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· There was no evidence that MERS held the promissory note or was given the authority by New Century to assign the note to Consumer. Without the note, Consumer lacked standing. If Consumer did not have standing, then the loan servicer also lacked standing. A loan servicer cannot bring an action without the holder of the note.
The remainder of this article examines in detail why MERS cannot be a beneficiary to Oregon deeds of trust and whether MERS may nevertheless comply with the Oregon Trust Deed Act’s foreclosure prerequisites. III. MERS Cannot Be a Beneficiary. The language identifying MERS in deeds of trust reflects two very different legal identities.
The court finally tied it all together by holding that an assignee of MERS’s beneficial interest, in this case Avelo, may invoke the tender rule against a challenge to a foreclosure sale, even though neither MERS nor its assignee possessed the note.
MERS cannot be a beneficiary in a mortgage chain of title. Here’s the JUICIEST BIT and the piece that many Op/Eds keep missing: MERS cannot act as A BENEFICIARY; Not just to foreclose, but to ***TRANSFER BENEFICIAL INTEREST*** The chain of titles on most mortgages travels from the original lender-to MERS-to foreclosing lender.
A quick note: a release of mortgage could happen when the mortgage is paid off, or could also happen in a "deed in lieu" foreclosure, where the family gets a release of mortgage and agrees to hand over the home without debt. Given Residential Credit Solutions’ profile as a delinquent loan specialist, the latter is more likely in my opinion.
In Bain, the Washington State Supreme Court held that MERS cannot be a lawful beneficiary of a deed of trust if the registry lacks real possession of a promissory note. The case was considered a.
Only promissory note holders can initiate foreclosures in Washington state. Simply put, if MERS does not hold the note, it is not a lawful beneficiary.". The court reasoned that the deed of trust act must be construed in favor of borrowers since it provides an easy mechanism for foreclosure, without judicial oversight.
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