Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut breaks the chain of title, voiding foreclosure.
The logical result could be 62 million homes might be foreclosure-proof.
I’m making a short video to show you exactly how we use this in our business.
Dan, my lead maintenance guy, discovered this and turned it on. I did not have a clue about it or how it worked. Yes, i had heard of it, but did not understand it. Odds are, you are probably the same..
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