Federal court in Georgia says MERS has power under security deed

The Mortgage Electronic Registration Systems, or MERS, registry possesses the power to foreclose as long as it’s listed on the security deed as nominee for the original lender and any of the lender’s successors, a U.S. District Court Judge out of Atlanta ruled this week.

The case – Crutcher v. CitiMortgage – involves a common situation that occurs when the original lender sells a loan off to other banking institutions, naming the MERS registry as nominee for the lender and its successors.

Read on.

On a side note: In Georgia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

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