According to an article posted on the Seattle Times website on August 16, 2012, the nation’s largest electronic mortgage tracking system, MERS, can’t foreclose on a homeowner in Washington state. The Court unanimously said MERS (Mortgage Electronic Registration Systems) can’t foreclose on it’s own because it doesn’t own the promissory note the homeowner signed with the original lender. Attorney General, Rob McKenna’s office filed a brief in support of the homeowners. Click here to read the Seattle Times article.
Lender’s often package up numerous loans and sell them to investors. A note signed by the homeowner can be bought and sold many times over the course of the loan. Click here to read the Supreme Court’s opinion.
By Robert Hawkinson