JUDGE KENT DAWSON ORDERS THEM TO PRODUCE THE NOTE AGAIN
An article in the Las Vegas Review Journal reports that Judge Kent Dawson has added another ruling to a long long list of isolated bankruptcy lower court rulings throught the United States. U.S. Nevada Disctrict Court Judge Kent Dawson held that the lender failed to produce enough evidence that it had the right to foreclose. The case, which was heard by a panel of federal judges in November, concerned whether Mortgage Electronic Registration Systems Inc., or MERS, could foreclose on residences on behalf of lenders. The electronic system records the ownership of residential mortgages for the mortgage banking industry.
The local media shows how important these events are, for example, Dawson said the company could not foreclose on a home because it did not provide evidence that it held the note on the residence and didn’t show that it was an agent of the lender.
I am in over my head. I have two homes that I am trying to do a short sale on but the lenders (1st/2nd) on both are not willing to move forward unless I work with them on some type of settlement. I do not want the homes to foreclose or have to declare bankruptcy but with CC bills and everything else I might have no options. I am trying to do the right thing but at the end of the day it is a business decesion…any insight from anyone going through this would be great