Is anyone investing in MERS short sales? It seems this is a great idea. I understand you do a cash-for-keys for say 40k to do a quit claim deed with an underwater owner. Of course beforehand you research tax records to discover that it was a MERS deed. The owner may not realize that because of that, any foreclosure efforts will be legally contestable. But the investor who comes in know this and negotiates the balance or maybe even ignores it. Can this be possible? Is it more common in New York?
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Make sure its legal. In New Jersey their are laws that were passed to ensure the homeowner are protected. Call me Edgardo 201-953-3200. I am not a lawyer.
It's Mortgage Electronic Registration System, a company which meant to facilitate trading of notes but now is making foreclosure complicated. If you search online for MERS foreclosures, you'll find some recent articles about it.