Washington Supreme Court: MERS cannot obtain foreclosure power without note

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2012) (en banc), as amended, the Arizona Supreme Court recently considered "whether a trustee may foreclose on a deed of trust without the beneficiary first having to show ownership of the note that the deed secures. . . ." The Arizona Supreme Court observed that "[w]hen parties

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How to buy a house at the foreclosure auction Part 1 U.S. homeownership hits record low: Gallup Ginnie Mae Setting Historic Pace in August Trump calls for Fed to reduce interest rates amid trade war with China Washington Supreme Court: MERS cannot obtain foreclosure power without note This opinion . . . serves as a legal basis to challenge any foreclosure in California based on a MERS assignment.

This opinion . . . serves as a legal basis to challenge any foreclosure in California based on a MERS assignment; to seek to void any MERS assignment of the Deed of Trust or the note to a third party for purposes of foreclosure; and should be sufficient for a borrower to not only obtain a TRO [temporary restraining order] against a Trustee’s.

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The statutory language and our precedent both establish that under chapter 580 a promissory note assignment by MERS members does not have to be recorded before MERS can commence a foreclosure by advertisement, therefore our response to the federal court’s certified question must be no. Certified question answered in the negative.

Maine Supreme Court Hands Major Defeat to MERS Mortgage Registry Posted on July 8, 2014 by Yves Smith Yesterday, we wrote about a major loss by the electronic mortgage registry, MERS, in a major Federal court case in Pennsylvania .

In a judicial foreclosure, the borrower has a right of redemption. In a non-judicial foreclosure, no deficiency judgment is allowed under a power of sale in a deed. We will need to wait for the.

What happens after a foreclosure case is dismissed because of a lost note or other paperwork depends on each foreclosure. Generally, foreclosure cases are dismissed either with or without.

1. Mers cannot be the beneficiary without holding the note. That decision is not terribly surprising. 2. The court did not answer the question of the legal effect of MERS acting as beneficiary. That is extremely disappointing, but most likely due to the case having come up from the US District Court as a certified question to the Supreme Court.

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