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Loan Modification

: Mortgage Lender Implode-o-Meter

MERS Wants Members to Stop Foreclosing in its Name

By Implode-Explode Heavy Industries

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``"We encourage members to bring foreclosures only in the name of the holder of the note, in the name of the trustee or the servicer of record acting on behalf of the trustee," the Reston, Va.-based company said in a statement issued earlier in the week. Mortgage banking firms have been foreclosing on homes in the name of MERS as the nominee even though the electronic registry does not actually own the loan.''

Full post as published by Mortgage Lender Implode-o-Meter on February 19, 2011 (boomark / email).

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