Proposed Foreclosure Legislation Could Make MERS History in Virginia

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Proposed Foreclosure Legislation Could Make MERS History in Virginia

Proposed Foreclosure Legislation Could Make MERS History in Virginia

By Michael Kraus on January 18, 2011

Right now Virginia has one of the fastest foreclosure processes in the country.  As detailed in this Washington Post article by David Hilzenrath, there are several bills currently debated in the Virginia legislature that would slow the process and cause big changes in the way foreclosures are handled in that state.

The first proposed change would require judicial approval before a lender can seize a home.  This would serve to ensure the veracity of the documentation that is required in the foreclosure process. Flawed documentation has proven to be an issue in foreclosures across the country time and time again.

The next piece of legislation would force banks to give borrowers longer advance notice before they are able to auction a home.  Under the changes, homeowners would have 30-45 days warning that their home was to be sold rather than the two weeks that is currently required.

The last proposed bill is particularly interesting, because it would cause seismic shifts in mortgage lending in Virginia.  The law would require lenders to keep records on real estate transactions in local records offices (which is the way real estate transfers were done for hundreds of years).  This would make it harder, although not impossible, to securitize Virginia mortgages.  It would, however, effectively doom the Mortgage Electronic Registration Systems (MERS) in the State of Virginia.

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3 Responses to “Proposed Foreclosure Legislation Could Make MERS History in Virginia”

  1. Mac says:

    The bill died in subcomittee…. everyone I assume was paid off!

  2. The Man says:

    All these government agencies, branches or beauracracies are folding to the lobbying power of the banks. Not one in Virginia or elsewhere has hammered anyone for the mass FRAUD commited against the people.

    “Nothing is more destructive of respect for the government and the law of the land than passing laws which cannot be enforced.” A. Einstein

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