A local North Carolina Register of Deeds has announced that he will be consulting with the NC Attorney General's Office and the NC Secretary of State in order to recoup and estimated $1.3 million in lost revenue due to unrecorded mortgage assignments carried out through the MERS System. Guilford County Register of Deeds Jeff Thigpen points to the fact that since 2005, 47,552 deeds of trust have been recorded in Guilford County alone and the average loan on the MERS system is transferred between 2 and 4 times. Using the relatively conservative estimate that loans in Guilford County would be transferred twice, the lost revenue of $1,331,484 for the county.
Thigpen reasons that as the elected register of deeds he has "two primary responsibilities in land records: a sworn duty to protect the chain of title and a fiduciary responsibility to collect recording fees...MERS has undermined both." Thigpen also states that the lost revenue prevents local elected officials from reducing budget deficits and "maintain core services such as public education and public safety in this time of financial crisis." Currently, MERS is facing suit in California alleging that MERS members circumvented the land recording system and avoiding paying the state $60-120 billion in land recording fees.
Within the last few weeks MERS has instructed its members to stop foreclosing on homes in its name, certainly due to court rulings in several states that MERS lacks standing to foreclose on homes and suits questioning the validity of mortgage assignments made through the MERS system. Current estimates show that MERS may be involved in 60% of all US mortgage loans. If you are facing a Florida Foreclosure Lawsuit where MERS is involved, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to see what foreclosure defenses may be available to you.
To read the full Release from Guilford County Register of Deeds Jeff Thigpen click here.
