Holding a mortgage note absent a proper transfer of assignment will prevent financial institutions from finalizing foreclosures on Nevada homeowners, the state's Supreme Court held when deciding Leyva v. National Default Servicing Corp.
The case began in foreclosure mediation when Wells Fargo (WFC: 27.59 -2.51%) brought forth the original deed of trust and mortgage note without having copies of mortgage assignments that showed the transfer of rights from the original lender to Wells Fargo.
Anthony Laura, an attorney with Patton Boggs, said the Nevada Supreme Court in the Leyva case is essentially the state's "highest court telling foreclosing mortgagees what they need to be able to foreclose."
"They are insisting on proper evidence of assignment of both the mortgage note and the deed of trust," Laura explained.
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