MERS is the problem. I bet one of these days that a class action will be brought on to the Supreme Court. Every foreclosure initiated by MERS will be deemed illegal. It could take years to get this resolved. MERS is not authorized to initiate foreclosure when they don't own the original Mortgage Note. Some cases have already ruled this way. Appeals will take this to the top. It is the "Investor" who has the right to foreclose. MERS is not the investor, nor do they own a copy of the original Note. When you file foreclosure, the Affidavit states that you are the Note holder and have the original Note in your possession. Many states are non-judicial foreclosure. This is obviously a problem since anyone who is assigned to do the foreclosure can sign a Lost Note Affidavit. They don't need proof. When this comes out that they don't really own the Note, nor are they legally authorized to initiate the foreclosure, it can get real ugly. Not just for LPS, but all the banks who used MERS for securitization.