Thursday, April 28, 2011

Important Information Regarding Bank Owned Sales

  Michael Secord, Jr.
31525 23 Mile Road
Chesterfield, MI 48047
Keller Williams Macomb-St. Clair
Ph: 586-949-0200
Fax: 586-949-0211
IMPORTANT regarding Bank Owned sales.... On 4/22 Michigan Court of Appeals released a decision challenging the foreclosure sale of properties that where conducted in the name of MERS. A lot of foreclosure sales where done under this name instead of the lien holder/ loan servicer. Based on this ongoing litigation no title company in Michigan will provide title insurance on any properties in which MERS conducted the foreclosure sale. This is going to be a huge issue and stop a lot of deals from closing and lot of foreclosure sales from moving forward. Anyone who has pending REO sales may want to see if MERS conducted the foreclosure sale or was anywhere on title as it will most likely delay that deal indefinitely. I will provide more details as I get more info. Please call me or Barron with Sterling Title for more info.Lisa Ekanger Your Hometown Realtor!

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