Home Loans

Washington Supreme Court: MERS cannot obtain foreclosure power without note

determine whether MERS has been authorized by the holder of the Note to initiate a foreclosure"].) As the court reasoned in Gomes: "[The borrower] is not seeking a remedy for misconduct. He is seeking to impose the additional requirement that MERS demonstrate in court that it is authorized to initiate a foreclosure.

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Once the loan has been assigned to MERS, the loan can be bought and sold any number of times later without recording an additional assignment. Don’t be surprised if you find out that your mortgage was assigned to MERS at some point. In most cases, there must be an assignment out of MERS’ name before the foreclosure can begin.

Without it, the lender would be forced into a series of foreclosures, foreclosing only on the amount of the installment in default and not the entire unpaid balance of the note. If the collateral securing the note is the debtor’s residence, the lender may not accelerate the note immediately follow- ing a default.

The earlier motion was denied without prejudice to enable defendant to obtain discovery on the issues of the existence of a tenancy and the relationship between the record owner and any occupant of.

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MERS to initiate foreclosure in the event of default. The court concluded that MERS could foreclose because “MERS was both the nominal beneficiary and agent (nominee) of the original lender and also of HSBC Bank, which held the note at the time of the foreclosure.

The Washington Supreme Court held that mers’ business practices had the "capacity to deceive" a substantial portion of the public because MERS claimed it was the beneficiary of the mortgage when it was not. This finding means that in actions where a bank used MERS to foreclose, the consumer can sue it for fraud.

West Virginia Suit Against MERS Allowed to Proceed in State Court COUNTY OF WYOMING, WEST VIRGINIA, Plaintiff, This allegedly "depriv[es] the trust of the critical right to enforce the note through foreclosure proceedings." (Compl. at 48.) Plaintiff avers that given the limited agency of MERS as to the originating lender, the original.

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