Wednesday, February 23, 2011

imMERSed in a sea of differing opinions.

On February 11, 2011, Judge Karlin of the Kansas bankruptcy court sent more waves through the foreclosure and title community pool (a "title pool?"). The Martinez decision upholds MERS status as the lender's agent, for purposes of establishing standing by the current lienholder.

Compare this to New York bankruptcy Judge Grossman's February 10, 2011 Agard decision, for purposes of assignments that establish standing.

Read for yourself, and you'll be left to ask, "who's steering this boat?" I've talked with several local trustees, and they simply don't know what to do with this patchwork of analysis that is dropping from the various courts. I personally believe that recent state court decisions defining "non-possessory holders" will cut through this issue.