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In Re Walker, Part Deux – March 3rd, 2011, may just be a HUGE day for California Homeowners
our intrepid hero, one Mr. Ricki Walker, back on May 27, 2010, the court had ruled, as I phrased it on Mandelman Matters at the time, that MERS could not foreclose and Citibank could not collect. “Since no evidence of MERS’ ownership of the underlying note has been offered, and other courts have concluded that MERS does not own the underlying notes, this court is convinced that MERS had no interest it could transfer to Citibank. Since MERS did not own the underlying note, it could not transfer the beneficial interest of the Deed of Trust to another. Any attempt to transfer the beneficial interest of a trust deed without ownership of the underlying note is void under California law.” As to Citibank’s claim, the Honorable Judge Ronald H. Sargis said… “Since the claimant, Citibank, has not established that it is the owner of the promissory note secured by the trust deed, Citibank is unable to assert a claim for payment in this case.” READ MORE AT SOURCE: http://mandelman.ml-implode.com/2011/03/in-re-walker-part-deux-%E2%80%93-march-3rd-2011-may-just-be-a-huge-day-for-california-homeowners/
March 4, 2011