The Michigan Court of Appeals recently ruled Mortgage Electronic Registration Systems cannot initiate a foreclosure in the state by simply advertising the property is available via a sheriff's sale.
Instead, MERS, as the mortgagee, must pursue a foreclosure on a property in Michigan secured by a seriously delinquent loan through the courts. The state normally uses a nonjudicial foreclosure process.
The appellate court ruled MERS neither owned the debt nor held any interest in it and therefore could not be the foreclosing party in two cases, in which Michigan circuit courts affirmed district court decisions to allow the eviction process to proceed. The Appeals Court ruling reverses the lower court decisions and vacates the foreclosures.
Read on.
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