| From Karl Denniger's Market - Ticker comes a bit of good news for Michigan. Thank goodness we still have some independent minds in the judiciary. It is a short post so I'll put the whole thing up. Market - ticker also has a copy of the court ruling should anyone want to read it. That's That Defendants were entitled to judgment as a matter of law because, pursuant to MCL 600.3204(1)(d), MERS did not own the indebtedness, own an interest in the indebtedness secured by the mortgage, or service the mortgage. MERS’ inability to comply with the statutory requirements rendered the foreclosure proceedings in both cases void ab initio. Thus, the circuit courts improperly affirmed the district courts’ decisions to proceed with eviction based upon the foreclosures of defendants’ properties.
MERS cannot foreclose without judicial process as it does not own the indebtedness or an interest in it, nor is it a servicer. First state to do this, I believe. The reasoning, incidentally, implicates exactly what I have brought up repeatedly: If the party that is the real owner of the debt is not the one who forecloses, you could potentially be exposed to having to pay TWICE.
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