Posted by Linda_in_MI on 5/13/11 5:08am
Msg #383066

MI Appeals Court rules against MERS, they acted improperly

http://www.lansingstatejournal.com/article/20110513/NEWS01/105130326/Michigan-appeals-court-ruling-could-erase-thousands-foreclosures?odyssey=tab|topnews|text|FRONTPAGE

"The Michigan Court of Appeals ruled last month that a company called Mortgage Electronic Registration Systems Inc. did not have the right to initiate foreclosure by advertisement on two homes because it didn't actually own any interest in the debt.

That might sound unexceptional, but for the fact that MERS, whose business is keeping electronic mortgage records, has initiated thousands of similar foreclosures in Michigan, 469 of them in Ingham County in just the last two years. The court's decision could invalidate those proceedings and potentially impact foreclosed homes that since have been sold to new buyers. . . .

A lawsuit, meant to become a class-action lawsuit, filed against MERS in federal court in Detroit this week is seeking damages in excess of $100 million."

Reply by RJE/MI on 5/13/11 6:05am
Msg #383067

Thanks for the link to this article Linda

I've been very interested watching this play out in MI since a Title Company employee sent me an article a few weeks ago when it was first announced that all foreclosures in MI have been halted and they as a title company would not be closing ANY foreclosures until further notice.

I've read about this being a problem in other states but now that MI is involved I would like to know more details on how a friend that has been foreclosed on but is still in the house and is doing everything they can to work with the foreclosure attorneys and property management company to stay in the home.

If anyone has any other helpful information on where they can start researching whether or not their foreclose may fall into this Mers fiasco I would greatly appreciate it.

Simply calling and hiring an attorney is a possibility but for obvious monetary reasons they are hesitant to go that route as a first source of research.

Reply by Julie/MI on 5/13/11 8:00am
Msg #383073

WJR 760 Detroit

The Frank Beckman show had on a lawyer that hosts a Sunday morning attorney radio program on Sunday mornings at 11 am on the same station.

He is the attorney representing this class action suit so if you went to wjr's website you could probably find the attorney's name along with the podcast of the program. The attorney was practically salivating and mentioned the lawsuit would be filed this week.

Reply by Julie/MI on 5/13/11 8:32am
Msg #383076

Here's the link, can click to here him discuss MERS

http://www.daileylawyers.com/