MERS Foreclosures Invalidated
A recent Michigan Court of Appeals ruling handed down late last week has invalidated thousands of Michigan foreclosures. The Michigan Court of Appeals ruled that “Mortgage Electronic Registration Systems, Inc. (MERS) , a third party in the mortgage process, lacked the authority to foreclose on Michigan properties.” MERS has filed thousands of Michigan foreclosures.
Attorney and radio talk show host Brian Dailey of the Dailey Law Firm, PC of Royal Oak said, “This decision brings into question virtually each and every foreclosure that was completed by MERS or under similar circumstances.” Dailey went on to say, “This decision could result in the restoration of previously foreclosed properties to their original owners and in some cases damages to homeowners for abuse of process, malicious prosecution, violation of legal rights, conversion, fraud, theft, and wrongful foreclosure.”
MERS was set up in 1993 by several large participants in the real estate mortgage industry to keep track of loans bought and sold by financial institutions. By using MERS, banks could buy and sell loans without having to record a mortgage transfer for each transaction with the local register of deeds.
Dailey recommends homeowners in Michigan who are currently in the process of foreclosure or who have been recently foreclosed should contact a lawyer immediately. Consumers looking for information can visit michiganforeclosurefacts.com or thelawshow.com for more information.
Dailey said, “This case is likely to assist thousands of recently foreclosed home owners in Michigan. Everyone who has been subject to foreclosure in the last 48 months should seek counsel for an analysis of their own situation.”
Brian Dailey is the founder of The Dailey Law Firm in Royal Oak, Michigan. Dailey is the host of The Law Show broadcast each Sunday at 11am on NewsTalk 760 WJR. Dailey has been hosting a weekly legal radio program in metro Detroit for 12 years.
Additional media information available at http://michiganforeclosurefacts.com/media