Arkansas Court Finds That Based on Security Agreement, MERS Was the Mortgagee

Posted by & filed under 2011, Arkansas, Downstream litigation, Foreclosures, MERS/Bank has standing.

The Arkansas court considering Coley v. Accredited Home Lenders, Inc. et al, 4 10 CV01870 (E.D. Ark. 2011) ultimately granted the defendants’ motion for dismissal. The court granted the dismissal with prejudice as to the plaintiff’s wrongful foreclosure claims. The court however, did not apply dismissal with prejudice to the plaintiff’s fraud claim. The court… Read more »

United States District Court, Eastern District of Arkansas Dismisses Borrower’s Claim of Invalid Assignment

Posted by & filed under 2010, Arkansas, Downstream litigation, Downstream litigation commentary, Foreclosures, MBS industry, MERS/Bank has standing.

The United States District Court, Eastern District of Arkansas in Kimberly Peace v. MERS, 4:09-cv-00966 (2010) granted MERS’ motion to dismiss. The court found that the assignment to MERS was valid. This also led the court to decide that BAC had standing to appoint Recon Trust as BAC’s agent to exercise its right to start… Read more »

Arkansas Court Denies MERS’ Motion to Set a Decree of Foreclosure

Posted by & filed under 2009, Arkansas, Downstream litigation, Downstream litigation by state, Foreclosures, MBS industry, MERS/Bank lacks standing.

The Arkansas court in MERS v. Southwest Homes of Arkansas, 301 S.W.3d 1 (2009) denied MERS’ motion to set a decree of foreclosure, therein affirming the decision from the lower court. As the record beneficiary of the deed of trust, MERS received no foreclosure notice. The court in their finding, applied Arkansas law, and found… Read more »

Arkansas Court Holds That MERS Had Standing to Seek Relief for its Writ of Assistance

Posted by & filed under 2004, Arkansas, Downstream litigation, Foreclosures, MERS/Bank has standing.

The court in Mortgage Electronic Registration Systems, Inc. v. Stephanie Gabler, et al., (Circuit Court of Garland County # 2004-17-II) held that “MERS has standing to seek relief for its Writ of Assistance and is the proper party to foreclose the mortgage as MERS is the mortgagee of record and holder of the promissory note.”… Read more »

Arkansas Court Rules That MERS Did Not Violate the State’s Statutory Foreclosure Act

Posted by & filed under 2011, Arkansas, Downstream litigation, Foreclosures, MERS/Bank has standing, Note ownership litigation.

The court in Coley et al v. Accredited Home Lenders Inc et al (E.D. Ark. 2011) dismissed the homeowner-plaintiff’s claims against MERS pursuant to Federal Rules of Civil Procedure 12(b)(6). In granting MERS’ motion to dismiss the court considered, then rejected the plaintiff’s contentions. First, the plaintiff alleged that the defendants failed to comply with… Read more »

Arkansas District Court Holds MERS’s Note Assignment Valid and Gives Purchaser Standing to Appoint Agent to Initiate Foreclosure

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

In Peace v. MERS, 2010 WL 2384263 (E.D. Ark. June 11, 2010), the court held that MERS’ assignment to Note purchaser was valid and properly gave purchaser standing to appoint an agent to initiate a non-judicial foreclosure. The promissory note provides that in return for a loan received from American Home Mortgage, Peace will pay… Read more »

Arkansas Supreme Court Holds that MERS is Not a Beneficiary and Not a Necessary Party in Foreclosure Proceedings

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

In MERS, Inc. v. SouthWest Homes of Ark., Inc., , 301 S.W.3d 1 (Ark. 2009), the court held that MERS was at most the mere agent of the lender Pulaski Mortgage Company, Inc., and thus held no property interest and was not a necessary party in foreclosure proceedings. The borrowers entered into a deed of… Read more »