Appellate Division Ruling Holds Bank Lacks Standing to Foreclose on Residential Mortgage Loan

Bank of New York v. Silverberg et al., 86 AD3d 274 (2d Dept. 2011) On June 7, 2011, the Appellate Division, Second Department, dismissed a mortgage foreclosure proceeding based on payment default after holding that the plaintiff bank lacked standing to sue because it could not prove it was the owner of the underlying mortgage note.  The Bank obtained its interest in the mortgage as an assignment from Mortgage Electronic Registration Systems, Inc. (“MERS”), a national mortgage registry used byRead More→