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Interpreting the meaning of the word "beneficiary" in state foreclosure statutes, the Washington Supreme Court agreed with other courts that have held that MERS is not actually the beneficiary of the note and thus has no power to initiate a nonjudicial foreclosure of the property upon default of the payments.
The note goes into default regardless if it has been indorsed in blank. MERS first cannot receive any rights to the mortgage to begin with since the original lender cannot assign its title as Mortgagee to a non-negotiable instrument. Second, Fannie Mae REMIC Trust cannot assign or indorse its ownership of the note to begin with either.
Ever since the $25 billion settlement over foreclosure abuses between five of the nation. let alone executing it, is simply beyond Washington’s capabilities. Which is scary, because right now, we.
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 .
Life on MERS: Mapping the Landscape | Stay Informed | K&L Gates – The appellate court reversed the decision of the Supreme Court (the trial court in New York), which had denied the defendant borrowers’ motion to dismiss the plaintiff’s foreclosure action, because the "consolidation agreement" "did not give MERS title to the note, nor [did] the record show that the note was physically delivered to.
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; 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.
New home purchases decrease 18% New home purchase applications decreased last month by 0.4% according to the latest MBA Builder Application Survey. Mortgage rates decreased again for the third week in a row with 30-year rates now at 3.66% and 15-year rates at 2.98%. Foreclosures starts decreased 18% last month, down 61% from its highest in 2010 at 2,871,891 properties .
Only Promissory Note Holders Can Initiate Foreclosures in Washington State. The Supreme Court of Washington has determined that, under the Washington deed of trust act, only the actual holder of a promissory note can be the beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property.
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The court found that MERS had no power as an agent to assign the mortgage under its rules, its membership agreement, or the terms of the mortgage itself.
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