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Tag Archives: Randall S. Miller & Associates

Michigan Supreme Court Reverses Ruling on MERS’ Right to Foreclose

The Michigan Supreme Court ruled Wednesday that MERS, as record-holder of the mortgage, does have the right to initiate foreclosures in the state. The decision reverses an April ruling from the Michigan Court of Appeals, which called into question thousands of cases in which MERS was named as the foreclosing party. The appellate court's judgment sent shockwaves through the distressed housing market in Michigan. Now, with the higher court's ruling, sales of homes that had been foreclosed in the name of MERS can proceed.

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MERS Ruling in Michigan Leaves Title Companies Hesitant on REO Sales

The Michigan Court of Appeals has ruled that MERS does not meet the requirements under state statute to foreclose by advertisement because the company does not own any interest in the debt. The judgment does not apply to judicial foreclosures conducted by MERS, but observers warn the decision could void thousands of foreclosures in the state, including properties that have already been sold to new buyers. Local reports say title companies are canceling closings on some bank-owned homes in light of the ruling.

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