Freddie Mac will no longer allow loan servicers that are managing Freddie loans to foreclose on a piece of property in the name of Mortgage Electronic Registration Systems, Inc. (MERS). This directive goes into effect on April 1.
The directive reads as follows, Freddie "eliminated the option for the foreclosure counsel or trustee to conduct a foreclosure in the name of MERS. Effective for Mortgages registered with MERS that are referred to foreclosure on or after April 1, 2011, Servicers must prepare an assignment of the Security Instrument from MERS to the Servicer and instruct the foreclosure counsel or trustee to foreclose in the Servicer's name and take title in Freddie Mac's name." Additionally, in states that require a servicer to record the assignment, the servicer is responsible to pay those fees. If your lender has initiated a foreclosure action on your home in the name of MERS, contact a Florida Foreclosure Defense Lawyer.
