For those of us in Washington State, and/or the 9th Circuit Court, this is significant news if your anticipating using the "Produce The Note" strategy to avoid foreclosure. One more layer of precedence to sustain your demand for proof of standing to foreclose, and the law requiring a solid, UNBROKEN chain of transfers of ownership for EACH sale of your note. MOST of us have loans that no longer have a paper note available, because it was destroyed in lieu of a scanned electronic image of the note... THAT AINT GONNA CUT IT says Washington State Department of Financial Institutions. Read it for yourself:
DCU Bulletin - Reliance on Electronic Images of Loan Documents
Yay! Way to go Washington DFI!
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