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Loan Modification

: Mortgage Lender Implode-o-Meter

CALIFORNIA BANKRUPTCY COURT HOLDS THAT MERS CANNOT TRANSFER NOTE FOR WANT OF OWNERSHIP

By Implode-Explode Heavy Industries

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``The court found that MERS acted ?only as a nominee? for Bayrock under the Deed of Trust and there was no evidence that the note was transferred. The opinion also provides that ?several courts have acknowledged that MERS is not the owner of the underlying note and therefore could not transfer the note, the beneficial interest in the deed of trust, or foreclose on the property secured by the deed?''

Full post as published by Mortgage Lender Implode-o-Meter on July 10, 2010 (boomark / email).

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