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Federal Court Dismisses Wrongful Foreclosure Action based on MERS Assignment

February 8, 2013

Joe Kingma won dismissal of a wrongful foreclosure action brought against a law firm that was retained to initiate foreclosure proceedings. The plaintiff alleged that MERS was not authorized to assign his security deed, that the bank could not foreclose because his note and security deed had been split during the assignment process, and that he had been fraudulently induced to believe that foreclosure proceedings would be stayed while he negotiated a loan modification. The U.S. District Court for the Middle District of Georgia dismissed the case because the plaintiff’s security deed authorized MERS to assign the power of sale and the foreclosing bank held the plaintiff’s note and security deed at the time the law firm initiated foreclosure proceedings.

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