programs have seen little success. Clients typically tell of horror stories of lender confusion, lost paperwork and conflicting information. Meanwhile, the clock keeps ticking and the homeowner slides deeper into debt. There is some good news on the horizon, however.
MERS – Mortgage Electronic Registration Systems – has apparently told member banks not to start foreclosure proceedings in the name of the company.
By now most people have heard of MERS. They are the company at the heart of the robo-signing scandal and the company that is facing many lawsuits for their inability to properly find and produce the original mortgage documentation needed for a proper foreclosure. All told, MERS has processed and recorded 32 million mortgages in the U.S. and in almost every county.
At first, MERS personnel signed court affidavits attesting to the ownership of the mortgage and authenticity of the mortgage documents. Almost every court accepted those documents at face value. Then the truth came to light.
Now, after many lawsuits and an increasingly skeptical court system, MERS is telling banks not to foreclose. So what happens next?
No one is quite sure. Litigation is likely to go on for years and all 50 states attorneys general are investigating. For many homeowners facing foreclosure, a good lawyer may be able to keep you in your home for a long, long time.
If you are facing a foreclosure anywhere in southeastern Wisconsin, call the fraud lawyers at Mahany & Ertl. For a flat fee we will defend your foreclosure action, help keep you in your home and help you avoid bankruptcy. We have represented victims of banking and other types of fraud throughout Wisconsin.