Discusses the implications of a landmark decision — Landmark National Bank v. Kesler – on 8/28/09 by the Supreme Court of Kansas holding that Mortgage Electronic Registration Systems, Inc. (otherwise known as “MERS”) has no standing to commence a foreclosure action as to a home mortgage registered with it, and that when MERS transfers title to the mortgage the assignee may not get good title to the mortgage, which means that the assignee also may not have standing to foreclose. This is …
Homeowners who are in danger of losing their homes through judicial foreclosure should not forget about the equity that always exists in a mortgaged property represented by the sum of the mortgage payments that the mortgagor no longer makes while the property is in foreclosure (and for several months before and after). This is so even if the property is worth less than the amount owed to the bank. The total amount of these monthly payments to be saved can be considerable, depending on (i …