In two decisions handed down by the Oregon Supreme Court yesterday, MERS' franchise in that state got eviscerated. These decisions are:
Brandrup v. ReconTrust Co., No. S060281 (Oregon June 6, 2013)
Niday v. GMAC Mortgage, LLC, No. S060655 (Oregon June 6, 2013)
The Oregon Supreme Court held that MERS is not a beneficiary under an Oregon trust deed and has no authority to exercise the rights under the trust deed.
This decision is as good as it gets.
This decision may void more than a few non-judicial foreclosures in Oregon and may force most foreclosures involving MERS instruments to be undertaken as judicial rather than non-judicial foreclosures.
There are a few scam artists criticizing this excellent decision. Those running debt elimination scams have been claiming that MERS involvement voids the deed of trust and extinguishes the note. Of course, this is and has always been complete nonsense and only serves as the pretext to defraud distressed borrowers who buy into the scam.
Everyone should carefully read the Oregon decisions several times. The Oregon Supreme Court really hits the nail on the head and cleaned MERS' clock in all respects.