justia.com | June 12, 2015
By Neil Garfield
Aurora Loan Servs., LLC v. Taylor
|Court: New York Court of Appeals Citation: 2015 NY Slip Op 04872
||Opinion Date: June 11, 2015
|Areas of Law: Banking, Real Estate & Property Law
Defendant executed an adjustable rate note to First National Bank of Arizona, wherein she agreed to repay a loan. To secure payment, Defendants executed a mortgage with the the bank. The loan was subsequently made part of a residential mortgage-back securitization trust, and Deutsche Bank Trust Company Americas became the owner of the note. Aurora Loan Servicing, LLC later assumed servicer obligations, and thereafter, the mortgage was assigned to Aurora. When Defendants defaulted under the note, Aurora commenced this foreclosure action. Defendants moved for summary judgment, asserting that Aurora did not have standing to bring this foreclosure action. Supreme Court denied the motion and then granted Aurora’s motion for summary judgment of foreclosure and sale. The Appellate Division affirmed the first order, concluding that Aurora had standing. The court reversed the judgment of foreclosure and sale for reasons not relevant to this appeal. The Court of Appeals affirmed the finding that Aurora had standing to commence this mortgage foreclosure action, holding that because the note was transferred to Aurora before the commencement of the foreclosure action, Aurora was vested with standing to foreclose.
Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager
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