mers: Another Review of Non Judicial Foreclosure
- 05/27/12 07:13 PM
Another Review of Non Judicial Foreclosure. I have written previously that it is time to review the non-judicial foreclosure process in light of the many valid defenses to foreclosure that exist today. The deprivation of one’s home is the greatest personal financial loss that a person can have and how can we allow non-judicial foreclosure when there are so many home owners that have been harmed by their lender? Said another way, why should we allow banks to get away with the massive fraud that they are perpetrating on the public?
In judicial foreclosure, the distressed home owner has defenses … (1 comments)
mers: Another Victory for Home Owners Against Foreclosing Lenders!
- 07/23/11 09:31 AM
Chalk another victory up for home owners fighting back against lenders. The Maine Supreme Court overturned a Summary Judgment in favor of a servicing agent against the home owners. In the case of Kondaur Capital Corp. vs Hankins, the trial court had granted summary judgment in favor of the lender agent, but the Maine Supreme Court overturned the ruling.
This is an example though of several things. First, this does NOT mean that the Hankins will still prevail. The matter theoretically still must be heard in court. The Summary Judgment was overturned which means that everyone must start over. Procedurally, … (4 comments)
mers: We Need to Review Court Cases and Regulations on a Case by Case Basis
- 07/22/11 08:03 PM
We have to keep legal decisions and governmental regulations in perspective when we analyze a ruling or new regulation. There have been a lot of decisions on the validity of MERS for example. Many courts hold that it is invalid, while others hold that it is valid. To a lay person, this appears to be inconsistent. However, we must realize that the cases are reviewed on a case by case basis. The facts of the respective cases frequently determine the outcome. We also have to remember that these are different courts and different standards of review. In New York for example, … (3 comments)
mers: Another Significant Case Challenging the Validity of MERS
- 07/20/11 09:43 PM
MERS, MARS...a lot of acronyms being bandied about this week. LOL California has had another significant legal decision regarding lenders and their ability (or inability) to produce original documents. After spending more than a year attempting to get a loan modification from Wells Fargo, one homeowner has decided to challenge the bank. In the case of MARK DEMUCHA v. WELLS FARGO HOME MORTGAGE , INC, the home owner is demanding to see the original documentation and paperwork. Mark Demucha, a resident of Bakersfield, California, describes spending more than a year of failed attempts to have his paperwork filed and a loan … (9 comments)
mers: California Appeals Court Rules in Favor of MERS
- 06/15/11 12:52 PM
Another court has weighed on the MERS debacle. The California Court of Appeals in the Second Appellate District declared that MERS (Mortgage Electronic Registration Systems, Inc) can be a beneficiary on a deed of trust and that Avelo Mortgage does need to possess the promissory note on the mortgage before beginning foreclosure proceedings. Some opine that the ruling sets a precedent in California that MERS can foreclose without having a promissory note in its possession. The decision was based on another California MERS decision in which the homeowner (Gomes) argued that MERS could not initiate foreclosure and the court determined that … (2 comments)
mers: Lender Lawsuits on the RISE!!!
- 03/24/11 09:18 AM
There have been widely publicized reports of variuos lawsuits against lenders and most have valid, legitimate claims. There was Robo signer, MERS, and numerous actions in state in federal courts. The statistics are alarming and I believe that this is only the beginning. During the fourth quarter of 2010 mortgage servicers faced a 42 percent rise in lawsuits over the preceding months. Interestingly, however, these suits were not, for the most part, related to unwinding foreclosures due to robo-signed affidavits, but instead dealt with failures in the loan modification process. Additionally, many mortgage servicers faced lawsuits from investors thanks to problems … (0 comments)
mers: An Update On MERS II
- 03/02/11 08:08 AM
Last week I wrote that a New York bankruptcy judge determined that the MERS system was flawed and "absurd". However, courts in California and New Hampshire have dtermined that the system is legal. MERS will be under attack by county registers of Deeds since MERS circumvented the filing fees in many cases. in one such case, Massachusetts is seeking over $22 million in back recording fees.
There will continune to be onconsistent results in all such cases as they will be determined on a case by case basis, and states have different laws and regulations... … (0 comments)
mers: MERS Update and Clarification: Mortgage Electronic Registration System
- 02/27/11 10:00 PM
There has been much debate regarding MERS (Mortgage Electronic Registration Systems). Recently a court in New York determined that MERS did not have the right to bundle, buy and sell mortgages nor to foreclose on mortgages. This ruling is extremely controversial not only because the judge, Robert Grossman, declared essentially that the entire operating system of MERS is “absurd,” but also because if it is enforced on a large scale, it will completely alter the way that mortgage securities are bought and sold. However, in quick succession, a number of other state judges have also ruled on MERS, and the rulings … (0 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
Another Review of Non Judicial Foreclosure. I have written previously that it is time to review the non-judicial foreclosure process in light of the many valid defenses to foreclosure that exist today. The deprivation of one’s home is the greatest personal financial loss that a person can have and how can we allow non-judicial foreclosure when there are so many home owners that have been harmed by their lender? Said another way, why should we allow banks to get away with the massive fraud that they are perpetrating on the public?
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