They don’t have the right to foreclose, by their own admission. They claim to be only a “nominee” for the mortgage, and not the party to whom the debt is owed.
That’s the first requirement to being able to foreclose: Does the borrower owe YOU money?
In the case of MERS, no, the borrower does not owe them money. MERS isn’t the collecting agent of the payments, either, so there was no transfer of responsibility to perfect or collect collateral to MERS from the lender either.
MERS has said this, on the record, in multiple cases in multiple states now. Why they’d persist in trying to bring a foreclosure action in some states after admitting in other states that they have no power to do so baffles me.
Thank you for the clarification.
So, in your opinion, does this recent court loss for MERS mean?
I try to keep up with all of this, but I am not a lawyer, or even in real estate. Thanks.
The greater issue is MERS' lack of standing to assign anything - it holds nothing, is an empty box. That's where the courts are heading - MERS' creation was/is/and always will be a huge FUBAR for the mortgage industry.