Banks’ Right To Foreclose Challenged

Oregon Foreclosures
Rebecca Niday v. GMAC Mortgage, LLC *Please be sure to read the disclaimer at the bottom of the page* This landmark court case is being fought in Oregon at the state level and pertains to Banks' mortgage servicing practices and calls into question whether a given bank has met the criteria required for it to pursue a non-judicial foreclosure. With the logic following that if the Bank cannot prove that it is the beneficiary then of course it cannot foreclose on a borrower for non-payment. The Niday case argued that Mortgage Electronic Registration System (MERS for short) was a tool used by banks to exploit a loophole because MERS didn't actually own the loan. At the risk of oversimplifying, banks would name MERS as the owner of a mortgage with…
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