Monday, December 27, 2010

Admission: In MERS cases, assignments are not obtained until foreclosure begins

The best "stuff" comes out when the sharks bite each other. Here is a complaint in the case of Ocwen Loan Servicing, LLC v. Mortgage Electronic Registration Systems, Inc., No. 1:08-CV-00824 (E.D. Va 2008).  It states, among other things, that the "MERS system is also essential to the foreclosure process, since mortgage servicers seeking to foreclose on defaulted mortgages that are registered on the MERS system must obtain an assignment from MERS in order to commence foreclosure proceedings."

You can read more here:

The case was ultimately withdrawn by Ocwen after the court denied its TRO motion.

1 comment:

  1. Guess there is no honor among theives after all...One thing the court did not pick up on in this case (and in other cases where Ocwen has claimed to represent/to have gotten an assignment from Delta funding) is the fact that the deeds of trust/mortgages Ocwen was attempting to steal, um, "assign" from Delta were executed AFTER DELTA FILED BANKRUPTCY in 2007 - listing NO LOANS AS ASSETS in their bankruptcy filing. Either a violation of BK Law and/or outright fraud since a defunct company cannot assign anything. Ocwen has filed assignments dated as recently as late 2012 claiming they were executed by a companies that don't exist... they are diabolical