MERS is short for Mortgage Electronic Registration Systems, INC, which was developed as a means to provide for the faster and lower cost of buying and selling mortgage debt. the main issue outlined in the link below is the Seller's ability to provide a title insurance policy when the property has had a MERS foreclosure in it's title chain. If bank owned properties are pulled off the market, our listing shortage will be even more significant, so for non-bank sellers, this may suddenly be an even better time to get their homes on the market!
Click here to read about the lawsuit and how this may affect you