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View Diary: Bombshell MERS Ruling:Process Illegal (144 comments)

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  •  Hrm. (0+ / 0-)

    It ruled that MERS was validly delegated the right to foreclose by the original lender as part of the transfer of the note itself, despite the fact that there was no "paper trail" that conformed to the ideal.

    Apparently then I misunderstood what was said about the MN supreme court's ruling.  I've not read it, so I was trusting to the comments here.

    It does not mean that the original lender can't promptly comply with the formalities, no matter who ultimately the rights to foreclose are assigned to.

    I may be missing something here, but this seems to be very problematic when the original lender is bankrupt (as many of them are).  When this has happened, and the note and mortgage have not been legitimately transferred to other entities, then what?

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