EL PASO – A local attorney is taking issue with a company that tracks mortgage ownership for millions of homes across the country. Richard Roman said Mortgage Electronic Registration Systems (MERS) is shady, and cheating El Paso County out of money.
Roman has acted as the defense lawyer in dozens of foreclosure cases, where MERS has been involved.
“There’s a lot of people out there that don’t understand, and are being victimized by the uncertainty that surrounds MERS,” stated Roman.
MERS’ own website says the company acts as the mortgagee and lender on deeds in county land records. Roman said, that especially becomes a problem when foreclosure comes into play, and a homeowner can’t determine who holds their mortgage.
“The question becomes, who has the right to foreclosure, and if we can’t even determine who the proper party is…then that corrupts the whole system,” said Roman.
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