The Michigan Court of Appeals has issued a decision that will affect thousands of Michigan properties. In the consolidated case of Residential Funding Co, LLC v Suaman, April 21, 2011 (NO. 290248 and 291443), the Court of Appeals examined the question of whether foreclosures instituted by Mortgage Electronic Registration System (“MERS”) could properly be foreclosed under Michigan’s foreclosure by advertisement statute. MERS was developed as system allowing mortgage lenders to more quickly buy and sell mortgage debt in the marketplace. Many of the larger banks utilize MERS as their agent for mortgages. MERS has instituted a large percentage of the foreclosures by advertisement currently underway in Michigan.
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