From the article:
"... Created by big banks in the mid-1990s, MERS let them skip the expense of filing paper records. MERS has since filed thousands of foreclosure actions for lenders.
The Tuminskis had never heard of MERS until they found themselves unexpectedly in foreclosure. Trouble for the Tuminskis began in 2009, when a series of illnesses caused Kevin to be late with a single mortgage payment to Wells Fargo, their lender since a 2008 refinancing deal. Eager to keep their home of 17 years, the Tuminskis contacted the bank and were offered a forbearance, and then a HAMP modification, which they signed off on.
Their credit has suffered because of Wells' action. The Tuminskis cannot even get a car loan without paying usurious penalty interest rates. They have had to raid their retirement savings to rent a single car for their family of five. Kevin, 57, is on disability now, and he knows the foreclosure will dog him when he returns to the job market.
"I've got to worry about this stuff every single minute of the day," said Kevin.
He learned his mortgage is a MERS loan after conferring with Staten Island Legal Services. The Tuminskis are representing themselves in court, with assistance from attorney Joseph Sanders.
MERS purports to have assigned the loan back to Wells Fargo, but the Tuminskis allege the necessary legal proof of that authority is missing."
Read the full article at The New York Post.