Not so sure this is really up to the MERSCORP and MERS directors to approve this because this involves certain laws and also involving trusts etc…? Exactly how long ago did these loans close? How about the now DEFUNCT lenders?
Since they made up their own Law, they can change the Law when ever they want?
Excerpts from the bulletin..
Changes and clarifications to Rule 8 of the Rules of Membership (“Rules”) have been approved by the MERSCORP and MERS Boards of Directors and are effective as of July 22, 2011.
Effective July 22, 2011:
• No foreclosure proceeding may be initiated, and no Proof of Claim or Motion for Relief from Stay (Legal Proceedings) in a bankruptcy may be filed, in the name of Mortgage Electronic Registration Systems, Inc. (MERS)
• The Certifying Officer must execute the assignment of the Security Instrument from MERS before initiating foreclosure proceedings or filing Legal Proceedings and promptly send the assignment of the Security Instrument for recording in the applicable public land records
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