Found a house that has been vacant for a while. The records show Mortgage Electronics Services as the owner. Does anyone have a contact name or phone number or fax number for them? I would like to shoot them an offer. Has anyone delt with them and their REO’s? What would be a good precentage of the LTV to shoot for?
Checkout their web site at http://www.mersinc.com
They appear to be a place where lenders who have defaulted loans can go to consolidate their listings. In the forums section of their web site, a person asked almost the same question you are asking and got a response. Here’s how it went:
[i]Question: I am a private investor interested in purchasing nonperforming loans for properties located in the postal zip code 07828 (New Jersey). Who at MERS would I contact to make such purchases? If I do not contact MERS for such a purchase, can MERS point me in the right direction to decision-maker/ seller of nonperforming loans in which MERS is the nominee? Thanks.
Answer: There are two ways to obtain more information about the property when Mortgage Electronic Registration Systems, Inc. (MERS) holds the mortgage lien. The most expedited way is if you have access to the recorded mortgage or assignment to MERS because on that recorded document is an 18 digit Mortgage Identification Number (MIN) along with a toll free Servicer Information System number [888 679-6377]. The number operates 7 days a week, 24 hours and by calling that number and inputting the MIN, you will receive a response with the name and telephone number of the current mortgage servicer of the mortgage loan. In the alternative, if you do not have the MIN, during the hours of 8:00 am EST and 10:00 pm EST Monday through Friday, you can call the MERS Helpdesk [888 680-6377} and provide the Borrower name and/or property address to get this information. The Servicer of the mortgage loan will be able to provide you with further information you are requesting.[/i]
Hope this helps!
Thanks NoMomeyDown! I’ll run down and see if I can get the file number.
Thanks NoMoneyDown…Sorry for the miss-spell!!!