MERS Loans In Washington Must Now Be Foreclosed Judicially

In Bain vs. MERS, August 16, 2012, the Washington Supreme Court states:

A plain reading of the statute leads us to conclude that only the actual holder of the promissory note or other instrument evidencing the obligation may be a beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property. Simply put, if MERS does not hold the note, it is not a lawful beneficiary.

The apparent effect of this ruling is that in the future all MERS loans will have to be foreclosed judicially.

Read the case at:  http://washingtonattorneybroker.com/wp-content/uploads/2012/08/Bain-vs-mers-wa-supreme-ct-8-16-2012.pdf