Michigan law states that whoever forecloses on a property must own the debt, and MERS did not.
MLive-
A family was expecting to close on a house on a Friday. On Thursday night, the sale had to be scuttled.
Fifteen to 20 pending home sales fell apart that one Jackson title company was preparing to handle. Banks started pulling homes for sale off the market.
First, Jackson County’s real estate market suffered from the foreclosure crisis. Lately, it has been going through another convulsion due to a little-known company that has its name all over mortgage documents in Jackson and around the state.
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