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MERS Changes Their Foreclosure Policy


MERS, which stands for the Mortgage Electronic System has decided that they are no longer going to file any foreclosure in the MERS name. MERS has decided that it is changing their rules to avoid exposure with foreclosures. This was announced on July 21st, 2011.  They are also making mandatory that mortgage servicers acquire "mortgage assignments and record them with the county clerks before beginning" the foreclosure process. At this time it is uncertain how these new rules will affect MERS with all the legal problems they are facing. However, they are hoping that these changes will improve their system going forward.