Home > Code Enforcement, Foreclosure > MERS and tracing lenders on properties

MERS and tracing lenders on properties

December 10th, 2009 Leave a comment Go to comments

For anyone who is not aware of it, MERS was created by the mortgage banking industry to streamline the mortgage process by using electronic commerce to eliminate paper. Its mission is to register every mortgage loan in the United States on the MERS® System.  If you are a member of government, you can access the information for free by applying for a username and password at http://www.mersinc.org/ppc/index.aspx This will enable an inspector to find out which lender has a mortgage, the history of it which may help in finding out the status of a foreclosure and who is responsible for the property. Once again, I’m grateful to Kelly Anbach for sharing this information with me. Many of these loans have been transferred when lenders fail.  I have prosecuted cases where the lender has possession but doesn’t want to spend anymore money on a property that’s an albatross around its neck.  These new lenders obtain the loans in bulk and often have no idea what junk they are receiving.  In the meantime, the municipalities are trying to deal with these blighted properties and trying to get the lenders to take responsibility whether they want to or not.  Sometimes we have to threaten demolition if there’s no agreement.  The quicker we can get to a responsible party, the more likely it is we can salvage a property before it deteriorates and requires demolition.

Categories: Code Enforcement, Foreclosure Tags:
  1. No comments yet.
  1. No trackbacks yet.

To fight spam, please answer this math problem before submitting: * Time limit is exhausted. Please reload CAPTCHA.

Contact Linda: lpiec@sbcglobal.net | 2021 Midwest Road, Suite 200, Oak Brook, IL 60523 | Phone: (630) 655-8783
Disclaimer

This blog site is published by and reflects the personal views of Linda Pieczynski, in her individual capacity. It does not necessarily represent the views of her law firm or her clients, and is not sponsored or endorsed by them. The purpose of this blog site is to assist in dissemination of information about legal issues relating to building code enforcement, but no representation is made about the accuracy of the information. The information contained in this blog site is provided only as general information for education purposes, and blog topics may or may not be updated subsequent to their initial posting.

By using this blog site you understand that this information is not provided in the course of an attorney-client relationship and is not intended to constitute legal advice. This blog site should not be used as a substitute for competent legal advice from a licensed attorney in your state. This blog site is not intended to be advertising for legal services and Linda Pieczynski does not wish to represent anyone desiring representation based upon viewing this blog site in a state where this blog site fails to comply with all laws and ethical rules of that state.