If my loan docs are on MERS

[secondtimer]

Does that mean MERS would be the foreclosing entity, the one to bring suit on behalf of the investors?

https://www.mers-servicerid.org/sis/

[justbroke]

Does that mean MERS would be the foreclosing entity, the one to bring suit on behalf of the investors?

No. MERS has been the key to this whole collaterialize securities mess that has been perpetrated by the wall-street credit swap and securities market. MERS was used to "hold" all the mortgages and maintain a system that would avoid the need to "assign" mortgages at the local (municipal) level.

At first, foreclosures were done at record pace without any scrutiny until some people, especially in Florida, started challenging MERS' standing to bring forth a foreclosure lawsuit. This lead to MERS being thrown out of court in Ohio and also in many counties in Florida.

So, the new MERS practice is for MERS to record an assignment and make sure that all the paperwork is in the foreclosing lender's name, before the foreclosure begins. Even that isn't being followed 100% and there's some wiggle room, but most lenders (holders of the Note and Mortgage) are getting better at packaging foreclosure lawsuits properly... at least in Florida.

By the way, MERS doesn't even do any assignments on paper. It's done after the fact by people who may not even had been party to the sale of the Note, and it's usually backdated. I just read a 112 page deposition transcription where one of a lender's people who do this back-dated assignments, said that in some States, she didn't even sign them or know about them. This is because the system generates them using an "electronic" copy of their signature.

If you think you have these issues, find a foreclosure defense attorney. DO NOT find a foreclosure defense "company" that says they'll get you a modification. Most of these have been shut down or are under investigation by Florida's Attorney General.

(edited to add: MERS was created by the big banks specifically to save CO$T with this whole "assignment" thing. I mean, who wants to pay $10.50 for each assignment when it takes at least 3 assignments to go from original lender to the Trust holding the asset backed securities. )

[secondtimer]

Thanks JB

I think I read somewhere on their website just now that MERS will now assign the note to a financial institution before any legal proceedings will begin. They used to have one of their officers act as an agent at the proceeding.

I'm guessing it's still up to the local judge to proceed or not if the original note has been destroyed.

It's starting to appear that my servicer can't find my loan docs and I'm wondering how to proceed.

I think I'll start looking for an attorney if I can't get an internal mod done.

I'm done waiting for the mortgage fairy.