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Lawsuit Challenges Foreclosure Framework

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A lawsuit over an alleged wrongful foreclosure filed in Ventura County Superior Court argues that Sam Palmer, a senior citizen facing foreclosure on a $862,000 home, doesn’t even know who owns his mortgage, and that the note should be ripped up and asks the judge to strike down the foreclosure framework used on notes that have been cut and sold over and over.

The defendants in the lawsuit are a number of loan servicers and Mortgage Electronic Registration Services (MERS).

The lawsuits argues that the only parties who have the legal right to foreclose on a mortgage are the investors who own the loan, but those names are not on any public record, nor are they found in the Registrar’s Office. The investors are only known as numbers in a system controlled by Wall Street giants like Goldman Sachs and Deutsche Bank.

Unless the investors who own the loan come forward, Palmer wants his mortgage erased.

MERS has been the target in lawsuits around the country, but none question the role of MERS and what is happening in the handling of public records as deeply as Palmers lawsuit.

Janis Smith, MERS spokeswoman, said the company follows the law, and that’s its process can withstand judicial scrutiny.
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breakinglawsuitnews.com disclaimer: This article: Lawsuit Challenges Foreclosure Framework was posted on Monday, May 9th, 2011 at 7:36 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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