MERS Loans In Washington Must Now Be Foreclosed Judicially
In Bain vs. MERS, August 16, 2012, the Washington Supreme Court states:
A plain reading of the statute leads us to conclude that only the actual holder of the promissory note or other instrument evidencing the obligation may be a beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property. Simply put, if MERS does not hold the note, it is not a lawful beneficiary.
The apparent effect of this ruling is that in the future all MERS loans will have to be foreclosed judicially.
Read the case at: http://www.mortgage-modification-attorney.com/wp-content/uploads/2012/08/Bain-vs-mers-wa-supreme-ct-8-16-2012.pdf