The Michigan Supreme Court issued a ruling Wednesday stating that MERS, as record-holder of the mortgage, does have the right to initiate foreclosures in the state. The decision reverses an April ruling from the Michigan Court of Appeals, which called into question thousands of foreclosure actions in which MERS was named as the foreclosing party. The appellate court’s judgment sent shockwaves through the distressed housing market in Michigan. Now, with the higher court’s ruling, sales of homes that had been foreclosed in the name of MERS can proceed.
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