Court of Appeals: Oregon Retains Public Recording Requirement in Nonjudicial Foreclosures (MERS not a Substitute)

Update: See “Oregon Supreme Court will tackle MERS foreclosure issues,” by Brent Hunsberger, The Oregonian, July 19, July 20 (print edition), 2012.

For the decision AND an overview of Oregon’s nonjudicial foreclosure laws:

Rebecca Niday v. GMAC Mortgage, LLC (A147430) (from Clackamas County Circuit Court)

A summary can be found at the OJD Media Release website (Click on Court of Appeals, then July 18, 2012.) Excerpt from the Media Release:

“In Oregon, a trustee may foreclose a trust deed by advertisement and sale–also known as nonjudicial foreclosure–only if the beneficiary of the trust deed has publicly recorded “any assignments of the trust deed” in the county mortgage records. Today the Court of Appeals held that using Mortgage Electronic Registry Systems, Inc. (MERS) as the nominal “beneficiary” and its private database for tracking beneficial interests in trust deeds does not satisfy the public recording requirement of Oregon’s nonjudicial foreclosure law….” [Link to full case.]

Link to the full case: Rebecca Niday v. GMAC Mortgage, LLC

Link to other Oregon Court of Appeals cases.

Link to other Oregon Court opinions.