MEC- Mortgage Electronic Registration ??
Can someone explain who these guys are? Are they service providers? They have a bunch of foreclosures where I am, but I suspect they are not the mortgagee. Please help. Thanks.
ItzMe
Can someone explain who these guys are? Are they service providers? They have a bunch of foreclosures where I am, but I suspect they are not the mortgagee. Please help. Thanks.
ItzMe
I believe people sell MEC their notes when they go bad. They have a load of the bad notes in NC too.
I found out that Mortgage Electronic Corp.(MEC) is a registration company. With lenders selling paper back and forth the court house gets flooded with who holds the mortgage i.e, all the assignments of mortgage. So MEC is the name that they stay under, while the paper is sold/traded back and forth. Note: MEC will do the foreclosures but WILL NOT take title to the property.
Hope that helps.
ItzMe
Actually the acronym should be MERS for Mortgage Electronic Registration System. The explanations given before are right. MERS is just a way of keep track of the mortgages as they transfer from servicer to servicer.
So, do you work with MERS on a short sale? Or call them and they will tell you which lender to contact? Or will they?