MERS is put in this position in one of two ways: the first is by an assignment from a lender or servicer to MERS. This method is usually associated with bulk transfers of servicing. The second way is with the lender naming MERS as the mortgagee of record as nominee for itself (and its successors and assigns) in the original security
With respect to MERS, the plaintiffs claimed that MERS’ assignment of the loan’s deed of trust to U.S. Bank was improper and invalid, and as a result U.S. Bank’s appointed trustee, California.
A side effect of the MERS system is that a transfer of an interest in a mortgage loan between two MERS members is unknown to those outside the MERS system." In the Gomes case the court said that California’s nonjudicial foreclosure rules, Civil Code sections 2924 through 2924k, are intended to be a one-stop-shop for how to exercise the power of sale in a deed of trust.
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In re: Walker, Case No. 10-21656 Chapter 11 Ronald H. Sargis, Judge, U.S. Bankruptcy Court, Sacramento Mitchell L. Abdallah, attorney for rickie walker. mers assigned the Deed of Trust for Debtor’s property to Citibank, which filed a secured claim. Debtor objected to the claim.
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In In Re Walker, the court basically held that since MERS is not the beneficial owner of the note, it can’t foreclose. Your application for TRO/preliminary injunction would be against all three. (I would include the trustee in the application) In California, an agent of the beneficiary can sign the Notice of Default.
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