Washington's highest court rules MERS cannot foreclose on homeowners
The Washington Supreme Court ruled unanimously today that the mortgage industry’s controversial document-recording system lacked authority to start out-of-court foreclosures and might have violated state consumer protection laws.
The state’s highest court ruledthat lenders could not foreclose on homeowners in the name of the Mortgage Electronic Registration Systems Inc. It found that MERS did not meet Washington's definition of a beneficiary and could not foreclose on behalf of a lender that holds the mortgage note. READ MORE