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CA court rules in favor of MERS

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing CA court rules in favor of MERS

This topic contains 1 reply, has 0 voices, and was last updated by Avatar of amyhutton amyhutton 8 years, 6 months ago.

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  • #6789
    Avatar of amyhutton
    amyhutton
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    #33814
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    I read it yesterday. So my question to all of you…

    “What do you think this means?”

    #33815
    Avatar of mtnwizard49
    mtnwizard49
    Member

    Apples and oranges. This says MERS can foreclose on behalf of the Lender due to wording in the Deed of Trust. The Deed of Trust itself is illegal but attorneys don’t seem to have found the key yet.

    That’s far different from MERS being able to transfer title as part of an Assignment of DOT. There have been a number of cases in which it has been determined that MERS, as nominee does not hold the Adjustable Rate note. MERS admits on its own website that it does not hold notes. In order for the DOT to be valid, it must remain with the note.

    In April the Federal Reserve Board announced enforcement actions against MERS to address a pattern of misconduct and negligence related to deficient business practices in mortgage loan servicing and foreclosure processing. Teh 2nd Court of Appeals in California will very likely be overturned.

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