Michigan Supreme Court Overturns Appeals Court in MERS Foreclosure Case
Link to Michigan Assoc. of Realtors Announcement
The Michigan Supreme Court has reversed an appeals court ruling that had sent shockwaves throughout the Michigan real estate industry for the last few months. The Michigan Supreme Court said Wednesday that it is legal for Mortgage Electronic Registration Systems to foreclose by advertisement when a loan is defaulted. In a 4-3 decision, the Supreme Court said MERS has a sufficient interest in the debt and, thus, acted properly under Michigan law.
MAR and its membership have been very interested in the outcome of this case ever since the appeals court ruling this past spring. Recognizing the importance of the case to the health of the Michigan’s housing market, MAR’s Legal Action Committee authorized an amicus brief urging the Supreme Court to take up the case for review this summer. Please see the attached Supreme Court Opinion for more details. MAR will be providing more information on this important decision as it becomes available.
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