(BREAKING NEWS – OP-ED) — … and this is why we’ve been telling you to look more closely at assignments of mortgage and deeds of trust. It appears the Maine Supremes decided Beal Bank wasn’t entitled to an Assignment of Mortgage by a defunct lender, New Century Mortgage Corporation. Seriously? Who’s going to “make up the assignment out of thin air” now, Beal Bank? Don’t be surprised if Beal Bank tries to get the loan servicer to do its dirty work for it!
See the case here: Beal Bank USA v New Century Mortgage Corporation, 2019 ME 150 (Oct 1, 2019)
See page 3 where it appears the attorneys for Beal Bank lied to the courts, telling them that “MERS” purportedly assigned the subject mortgage to LNV Corporation.
MERS didn’t assign “shit” folks!
In fact, it highly likely that:
- MERS and its parent MERSCORP, Inc. had absolutely no idea that its name was being used in creating the assignment;
- The mortgage loan servicers more than likely had a hand it drafting the paperwork for the land records;
- The Greenleaf case in Maine set precedent in the district court’s decision against Beal Bank; and
- The equitable trust doctrine doesn’t apply here, jut because Beal says so!
Don’t be surprised to find MERS-assigned mortgages in the land records when foreclosure is intended!