Should the banks have to follow the letter of the law to foreclose on your house?
Everyone has an opinion. Here’s mine. Everyone has to follow the rules. You have to make your mortgage payment. They have to follow the exact letter of the law before they make you “git” out of your house.
But what I think doesn’t really matter. But the ruling of the Nevada Supreme Court will make a difference, but here in Nevada and across the U.S. Yesterday the court heard arguments on whether a bank can foreclose on a home even though it could not present all the required documents during mediation.
Attorneys for Andrew and Dauretta Davis of Douglas County claim that the Mortgage Electronic Registration Systems (MERS) did not sign the documents properly on their home. Their original lender has gone bankrupt (natch.)
The central question is: Did MERS really assign the loan? If not, MERS can not foreclose. MERS reps did not produce a signed certification at the mediation hearing. The MERS attorney argued that MERS received that right to assign in the deed of trust the borrower signed at closing, so who cares about the paperwork?
My 2 cents: If you had the right, get the paperwork and prove it!
Stay tuned to see what really happens.
((hugs)) BETH Ellyn
Managing Broker, Nevada
702.324.6911 call or text