Bankruptcy Court Ruling Upsets National Mortgage Servicer

[Social Apocalypse]

I found this COOL blog posting dated July 13th, 2009
(I linked to the original posting)

(In Nevada)
U.S. Bankruptcy Court Judge Linda Riegle ruled earlier this year that, unless it could produce the actual loan note, the Mortgage Electronic Registration Systems (MERS) couldn’t represent loan companies attempting to foreclosure on homeowners in default who were already in bankruptcy.

Lenders notoriously sell their loans to other lenders. Often the note will go through several owners. With this process, producing loan documents becomes a much more challenging task.

read the whole blog:
Bankruptcy Court Ruling Upsets National Mortgage Servicer | A Bird's Eye View

[Evan Bedard]

Thank you for sharing this article!