D.C. District Court Rules Bank Has Standing in Foreclosure Case

Posted by & filed under 2012, District of Columbia, Downstream litigation, MERS/Bank has standing.

In McCarter v. Bank of New York, 873 F. Supp. 2d 246 (D.D.C. 2012), Plaintiff Homeowner was issued a mortgage loan of $270,000 which was reduced to a Deed of Trust and Promissory Note. Plaintiff then applied for a loan modification, which was later denied and Defendant Bank foreclosed on Plaintiff’s property. Plaintiff sought an… Read more »

D.C. District Court Holds Bank Has Right to Record Deed and Deeds of Trust Previously Unrecorded Due to Clerical Error Not Cured By Original Property Owner

Posted by & filed under 2009, District of Columbia, Downstream litigation.

In Wells Fargo Bank, N.A. v. Wrenn, CIV.A. 08-165 (CKK), 2009 WL 1705692 (D.D.C. June 18, 2009), Wrenn purchased property from Stevens, and Wrenn simultaneously entered into a home mortgage loan transaction, pursuant to which she executed two Promissory Notes and two Deeds of Trust. Wells Fargo was the servicer and legal holder of the… Read more »

Idaho Bankruptcy Court Rules Banks/MERS Lacked Authority to Transfer Notes

Posted by & filed under 2009, Bankruptcy litigation, Downstream litigation, Idaho, MERS/Bank lacks standing.

In In re WIlhem, 407 B.R. 392 (Bankr. D. Idaho 2009), the Idaho Bankruptcy Court, ruling in 5 similar cases, held that movant banks lacked standing to seek stay relief, and therefore, denied their motions. Movants did not demonstrate possession of the note, or any transaction by which they acquired ownership of the notes in question. Movants… Read more »

Federal District Court in Virginia Rules for Banks/MERS in Foreclosure Case

Posted by & filed under 2010, Downstream litigation, MERS/Bank has standing, Virginia.

In Tapia v. U.S Bank, N.A., 718 F. Supp. 2d 689 (E.D. Va. 2010) aff’d, 441 F. App’x 166 (4th Cir. 2011), the Court granted all of Defendants’ motions to dismiss. The Judge held that declaratory judgment that the foreclosure proceeding was deficient was inappropriate given that the foreclosure had already taken place. MERS was held… Read more »

Federal District Court in Virginia Rules for Lender/MERS in Foreclosure Case

Posted by & filed under 2010, Downstream litigation, MERS/Bank has standing, Virginia.

In Merino v. EMC Mortgage Corporation, et. al., CIV.A 1:09-CV-1121, 2010 WL 1039842 (E.D. Va. Mar. 19, 2010), Plaintiff Homeowners executed two notes, and after defaulting filed suit alleging claims under the Fair Debt Collection Practices Act, claims for declaratory judgment, and quiet title. Plaintiffs challenged the authority of the various Defendants to enforce the… Read more »

Federal District Court in Virginia Rules for Lenders/MERS in Foreclosure Case

Posted by & filed under 2010, Downstream litigation, MERS/Bank has standing, Virginia.

In Ramirez Alvarez v. Aurora Loan Services, 01:09CV1306, 2010 WL 2934473 (E.D. Va. July 21, 2010), Plaintiffs purchased the property at issue by executing two promissory notes and two deeds of trust. Defendant was the holder of the first promissory note of  $436,000. Plaintiffs became delinquent in their mortgage payments and after MERS appointed a… Read more »