WISLTV-
Union County State’s Attorney Tyler Edmonds says big banks are not following Illinois law, leaving counties losing revenue and homeowners unaware of which company holds their mortgage. Many homeowners may not realize that the mortgage check they write every month may not be going to the bank they thought it was.
“These mortgages can bounce back in between banks many, many times. And the homeowner, really the only notice they have is they get a letter in the mail that says ‘you send your payment here now, instead of here,'” explains Edmonds.
Seventeen national banks, like Wells Fargo and Bank of America, make up a group called the Mortgage Electronic Registration System, Inc. or MERS. It’s been around since the mid-90’s. Edmonds says MERS allows banks to buy and sell your home mortgages amongst each other behind closed doors and only record that MERS acquired the mortgage.
[WISLTV]
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