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MERS stands for the Mortgage Electronic Registration System. This system is designed to facilitate the transfer and recording of mortgages with ease because it is used throughout the nation. On July 13, 2012, Thomson Reuters wrote that MERS settled a case with the State of Delaware.
According to the Delaware Attorney General, the case was brought against MERS because of deceptive that let information be kept hidden leading to improper foreclosures. The case was brought to court under the Deceptive Trade Practices Act, but the judge was uncertain that this was the proper avenue to court.
MERS and the Delaware attorney general settled before a judgment was issued. MERS agreed to provide records to Delaware and agreed to have banks fix errors in their reports. The registry denied any wrongdoing.
If you are having difficulty paying your mortgage or are considering bankruptcy, call the law office of Jayson Lutzky, P.C. at (800) 660-5299. You can set up a free intial consultation with Mr. Lutzky who has over 29 years of experience practicing law in New York State. For more information, visit www.BankruptcyNYC.com.