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February 27, 2013

Michigan Supreme Court Stayed Trial Court Proceedings in Order for the Court in Residential Funding Co. v. Saurman to Decide Whether MERS may commence a Foreclosure-by-Advertisement as Mortgagee of Record

In PB Reit, Inc. v. Debabneh, 801 N.W.2d 380 (Mich. 2011), the Michigan Supreme Court stayed trial court proceedings including attempts to enforce the order of eviction. quick short term loans uk Concurring Judge Markman stated that the Court of … Continue reading →

February 26, 2013

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

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 … Continue reading →

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

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 … Continue reading →

February 25, 2013

Michigan Court of Appeals Holds that Bank has Standing to Foreclose on Mortgaged Property Because the Bank was Validly Assigned Property Owners’ Mortgage and thus was the Record Holder of the Mortgage

In Hargrow v. Wells Fargo Bank N.A., 491 F. App’x 534 (6th Cir. 2012), the United States Court of Appeals in Michigan held that Wells Fargo Bank had standing to foreclose upon the mortgaged property. Mary and M.L. Hargrow bought … Continue reading →

Massachusetts District Court Holds that MERS, as Mortgagee and Nominee for Lender, has Authority to Assign Mortgage

The court in Rosa v. Mortg. Elec. Sys., Inc., 821 F. Supp. 2d 423 (D. Mass. 2011) held that the assignee bank had standing to foreclose on the homeowners. The homeowners argued that the bank did not have standing because … Continue reading →

February 24, 2013

The California Court of Appeal holds that MERS may Foreclose on Homeowner’s Property Because an Assignee does not Have to Record an Assignment when the Power of Sale is Conferred in a Deed of Trust Rather than a Mortgage

In Calvo v. HSBC Bank USA, N.A., 199 Cal. App. 4th 118, 130 Cal. Rptr. 3d 815 (2011), the California Court of Appeal held that MERS had the statutory right to foreclose on behalf of lender’s assignee because an assignee … Continue reading →

Ohio Court of Appeals Holds that the Note Follows the Mortgage Where Intent of Parties is Clear

In Bank of New York v. Dobbs, 2009-Ohio-4742, the court found that the Bank of New York (Bank) had standing to bring a foreclosure action against the homeowners. In this case, Countrywide Home Loans (Countrywide) was the original note holder, … Continue reading →