Bulletin: MI2011008

Dear Associates: 

On November 16, 2011, the Michigan Supreme Court issued an Order overturning the recent Court of Appeals decision in the Residential Funding v. Saurman case.  In an expedited hearing to determine whether the Court would hear an appeal in the case, the court, instead, rendered a direct decision instead of waiting to hear an appeal.  The Court found that MERS was entitled to foreclose mortgages by advertisement as a holder of an interest in the indebtedness, even though they might not be a holder of the promissory note itself. 

As a result, you may proceed to insure advertisement foreclosures brought by MERS without any requirement for production of evidence that MERS is the actual holder of the promissory note. This applies to all past MERS foreclosures and future foreclosures.  All other statutory procedures and requirements must still be met. 
 
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