MERS, can somebody exlain this on my home loan papers?

TOGETHER WITH all the improvements now or hereafter on the property, and easements, appurtenances, and fixtures now and hereafter a part of the property, all rereplacements and aditions shall also be covered by this security instrument, all the foregoing is refered to inthis security instrument as the "property" borrower understands and agrees that MERS holds any legal title to the interest granted by borrower in this security instrument, but, if necesary comply with law or custom, MERS ( as nominee for lender and lender sucesssors and assigns) has the right to any of all of these interests, including, but not limited to, the right to foreclosure and sell the prepoerty; and to take any action required of lenderincluding, but no limited to, releasing ansd canceling this security instrument

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  • Rick
    Lv 4
    1 decade ago
    Favorite Answer

    Mortgage Electronic Registration System

    http://www.mersinc.org/

    MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.

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  • Anonymous
    1 decade ago

    Ask the agent itself or any staff out there

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