Excessive Attorney Mortgage Fees

Lawyers are currently investigating Mortgage Electronics Registration Systems, Inc., (MERS) due to its practice of overcharging borrowers for fees in connection with foreclosures.

The original lender is not MERS, although MERS is the party that brings the foreclosure action. MERS allegedly retains attorneys to handle foreclosure actions at a stated price but when the attorneys' fees are passed along to the borrowers, MERS charges the borrowers more than it pays the foreclosure attorneys. Between what it pays the attorneys and what it charges borrowers, MERS keeps the difference as a profit to itself.

MERS, based in Vienna, Virginia, was created by the mortgage banking industry with the mission of electronically recording every mortgage loan in the United States. Lenders are able to track and trade loans using the company's system. According to its website, MERS acts as nominee in the county land records for the lender and servicer. Any loan registered by MERS is inoculated against future assignments because MERS remains the nominal mortgagee no matter how many times servicing is traded.

The company also says that fifty million loans have been registered over the last ten years and every loan is recorded in the county land records. "Registering a loan on MERS lowers the cost of buying a home by squeezing unnecessary fees out of the process and eliminating fraud by identifying the true mortgage company attached to that property," MERS claims.

Excessive Attorney Mortgage Fees Articles

Excessive Attorney Fees: Homeowner Robbery
"Between Chase Manhattan bank and our EMC mortgage we have been charged about $20,000 in excessive attorney fees," says Kelly Acord. It all started when Chase Manhattan mortgage bought their loan.

Excessive Attorney Mortgage Fees: "I Almost Lost My Home"
Annie Green was forced into bankruptcy two years ago, mainly because of excessive attorney fees she had to pay when MERS took over her mortgage. "My first home was destroyed by a storm in 1998 and I got a mortgage through FEMA a year later to purchase this home," says Annie. "Small Business Administration, a government agency, helped me with a low interest rate."

Excessive Attorney Mortgage Fees Legal Help

If you suspect you have been overcharged for attorneys fees in connection with a foreclosure by MERS, please click the link below to send your complaint to a lawyer to evaluate your claim at no cost or obligation.
Last updated on Oct-10-07