Stein v. Chase Home Finance, LLC, et al.

Plaintiff sued in state court challenging the validity of both the foreclosure of his home by Chase and the redemption of his home by a junior lienholder, National. The district court subsequently granted Chase's and National's respective motions for summary judgment. Plaintiff contended that Minnesota law required Chase to hold both the mortgage and the promissory note at the time of the foreclosure, and genuine issues of material fact remained as to whether Chase held the note. Plaintiff also contended that National's redemption was invalid because the foreclosure itself was invalid. The court held that Chase was the party entitled to commence a foreclosure by advertisement under Minnesota law, even if the promissory note had been transferred to someone else. Assuming arguendo Minnesota law required Chase to possess the note, the district court correctly granted Chase's motion for summary judgment in any event because plaintiff did not raise any genuine issues of material fact showing Chase was not the holder of the note at the time of the foreclosure. The court declined to address plaintiff's argument regarding redemption because plaintiff never challenged it in the district court. View "Stein v. Chase Home Finance, LLC, et al." on Justia Law