Do Lenders Need To Hold Both Promissory Note & Mortgage At Foreclosure?

Posted By DEADLY CLEAR on September 12, 2011

SJC To Consider “Produce The Note” Foreclosure Defense In MERS Mort...

by RICH VETSTEIN on SEPTEMBER 8, 2011 in
FANNIE MAE, FORECLOSURE, MASSACHUSETTS REAL ESTATE LAW, MORTGAGE CRISIS, MORTGAGES

Do Lenders Need To Hold Both Promissory Note & Mortgage At Foreclosure?

In a rare “sua sponte” (on their own) direct appellate review, the Massachusetts Supreme Judicial Court has agreed to hear an appeal considering the controversial “produce the note” defense in foreclosure cases and whether a foreclosing lender must possess both the promissory note and the mortgage in order to foreclose. Based on arguments asserted by the lender, the court may also consider the circumstances by which a mortgage granted to Mortgage Electronic Registration System (MERS) can be effectively foreclosed in Massachusetts. Continue reading on DEADLY CLEAR →