DS News - Digital Archives

"Conduct of Foreclosure Proceedings," in Fannie Mae's single-family 2012 Servicing Guide, states: MERS must not be named as a plaintiff or foreclosing party in any foreclosure action, whether judicial or non-judicial, on a mortgage loan owned or securitized by Fannie Mae. When MERS is the mortgagee of record, the servicer must prepare an assignment from MERS to the servicer and bring the foreclosure in its own name unless Fannie Mae specifically allows the foreclosure to be brought in the name of Fannie Mae. In that event, the assignment must be from MERS to Fannie Mae, in care of the servicer at the servicer's address for receipt of notices. The assignment must be prepared and executed before the foreclosure begins. If the property is located in a jurisdiction that recognizes the effectiveness of executed, but unrecorded, assignments, the foreclosure may be initiated prior to recordation of the assignment. In these cases, the assignments should be recorded as soon as possible, in compliance with the laws of the jurisdiction where the property is located. If the jurisdiction requires the assignment to the servicer or Fannie Mae to be recorded before proceeding with the foreclosure in the servicer or Fannie Mae's name, the assignment must be recorded before the foreclosure begins. County Requirements Under Kansas law, a suit must be prosecuted by the real party in interest, which is most usually established by the plaintiff's assertion and proof, if necessary, that it is the party entitled to enforce the negotiable instrument, i.e. note. (See K.S.A. § 60-215(a) and K.S.A. § 84-3-301, et seq.) Several counties in Kansas, most prominently Shawnee County where Topeka is located, require a recorded assignment of mortgage to prove the plaintiff's standing to foreclose the note and mortgage. In such counties, the courts will not grant judgment unless a full chain of assignments is included as exhibits to the pleadings. Some smaller counties go so far as to require inclusion of the assignment(s) to the petition itself. This "From the Bench" article was contributed by Brian R. Hazel and Kristen G. Stroehmann, senior attorneys in the Kansas foreclosure department for South & Associates, P.C. 80 IN THE NEWS Kentucky rank: 27 90+ Day Delinquency Rate Foreclosure Rate September 2013 2.3% Unemployment Rate 2.0% 8.3% year ago 2.4% 3.1% 8.2% year-over-year change -3.7% -35.7% 1.2% Top County Harlan CounTy 90+ Day Delinquency Rate September 2013 4.6% Foreclosure Rate 6.9% year ago 5.7% 7.1% year-over-year change -18.4% -2.7% Top Core-Based Statistical area london, Ky 90+ Day Delinquency Rate Foreclosure Rate September 2013 2.9% 4.2% year ago 2.9% 5.5% year-over-year change 1.6% -23.5% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the September 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary September 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Louisiana Foreclosure Rate September 2013 3.5% Fannie Mae and Freddie Mac have updated the Louisiana Mortgage (Form 3019) to reflect changes in applicable state law. Lenders may begin using the revised form immediately and must begin using it by April 1, 2014. The updated security instrument can be found on the GSEs' websites. A Spanishtranslated version of the document is not yet available, but will be posted at a later date. KNOW THIS Baton Rouge is ranked among the nation's top10 markets for investing in single-family rentals by HomeVestors and Local Market Monitor. Maine rank: 21 90+ Day Delinquency Rate Fannie and Freddie Update Louisiana Security Instrument rank: 5 Unemployment Rate 2.2% 6.8% 90+ Day Delinquency Rate 2.5% 3.1% 6.1% 2.8% 5.7% 11.5% -9.4% -10.3% Top County 6.2% 4.7% WashingTon CounTy 90+ Day Foreclosure Delinquency Rate Rate September 2013 4.2% 12.2% year ago 6.7% 4.4% year-over-year change -4.5% -5.5% Top County Foreclosure Rate year ago 6.5% 7.3% year-over-year change -30.3% ST. Bernard PariSh 90+ Day Delinquency Rate September 2013 6.9% year ago year-over-year change -3.7% Unemployment Rate 5.1% year ago 3.6% Foreclosure Rate September 2013 13.0% year-over-year change -30.4% -2.9% -6.7% Top Core-Based Statistical area Top Core-Based statistical area BaSTroP, La LeWisTon-auBurn, Me 90+ Day Foreclosure Delinquency Rate Rate September 2013 90+ Day Delinquency Rate Foreclosure Rate September 2013 7.0% 3.7% 3.3% year ago 6.5% 5.3% 3.4% year-over-year change 7.3% 6.8% year ago 7.4% year-over-year change -30.8% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the September 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary September 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. -5.1% -7.0% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the September 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary September 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics.

• Cover