Idaho Takes a Big Bite Out of MERS
By Daniel Edstrom
DTC Systems, Inc.
Idaho takes a big bite out of MERS in this ruling. Summary judgment for the homeowner is granted, summary judgment for the MetLife Home Loans is denied. Check out this (rather long) excerpt:
B. Defendant Lacks Statutory Authority to Maintain a Non-Judicial Foreclosure Under I.C. 45-1505(1) the trustee may foreclose a trust deed if “The trust deed, any assignments of the trust deed by … the beneficiary … are recorded in mortgage records in counties in which the property described in the deed is situated”. The only recorded assignment of the trust deed is by Mortgage Electronic Registration Systems, Inc. (MERS) to MetLife Bank, N.A. dated February 23, 2009. That document purports to transfer all beneficial interest MERS had to MetLife. Continue reading “Idaho Takes a Big Bite Out of MERS”