It appears as though the people in charge of running MERS have grown weary of the constant homeowners challenges to MERS standing to pursue foreclosure. In a just released announcement from MERS, the company plans to announce an amended to "Membership Rule 8" which will MERS members from foreclosing in the name of MERS and if member must foreclose in the name of MERS prior to that amendment, the member must be given express permission from MERS before it can foreclose in MERS name.
The announcement also states that all mortgages must be assigned out of MERS name before a new foreclosure action may be brought and it lays out procedures for updating or adding new "MERS Certifying Officers" who are authorized to execute documents on MERS behalf. The most troubling aspect of the MERS announcement is paragraph 4 where MERS instructs member to "ensure the accuracy of the information in the complaint and foreclosure affidavit that addresses, where applicable, the authorization under which a MERS Certifying Officer validly assigned the mortgage to the foreclosure note-holder." What were MERS members doing before these instructions?
This announcement underscores the problems with the MERS system that foreclosure defenses lawyers, including a Jacksonville Foreclosure Lawyer and a Florida Foreclosure Lawyer , have been talking about for months. If you are facing a Florida Foreclosure Lawsuit were MERS is the mortgagee, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to see what defenses may be available to you.
To read the full text of the MERS announcement click here.
