Wednesday, January 12, 2011

Virginia Legislature proposes amendments to the statutory foreclosure scheme

There is some "good" and some "bad" in this bill, but probably more "good" on balance.  The provisions with particular teeth are the one that requires an unbroken chain of assignments to be RECORED before a foreclosure can take place and the one prohibiting foreclosures by a "nominee," i.e. MERS or its functional equivalent.

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