The Mystery Company that Forecloses on Homes
A homeowner takes out a mortgage with Wells Fargo. Two years later, she gets behind in payments due to unforeseen circumstances. That’s when a foreclosure suit lands on her doorstep, but instead of Wells Fargo, someone named “MERS” is trying to take her home. Just who in the heck is this “MERS,” and who asked it to get involved?
More and more homeowners are asking this question and, in the process, successfully challenging these foreclosure suits.
What is MERS?
MERS stands for “Mortgage Electronic Registration Systems.” Created a decade ago, it is owned by several of the largest mortgage companies in America, including Fannie Mae, Freddie Mac, Wells Fargo, Citimortgage, Chase, HSBC and Countrywide.
Full Story: Who is MERS and Why Are They Suing Me??
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