Washington Supreme Court: MERS cannot obtain foreclosure power without note

Recent Washington State Appellate decisions support the right of the note holder to foreclose. the Washington Supreme Court held in the Bain case that the only party that can enforce a deed of.

promissory note), and not to MERS, no one was allowed to enforce the mortgage that plaintiffs executed to MERS. The court squarely rejected plaintiffs’ theories, holding that MERS was properly acting as Countrywide’s agent. Relying on the plain language of the mortgage instrument, MERS’ Terms and Conditions, and state agency law, Judge Karlin held:

The housing boom created a rich climate for mortgage fraud. "foreclosure rescue" often involves a manipulated deed process that results in the preparation of forged deeds. In extreme instances,

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.

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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 .

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.

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The attached Wells Fargo Bank Foreclosure Manual is being investigated by the. if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or.

The Court determined that "Plaintiff failed to show that it owned the Mortgage at the time the Complaint was filed", and also noted that the mortgage shows mers to be the mortgagee but that "MERS is never mentioned in the Note." The Court stated: "It is clear that to have standing in this foreclosure case, Plaintiff must not only be the holder.