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the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure.
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Great news for folk in Kansas!
I don't know if there is controlling federal law or not, or if there is a case pending nation-wide. I fear that one might come under some higher pressure. Federal judges are completely useless wimps, IMO.
But there is also other good news. Nearly every state court system where it's been tried has upheld the requirement to produce the note, when foreclosing.
I love that one!
Says that if you are going to forclose on someone you
MUST produce the actual signed note in court! No note, no right to forclose.
If you've bought a house, in the last 10-ish years, you know that most loans change hands as many as 6 times in the first year after they're written. Your "loan package" is flipped and flopped, or was, through every kind of derivative scheme, etc. Thing is, they can get slack-ish in making sure the paperwork stays together. Some of the stops along the way, may not even exist anymore, leaving holes in the paper trail.
Question here is, what becomes of the ownership of the place. That will have to get settled along the way as well.
"Loan Limbo" could be a hassle. Not uncommon to require someone to remain in constant residence for 20 years to gain deed over a "homestead". Not a problem if you're living in the house you intend to die in, don't have to move for job reasons, or just want to trade up. All of those would be unavailable to you without some legal claim to the place.
No matter, hide n'watch, it should get interesting.
Fred