I found these sentences on my mortgage document:
"MERS is a separate corporation.....MERS is the mortgagee..."
"MERS is nominee solely for the lender (and the lender's successors and assigns), and the successors and assigns of MERS"
"For this reason, borrower grants to MERS (and it's successors and assigns) all of borrower's title interest in the property"
"MERS is the beneficiary".
Are they "written statements" and if so, who is considered as making them? are they considered "statements made by MERS" or "statements made by the lender" (I was told that although MERS is named as mortgagee, MERS is not a party to the transaction).
The mortgage is printed on a standard Fannie Mae Single Family form.
On my mortgage is named the lender, MERS, and I. But, the lender did not sign. I am the only signatory, and the lender says MERS is not a party to the transaction. If the lender made the statement that all my interest in the property is being transferred to a separate corporation, that could mean that the lender negated my right to rescind at the closing table - if MERS made the statement, then MERS negated my right to rescind. I it is to be construed that I, myself, made that statement, then the lender fraudulently induced me to waive my right to rescind. So, who made the statement on my mortgage?
Real Estate Attorney
Not sure what your point, or question, is. Since they are sentences in your mortgage, then are by any practical definition "written statements" but there's a reason for the term "written statements" and so it may not be the case......Point is also without seeing the documents it's really impossible, and inappropriate, to give you a firm answer. And MERS may simply be a company that holds mortgages to administer them for the actual lenders, who can change if the loan is assigned...... MERS may also be the loan servicing company.... But where are you going with this?
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is currently licensed to practice law only in the State of Illinois. Responses are based solely on Illinois law unless stated otherwise.
If you are looking at this by way of defending a foreclosure, you should know that the Judges in Cook County - and the Appellate Court of Illinois, will accept MERS as a servicer and acknowledge that whatever entity gets an assignment of the Mortgage and Note has standing to bring the foreclosure. Although in states like Ohio and Kansas and New York are much more protective of mortgagors (borrowers) with the assignments of Mortgages, Illinois is not that enlightened.
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I'd just like to add that if you want to do a little light reading on MERS as a party in interest, the information is right on their web site at http://www.mersinc.org/Foreclosures/index.aspx. There's a link on the page to the MERS legal primer, which provides case law on that issue. If you are in foreclosure, I recommend consulting an attorney.