MERS: The Elephant in the Foreclosure Room
If you are a homeowner , chances are that the current owner of your mortgage is an entity known as MERS (Mortgage Electronic Recording System). This is true even though you are making your payments to one of the major banks or a dedicated mortgage servicing company. Nobody borrows from MERS in the first instance but somewhere in the chain of title the likelihood is that MERS became (and continues to be) the owner despite a series of transfers to banks, trusts, and investment vehicles. In legal parlance, MERS will be identified in your mortgage documents as the "mortgagee of record," and will also be identified as the "nominee," or agent for the purpose of making future transfers to other entities. http://www.bankruptcyforeclosureblog.com/2011/03/mers-the-elephant-in-the-forec.html
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