Washington Supreme Court: MERS cannot obtain foreclosure power without note

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A quick note: a release of mortgage could happen when the mortgage is paid off, or could also happen in a “deed in lieu” foreclosure, where the family gets a release of mortgage and agrees to hand over the home without debt. Given Residential Credit Solutions’ profile as a delinquent loan specialist, the latter is more likely in my opinion.

The U.S. Supreme Court held Monday that banks suing the U.S. Federal Housing Finance Agency over mortgage-backed securities sold off to Fannie Mae and Freddie Mac cannot appeal a preliminary lower.

Mortgage Electronic Registration Systems, Inc. v. Lisa Marie Chong, et al. (United States District Court, District of Nevada) On December 4, 2009, Judge Dawson found that "MERS provided no evidence that it was the agent or nominee for the current owner of the beneficial interest in the note, it has failed to meet its burden of establishing that it is a real party in interest with standing."

Jillayne pointed me toward an interesting Washington State Supreme Court ruling. beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property. Simply.

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Washington Supreme Court: MERS cannot obtain foreclosure power without note. Mortgage Electronic Registration Systems, or MERS, cannot be a lawful beneficiary of a deed of trust in Washington state if the registry lacks real possession of the promissory note, the Washington Supreme Court said this week.

Attorney Stafne, Who Won Huge Ruling in Washington Against MERS, 2009 foreclosure voided The court held that MERS could not foreclose because it was a mere. Kesler ( Kansas Supreme Court); LaSalle Bank v.. of the promissory note secured by the trust deed, Citibank is unable to assert a claim for payment in this case.. for a borrower to not only obtain a TRO [temporary restraining order].

After they defaulted on the loan, Green Tree Servicing initiated foreclosure proceedings. the Sixth Circuit acknowledged Congress’s power to define injuries, the Court held that it cannot do so.

JPMorgan overcharged military families, improperly foreclosed Home prices dropped in January from December Bay Area home prices rose in January, and sales dropped again – continuing trends in one the nation’s least affordable housing markets. A new CoreLogic report reveals that median home prices.

instruments allowing MERS to be named as the mortgagee in a nominee capacity for the lender. First, to reflect the interrelationship of the promissory note and mortgage and to ensure these two instruments are tied together properly, the recital paragraph names MERS, solely as nominee for Lender, as beneficiary. Second, it is made clear

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Article: LANDMARK DECISION PROMISES MASSIVE RELIEF FOR HOMEOWNERS AND TROUBLE FOR BANKS – A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners.