Michigan Court of Appeals ruling could halt some foreclosures
A ruling by the state Court of Appeals could mean relief for thousands of people facing foreclosure in Michigan.
The ruling applies to foreclosures started under the Mortgage Electronic Registration System, or MERS. MERS is a nationwide system that was created to aide in the sale of mortgage backed securities.
In the ruling, which came down April 21, the court ruled that MERS was not entitled to initiate what is called foreclosure by advertisement. Local lawyers are telling people that if MERS carried out their foreclosures, they should go to court as soon as possible because any eviction involving MERS must be dismissed. Those same lawyers will be holding a free clinic for advice if your foreclosure or eviction has anything to do with MERS. It will be on Monday, May 2nd at 6 p.m. at 5920 Second Avenue in Detroit.
The lawyers are also saying that under this ruling, MERS has no standing at all in Michigan, and that any foreclosures that were carried out by MERS or in the processes of being carried out by MERS are null and void.
It is too soon to tell exactly how this will affect current & even past foreclosures in Michigan but I would strongly urge you to look into this is more detail if you have been foreclosed on, are being foreclosed or or considering purchasing a current foreclosure listing in the state of Michigan. Watch here for more details to follow as they become available. Attached is the court document for your review as well.
Want to know if this may affect you? Contact Jon Becker - Century 21 Northland with your address and township of your home or a home you are considering buying to find out if that property if affected by MERS.
Jon Becker - Century 21 Northland