MERS owns a property in my neighborhood. The latest occupant claims they own the house, but the county record doesn't show a transaction for their purchase of the house. MERS is the current owner of record. I am thinking that the MERS system may be recording the transactions that occur with this house, thus "hiding" the transaction from public record.
2006-06-19 01:25:39 · 1 answers · asked by just_da_fax 1 in Business & Finance ➔ Renting & Real Estate
MERS is a huge mortgage holding/managing entity created by the mortgage industry. The basic premise was to be able to have mortgages change ownership without any interruption or notice to the mortgagors (homeowners). It has morphed into an entity used to hide or avoid unethical and even illegal actions, and is rapidly becoming the primary foreclosing entity in the US.
2006-06-19 01:31:51 · answer #1 · answered by thylawyer 7 · 1⤊ 1⤋