We recently wrote a post describing a MERS defeat in Oregon Bankruptcy Court, and MERS (an acronym for Mortgage Electronic Services, Inc., an electronic registry) is in the news once again. This has not only been a hot topic in Oregon, but people around the nation have been attacking MERS as
Many home lenders use an entity called Mortgage Electronic Registration Systems, Inc., or “MERS” as a nominal party in loan transactions to facilitate an electronic central registry of note holders and servicers. On its website, MERS claims many benefits to use of their services. According to the website, MERS should be named in security instruments as a “nominee
A deficiency judgment is a judgment entered against a borrower after foreclosure of a secured debt when proceeds from sale of the collateral fail to fully satisfy the debt. A deficiency judgment against the borrower is prohibited by ORS 86.770(2) after non-judicial foreclosure of a trust deed on real property that is held as collateral security. This
The 2005 bankruptcy “reform” law was really about abuse of consumers and protection of banks. Its lofty name “The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” was no vehicle for consumer protection. I have long felt that this effort to make consumers more “responsible” financially has contributed to the dramatic economic downturn we have
Last week President Obama announced an ambitious and expensive plan to stabilize home prices and help homeowners in trouble with their home loans avoid foreclosure. The plan proposes incentives for investors and servicers alike to encourage loan modification even before homeowners default on their loans. However, one key element of the administration plan costs the taxpayers
In the bankruptcy practice where I work, I am seeing an increasing number clients caught in financial binds caused by usurious home loans. Oregon has an explicit exception to the statutes limiting interest and fees charged on loans set forth in ORS 82.010(4). On the other hand, there are many state and federal statutes including RESPA