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The WORDS for Today are:
Mortgage Catastrophe Insurance-Insurance coverage which is in excess of a traditional insurance policy. A catastrophic insurance policy will typically cover payment of the mortgage itself (possibly as long as 24 months) payment of a portion of the primary homeowner’s insurance policy deductible as well as other benefits. Catastrophic insurance coverage will always identify what kind of event is sufficient to cause it to become effective such as a war, an earthquake. Interestingly enough a hurricane is not likely to qualify.
Mortgage Electronic Registry Service-An electronic registry system for tracking ownership of individual mortgages, servicing rights, and/or security interests which is used by MERS numbers.
Mortgage Electronic Registration System-Does not typically qualify as the “real party in interest.” MERS is NOT an assignee. If MERS is not named in your note and the loan has not been PROPERLY ASSIGNED to them, they are not legally able to bring foreclosure action. MERS operates as a nominal party; a lender may register (transfer) a defaulted loan to this entity. Currently many consumers who are in default may find MERS shown as the party bringing foreclosure action.
Mortgage Catastrophe Insurance-Insurance coverage which is in excess of a traditional insurance policy. A catastrophic insurance policy will typically cover payment of the mortgage itself (possibly as long as 24 months) payment of a portion of the primary homeowner’s insurance policy deductible as well as other benefits. Catastrophic insurance coverage will always identify what kind of event is sufficient to cause it to become effective such as a war, an earthquake. Interestingly enough a hurricane is not likely to qualify.
Mortgage Electronic Registry Service-An electronic registry system for tracking ownership of individual mortgages, servicing rights, and/or security interests which is used by MERS numbers.
Mortgage Electronic Registration System-Does not typically qualify as the “real party in interest.” MERS is NOT an assignee. If MERS is not named in your note and the loan has not been PROPERLY ASSIGNED to them, they are not legally able to bring foreclosure action. MERS operates as a nominal party; a lender may register (transfer) a defaulted loan to this entity. Currently many consumers who are in default may find MERS shown as the party bringing foreclosure action.
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