2012-05-29 — mfi-miami.com
Florida StatuteÂ Â 718.116Â assumes the mortgage holder foreclosing on the condo owner has legal standing to foreclose but what if they don't? Does this exception still apply? That was the million dollar question we needed answered.
MERS did not have proper authority to assign this mortgage as a nominee for Aegis Wholesale because Aegis Wholesale's corporate parent, Aegis Mortgage Corporation filed for bankruptcy on August 13, 2007. This extinguishes any rights MERS had as a nominee. The assignment also violated the terms of the Pooling and Servicing Agreement for the Harborview Trust because it was not assigned into the Trust before the cutoff date specified in the Pooling and Servicing Agreement.
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