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MERS Complaint

MERS Complaint

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Categories:Types, Research, Law
Published by: Foreclosure Fraud on Oct 28, 2011
Direitos Autorais:Attribution Non-commercial

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04/02/2013

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Court case number 09L-09-181 JRJ (attached as Exh. PP). On September 16,

2009, MERS filed foreclosure in its own name as nominee for Wilmington

Finance, Inc. The complaint attached both the mortgage (attached as Exh. QQ)

and the promissory note (attached as Exh. RR). The note bears no endorsements,

in contravention of MERS’ rules. This is problematic and indicates that MERS

acted inappropriately when initiating the foreclosure.

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Oddly, an earlier foreclosure action had been filed on April 9, 2008 with respect to the same mortgage by Beltway

Capital LLC. That complaint appears to have mischaracterized Beltway’s status as the original lender with respect

to the mortgage. It also appears to assert Beltway’s ownership of the mortgage over four months prior to the date it

could have acquired such status according to MERS’ database, which still indicated that Credit Suisse First Boston

LLC was the owner of the mortgage in April 2008.

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133.In addition, the foreclosure complaint alleges that the plaintiff

owes MERS, as nominee for Wilmington Finance, Inc., the defaulted loan amount.

However, MERS System records (an extract of which is attached as Exh. SS)

indicate that as early as May 9, 2007, Wilmington Finance, Inc. had transferred

both its ownership and servicing rights in the mortgage loan to CIT Group, Inc.

On June 14, 2009, CIT Group, Inc. again transferred its rights in the loan to

Vericrest Financial, Inc. Thus, according to the MERS System records, it was

Vericrest Financial, Inc. that was owed the defaulted loan amount and was the real

party in interest on behalf of which MERS was acting as nominee when the

foreclosure complaint was filed three months after this last transfer.

134.As of September 14, 2011, the date the MERS System records

were produced to the Delaware DOJ, the MERS System records continued to

indicate that MERS was the mortgagee with respect to this loan. However, an

examination of the New Castle County Recorder of Deeds demonstrates to the

contrary that MERS ceased being the mortgagee on the loan just one month after

foreclosure, when Vericrest Financial, Inc. completed an assignment from MERS

to itself (attached as Exh. TT), and then from itself to The Bank of New York

Mellon FKA The Bank of New York As Trustee on Behalf of CIT Mortgage Loan

Trust 2007-1 (attached as Exh. UU).

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