About A California appeals court granted MERS, (Mortgage Electronic Registration Systems) a legal victory by ruling MERS can launch foreclosure procedures even when it lacks possession of a promissory note.
In its Ferguson v. Avelo Mortgage verdict, the California Second District Court of Appeals refused to accept the plaintiff’s assertion that MERS as nominee of lender lacked possession of the original promissory note. Ferguson argued MERS could not foreclose if it did not hold the note.
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