Michigan Ruling Restricting MERS Ability to Foreclose Given Retroactive Effect
The Michigan Court of Appeals ruled in Residential Funding Co, Inc. v Saurman, — NW2d —, 2011 WL 1516819 (Mich. App. April 21, 2011), that Mortgage Electronic Registration Systems, Inc. (MERS) could not utilize the foreclosure by advertisement statute when it did not own the underlying note. (See previous blog posting of May 4, 2011). In Richard v Schneiderman & Sherman, P.C., — N.W.2d —-, 2011 WL 3760862 (Mich.App. (more…)