The federal and state courts of Oregon are giving a variety of opinions about the controversial electronic mortgage registration system which has been used all across the nation to carry out foreclosure processing. With so many different opinions from courthouses, the matter will soon move to the Supreme Court for final justice.
Even if this matter is placed in the high court and if the judge thumbs down this registration system, a huge number of pending foreclosure cases in Oregon will be released from foreclosure processing. Moreover, this will also save many almost-completed foreclosure cases.
Last week, an order was filed in the US District Court located in Portland. In this order, a set of questions have been given so that the chief judge of this district court can certify these questions before placing the order in the Supreme Court. After formal acceptance, the Supreme Court can reject or rephrase any question stated in this order.
Finally, if the Supreme Court gives a final decision on this issue, then the array of different decisions given by different courts would come to an end. Depending on the decision given by the Supreme Court, it could be decided whether state law will permit the mortgage registration system, popularly known as MERS, in case of documentation of properties.
Law Professor at Williamette University, Jeff Dobbins said that the involvement of the Supreme Court is very necessary to put an end to this conflicting mortgage registration issue. He added, “It’s such a significant issue. Unless they see something in the case that makes them think it’s not right, I think the betting is probably reasonable that they’ll go ahead and consider the question.”
This Mortgage Electronic Registration System was designed in the early nineties so that the mortgage industry could maintain proper documentation of housing transactions all across the nation. Earlier, after every transaction, updates were entered in county records which involved large amounts, and this was a tedious job. To avoid these issues, MERS was created, which was totally plagued with discrepancies in later years.
Many Oregon homeowners have filed allegations against this mortgage registration system in court houses, and as a result some of the courts have suspended the foreclosure process of many people while some have allowed MERS to carry out the foreclosure process. With different kinds of rulings in different parts of the region, this issue has moved to the Supreme Court for a final ruling applicable to every foreclosure case.
Photo by Steakpinball.
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