Hello, again! It's been a few days, but we haven't forgotten any of you. Whenever we have something of importance that can help you, we're blogging to get the news out.
Yesterday, the folks at Freddie Mac announced that they have issued new guidelines to servicing companies barring any further foreclosures if Mortgage Electronic Registration Services (the dreaded MERS) is involved. You may recall that MERS is the institution that was heavily involved in the robo-signing scandal of last fall. Fannie Mae had previously made this decision and now Freddie has joined the party. This ruling covers any MERS registered mortgages referred for foreclosure after April 1, 2011. How do you know if your loan is MERS-registered? Pay close attention to any documents relating to notices of default, notices of sale or anything else you receive relative to the potential of your home being foreclosed upon. It should include some reference to MERS or its full name (above). If in doubt, ask your lender if you are MERS-registered.
Separately, last week, after the Republican-led House finished trying to decimate any rules that might help you avoid foreclosure, one of the House members began to circulate a bill draft to possibly replace one of the recommended programs the House wants to cancel. Not enough details are yet available as it's still in committee, but once we learn the details, we'll pass them along.
Keep fighting and good luck!
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