Local Realtors say title companies are canceling closings on some bank-owned homes after a recent Michigan Court of Appeals decision made it more risky to insure them.
Late last month, the court ruled the Mortgage Electronic Registration System lacks authority to foreclose by advertisement in Michigan. The system is an electronic record-keeper of mortgages.
Foreclosures on two homeowners in Grandville and Jackson are on hold because of the ruling. The ruling could also impact thousands of foreclosures that have already been sold to other buyers, industry experts say.
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