Legal Question in Real Estate Law in Rhode Island

I have gotten a Loan Modification packet from my lender. All seems well except for the following disclaimer. Does it Mean that even if I keep up my payments on time as per the agreement that they can still take my property, foreclose or sell it?

"MORTGAGE ELECTRONIC REGISTRATION SYSTESMS, INC (MERS) IS A SEPARATE CORPORATION ORGANIZED AND EXISTING UNDER THE LAWS OF DELAWARE AND ALSO HAS ADDRESS IN MI. IN CASES WHERE THE LOAN HAS BEEN REGISTERED WITH MERS, WHO HAS ONLY LEGAL TITLE TO THE INTERESTS GRANTED BY THE BORROWER IN THEMORTGAGE, AND WHO IS ACTING SOLEY AS NOMINEE FOR TH LENDER AND LENDERS SUCCESSORS AND ASSIGNS, MERS HAS THE RIGHT TO EXERCISE ANY OR ALL OF THOSE INTERESTS, INCLUDING, BUT NOT LIMITED TO, THE RIGHT TO FORECLOSE AND SELL PROPERTY, AND TAKE ANY ACTION REQUIRED OF LENDER INCLUDING , BUT NOT LIMITED TO RELEASING AND CANCELLING THE MORTGAGE LOAN". DOES THIS MEAN IF I SIGN THE MODIFICATION TO CATCH UP ON MY MORTGAGE I CAN STILL LOSE MY HOME?


Asked on 8/11/11, 12:05 pm

1 Answer from Attorneys
Staff General Counsel LawyersCollaborative

No. It means MERS can act for the original lender if you default. So long as you comply with the terms of your mortgage, as may be modified, you will be safe from foreclosure.

Best wishes,

Scott Summer, Staff General Counsel

LawyersCollaborative

www.lawyerscollaborative.com

401-467-7771

Note: The above information does not constitute legal advice. Unless a written Collaborative Representation Agreement has been signed, neither LawyersCollaborative nor any of its Staff General Counsel is your legal representative.

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Answered on 8/11/11, 5:39 pm


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