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Washington Supreme Court: MERS cannot obtain foreclosure power without note

MERS is a private company that tracks ownership of mortgage loans in the United States. MERS also is listed as owner of record of millions of mortgage loans and their paperwork. Given the size of MERS it’s inevitable that mortgage paperwork, such as loan promissory notes,

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 · Mortgage Electronic Registration System, Inc. (“MERS”) appeals a decision of the Benton County Circuit Court denying its motion to set aside a decree of foreclosure and to dismiss the foreclosure action. 1 mers alleges that the circuit court erred in ordering foreclosure because as the holder of legal title it was a necessary party that was never served.

 · Since MERS did not own the underlying note, it could not transfer the beneficial interest of the Deed of Trust to another. Any attempt to transfer the beneficial interest of a trust deed without ownership of the underlying note is void under California law. In support, the judge cited In Re Vargas (California Bankruptcy Court); Landmark v.

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.

 · In response to the fi rst question, the Washington Supreme Court found that MERS is not a lawful benefi ciary under the Washington DTA if it does not hold the note.

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In Bain, the Washington State Supreme Court held that MERS cannot be a lawful beneficiary of a deed of trust if the registry lacks real possession of a promissory note. The case was considered a.

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In 2012, the ohio supreme court held that a party who does not possess a properly indorsed promissory note at the time the foreclosure proceeding is begun lacks standing, and is not the real party in interest, and that these defects cannot be cured by transfers and indorsements made after the complaint has been filed; see Federal Home Loan.