South Carolina Neighboring counties join Beaufort County in suing mortgage-services company MERS

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South Carolina Neighboring counties join Beaufort County in suing mortgage-services company MERS

South Carolina Neighboring counties join Beaufort County in suing mortgage-services company MERS

Myrtle Beach-

The other counties in the South Carolina’s 14th Judicial Circuit are following Beaufort County’s lead by filing lawsuits against a nationwide mortgage database, according to an attorney for those counties.

Beaufort, Allendale, Colleton, Hampton and Jasper counties say Mortgage Electronic Registration Systems, owned by nearly two dozen large banks and mortgage services, operates an electronic record-keeping system that parallels the counties’ deed records.

The counties contend the system hides who owns loans, often by listing only MERS as the owner, not a specific member bank or service. That constitutes fraud and undermines the county’s property-ownership records, which state law requires to list the exact owner of a property’s title, county attorney Josh Gruber said.

Read more here: http://www.myrtlebeachonline.com/2014/07/04/4335257/neighboring-counties-join-beaufort.html?sp=/99/101/#storylink=cpy

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