A lawsuit has been filed and is seeking class action status against the owner of Mortgage Electronic Registration Systems Inc. for allegedly failing to list the entire chain of owners of loans in foreclosure. The lawsuit was filed in Hennepin County District Court on behalf of homeowners claiming Mortgage Electronic Registration Systems (MERS) violated Minnesota law by failing to list loans in foreclosure in county record and newspapers.
MERS shareholders include Countrywide Financial Corp., Wells Fargo Bank, Fannie Mae and Freddie Mac, and tracks some 50 million loans nationwide. MERS is listed as the mortgagee of record in about 40 percent of foreclosures within Minnesota, or 9,500 loans in the last three years.
The lawsuit seeks to stop MERS foreclosures currently underway and prevent new ones from starting. It seeks unspecified damages for homeowners who already have lost their homes in MERS foreclosures. If granted, there could be more than 10,000 class members.
If you feel you should be included in this possible class action, please contact Amber Hawkins of the [Legal Aid Society of Minneapolis]