About The Washington state Supreme Court ruled Thursday that MERS cannot foreclose on delinquent homeowners.
In a unanimous opinion, the Washington Supreme Court said that Mortgage Electronic Registration Systems (MERS) can’t begin a foreclosure itself because it doesn’t hold the note the homeowner signed with the lender. The ruling means banks or other noteholders will have to initiate foreclosures instead of relying on MERS.
Banks will still be able to foreclose, but they must take the action themselves. Foreclosures will still happen and will likely take a bit longer and be a bit more expensive.
Will this be another nail in MERS’ coffin?
Read more here.