What is the story on MERS?

[ManicMangaManiac]

Hi everyone,

I've been doing a fair bit of research online to find ways to fight back against my lender and came across a company called Mortgage Electronic Registration System, or MERS. It's my basic understanding that it serves as a central electronic database to track mortgages as they are bought and sold. It's a subsidiary of MERSCORP which is owned by mortgage companies with over 3,000 member companies. Half of the outstanding mortgages in this country are registered with them while the other 50% are not; those do not have a tracking mechanism.

My original lender is Option One, which is now part of AHMSI and Wells Fargo is the trustee. I looked all three up at MERS' site and they were all listed as not being either an eRegistry or eDelivery participant. What does this mean? Does it mean that it cannot be determined if my loan was bundled up and sold to investors, etc., etc. so that there's no way to track it at all or to find out just who the investor(s) are? What about the original notes? Does MERS store those for the member companies or what?

If you, Moe, or *** knows anything about this company, please give us the low-down. It's also my understanding that MERS is behind a lot of foreclosures in this country, even though the lender/servicer is somebody else. I also found a slew, and I mean a slew of lawsuits against them when I Googled it.

Sally

[Dan Bailey]

Sally,
Some companies use actual paper...some use electronic tracking. They Hire MERS to do the electronic tracking of the original documents.
Your serviser is not a "user" of the MERS system. They most likely have the original paperwork, instead of electronic filing.