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Real Estate & Property Law

: The Home Equity Theft Reporter

Maine High Court Boots MERS For Lack Of Standing To Initiate F'closure Action, Okays Post-Filing Substitution Of Bank As Real Party In Interest

By r morris

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The Maine Supreme Court recently weighed in on whether everyone's favorite mortgage electronic registration system, MERS, had any business initiating foreclosure actions. In a nutshell, the court ruled as follows:MERS is not a "mortgagee" within the meaning of the state's foreclosure statute, 14 M.R.S. §§ 6321-6325, and therefore had no standing to institute foreclosure proceedings;it was okay

Full post as published by The Home Equity Theft Reporter on August 17, 2010 (boomark / email).

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