Two Courts Rule Differently on MERS

No matter which side you are on, MERS remains a controversial issue.  Many expect the problem to ultimately be decided in the courts.

A New York appellate court ruled last week that a Reston-based company that electronically tracks and transfers millions of mortgages did not have the right to foreclosure on a property or assign a mortgage it doesn’t actually own. The decision came only days after an appeals court in California took a different view, ruling that the firm indeed has the power to act on behalf of lenders.

The two cases, like dozens of others already decided or playing out in courtrooms across the country, highlight a protracted legal wrestling match that could determine the validity of foreclosures already in the pipeline and shape the mortgage market for years to come.

For more on MERS.

About rereno

Real estate investor
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