REFinBlog

March 19, 2013

U.S. District Court in Oregon Dismisses Borrower’s Claims Against Defendant Financial Institutions and Holds MERS Valid Beneficiary Under Deed of Trust

In Beyer v. Bank of America, 800 F.Supp.2d 1157 (2011), the U.S. District Court for the District of Oregon dismissed a borrower’s complaint against defendant financial institutions in its entirety and held MERS was a valid beneficiary under a deed … Continue reading →

March 14, 2013

Michigan Appellate Court Holds that Party with Ownership of an Interest in the Note May Only Foreclose by Judicial Process

In Bakri v. MERS, No. 297962, 2011 WL 3476818 (Mich. Ct. App. Aug. 9, 2011), the Court of Appeals held that Defendants may only foreclose by judicial process since they only had an ownership interest in the note, and not … Continue reading →

March 13, 2013

Texas Court of Appeals Holds that Foreclosure Proceedings Do Not Require Production of the Original Note

In Hornbuckle v Countrywide Home Loans, Inc.,  No. 02-09-00330-CV (TX Ct. App. 2, May. 19, 2011), the court affirmed a lower court decision allowing judicial foreclosure. The homeowners purchased home by obtaining an FHA loan from Principal Residential Mortgage, Inc. … Continue reading →

Arizona Bankruptcy Court Imposes Duty on Attorney to Act with Reasonable Diligence

In In re: Madison, No. 2:09-bk-22225-SSC (Bankr. D. Ariz., March 30, 2011), the court held that an attorney has the duty to act with reasonable diligence in representing his client and communicating adequately with both the client and the court. The … Continue reading →

U.S. 9th Circuit Court of Appeals Holds that Lenders Still Entitled to Repayment of Loans Even If MERS is Not a Beneficiary

In Cervantes v. Countrywide Home Loans, Inc.,  No. 09–17364 (U.S. 9th Cir. 2011), there was a putative class action challenging origination and foreclosure procedures for home loans maintained within the Mortgage Electronic Registration System (MERS). In their complaint, the plaintiffs … Continue reading →

California Court of Appeals Holds that MERS and its Assignee have Standing to Foreclosure Without Holding Original Promissory Note

In Ferguson v Avelo Mortgage, LLC.,195 CA 4th 1618 (2011), the court held that MERS and its valid assignee, Avelo, had authority to initiate foreclosure proceedings and invoke the tender rule against Tenants, even when neither held the original promissory note. … Continue reading →

March 11, 2013

Plaintiff Homeowner’s Complaint and Temporary Restraining Order to Halt Foreclosure Sale Dismissed for Lacking Articulated Legal Claim and Vagueness

In Sakala v BAC Home Loans Servicing, LP, CV 10-00578 DAE-LEK, 2011 WL 719482 [D Haw Feb. 22, 2011], Plaintiff Steven J. Sakala filed a pro se complaint and a motion to stay foreclosure against Defendants BAC Home Loan Servicing … Continue reading →