In re Bishop (10-53717, Adv. No. 11-05055)

Debtor retained no interest in real property that was the subject of a foreclosure sale prior to the petition date. The security deed had originally been granted to the lender's nominee (MERS). Prior to the foreclosure sale, MERS transferred its interest in the security deed back to the lender. Neither the transfer of the security deed nor the foreclosure sale were defective; therefore, the debtor's rights in the property were cut off when the highest bid was made at the foreclosure sale.

Tuesday, December 27, 2011