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Michigan Foreclosure Facts |
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Mortgage Foreclosures Are a BIG Problem!We all know that times are tough in Michigan. Many good, hardworking people have lost their jobs. At the same time, mortgages have gotten more expensive. As a result thousands of Michigan residents have lost their homes due to mortgage foreclosures. Thousands more are going through foreclosure right now. Still more owe more money on their homes than their homes are worth and foreclosure is looming in their future. The Law is Changing in Your FavorFor many people in Michigan these circumstances are changing. In April, 2011, the Michigan Court of Appeals ruled that a large number of past mortgage foreclosures are void and that procedures still being used to foreclose mortgages and throw people out of their homes are illegal. These new developments may directly benefit you if your existing or foreclosed mortgage is with a company named Mortgage Electronic Registration Systems, Inc. (MERS). MERS is involved with a great number of mortgages in Michigan. This website will help you learn more about MERS — what it is, how it may be involved with your mortgage, what your rights are and how you can enforce those rights. We will keep you up to date on all the latest developments. We may even be able to help you save your home. The Dailey Law Firm is Working to Protect Your RightsThe experienced attorneys at the Dailey Law Firm, PC of Royal Oak, Michigan, put together this website to help you get more information about these new and quickly changing developments and the rights you may have to recover your mortgaged property and stop or prevent new foreclosures from starting and threatening your home. The Dailey Law Firm has already filed a class action lawsuit in federal court to protect the rights of people who have been the victim of illegal mortgage foreclosure practices of MERS. What You Can Do NOW!If you already know that you have a MERS mortgage, there are some things you should do right now. If a MERS forclosure on your property is currently in process, call the Dailey Law Firm at 866-888-7888. If your MERS mortgage has been foreclosed and you are facing eviction call the Dailey Law Firm at 866-888-7888. If you have already suffered a MERS mortgage and been evicted,we may still be able to help you. Call the Dailey Law Firm at 866-888-7888 and discuss participating in the class action lawsuit. |
Fannie Mae tells Congress its top priority is to prevent home foreclosures but confidential documents obtained by the Detroit Free Press reveal it is pressuring banks to speed up foreclosures. According to a Detroit News article, this sharp decline is a result of the MERS decision, not a sign of economic progress as Michigan is still the #4 state for foreclosure filings. HUD says major title insurers in Michigan won’t issue title insurance on MERS foreclosed so it will re-foreclose in accordance with the Michigan Court of Appeals ruling that MERS non-judicial foreclosures are void. Four companies must submit documents regarding mortgage and bankruptcy document processing as he investigates robo signing and other practices. According to the Washington Post, courts have ruled both ways and law is still evolving. Plus a company plans to start an alternative registry service this summer that it says will correct the problems faced by MERS. Judge confirms and expands Michigan Court of Appeals decision that voided MERS foreclosures. Ingham County panel recommends funding for a legal aid attorney to help residents with foreclosure problems and Register of Deeds investigates robo signed foreclosure documents and MERS foreclosures Grand Rapids area man who has been desperately fighting a MERS foreclosure gets a reprieve and local lenders are delaying re-sales Banks foresee title problems with homes illegally foreclosed on by MERS so they are putting off closing on resales “to a meaningful extent.” Federal judge tells MERS that it pays to check a map after it filed a $400,000 mortgage in the wrong Northern Michigan county. |
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