Access to MERS Servicer ID is available by phone at 1-888-679-6377 and online at http://www.mersinc.org/information-for-homeowners/my-mortgage-info.
One may also ask, can MERS discharge a mortgage?
(MERS)—discharges the mortgage and removes its lien on the property. Because your title search revealed that MERS possessed the only outstanding interest against the property, you are satisfied that the title is free from adverse claims. Accordingly, you close the deal.
Considering this, how do I find my Mers number?
The loan servicer will send a lien release to the county recorder’s office. The release should contain the MIN and the telephone number to access the MERS VRU, which is the number the general public may call to obtain information about the MERS servicer. The number for the VRU is 1-888-679-MERS (679-6377).
How do you find out if you have a mortgage in your name?
Originally Answered: How do I find out if someone has a mortgage in my name? The best way is probably to look at your credit report. If you’ve opened a credit card or any other credit account in the past, you’ll have a credit report. It’ll contain information about all of your credit accounts, including any mortgages.
Is MERS legal?
California Court Affirms the Power of MERS to Assign Promissory Notes and Invoke the Tender Rule. One result of the foreclosure crisis over the past few years is a wave of “wrongful foreclosure” cases seeking to set aside or delay foreclosure proceedings on the applicable property.
Is Mr Cooper a nationstar?
Nationstar Mortgage Holdings, Inc. … As of June 30, 2017, Nationstar employed approximately 7,000 people and is one of the largest mortgage services in the United States with a servicing portfolio of approximately $500 billion and more than 3 million customers. In August 2017, Nationstar was re branded as Mr. Cooper.
What does MERS status inactive mean?
In most cases, a MIN status of “inactive” means that the debt has been paid in full. Mortgages are deactivated when you make all the payments but also when you refinance. In a refinance, the original loan is listed as “Inactive — Paid in Full,” and you get a new active loan with a new MIN.
What happens if mortgage is not recorded?
If the borrower on a recorded mortgage defaults, the lender can foreclose and either be paid in full or receive the property. However, if a mortgage or deed of trust was not recorded, the lender cannot foreclose against the property, just against the defaulting borrower personally.
What is a MERS ID number?
Originated by MERSCORP Holdings, Inc.’s MERS system, the mortgage identification number (MIN) is a unique 18-digit number used to track a mortgage loan throughout its life, from origination to securitization to payoff or foreclosure.
What is a mom loan?
MOM Loan means a MERS Designated Mortgage Loan that was registered on the MERS® System at the time of its Origination and for which MERS appears as the record mortgagee or beneficiary on the related Mortgage.
What is a mom mortgage?
MOM Mortgage Loan: A Mortgage Loan where the related Mortgage names MERS or its designee as the original mortgagee thereof, as to which a MIN has been assigned, and which Mortgage has not been assigned to any other person.
What is an inactive foreclosure?
A: It means the bank, who is the owner, has taken it off the market. By inactive – its not available for sale – and that could be for all kinds of reasons. … If you are looking at public records, many homes will show as in foreclosure but will not be listed for sale.
Who holds the note to my mortgage?
The mortgage owner, also referred to the mortgage holder or note holder, is the entity that owns your loan. … The mortgage owner is the only party that has the right to collect the debt or foreclose on the property if a borrower does not make their mortgage payments.
Who owns MERS mortgage?
MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of more than 5,000 lenders, servicers, sub-servicers, investors and government institutions.