justia.com | January 16, 2015
|Court: Rhode Island Supreme Court
|Opinion Date: January 14, 2015
|Areas of Law: Banking, Real Estate & Property Law
In order to finance her purchase of a home, Plaintiff executed a note payable to New Century Mortgage Corporation. The note was secured by a mortgage on the property naming Mortgage Electronic Registration Systems, Inc. (MERS) as mortgagee. New Century, the lender, subsequently filed for bankruptcy and filed a notice of rejection of executory contract regarding its membership agreement with MERS and its status as a MERS member. MERS then assigned the mortgage to UBS Real Estate Securities, and UBS assigned the mortgage to USA Residential Properties. Thereafter, USA Residential and its loan servicer, Rushmore Loan Management Services, LLC, commenced foreclosure proceedings against Plaintiff. Plaintiff filed this complaint against MERS, UBS, USA Residential, and Rushmore, declaring that the mortgage assignments were void and the foreclosure sale was invalid. The superior court dismissed the action for failure to state a claim, concluding that Plaintiff lacked standing to challenge the assignments of the mortgage and, alternatively, that the assignments were valid and the foreclosure proper. The Supreme Court vacated the judgment of the superior court, holding that Plaintiff had standing to challenge the assignment of the mortgage on her home and adequately stated a claim upon which relief may be granted.
Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager
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