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Abstract: 

Even as the country begins to pull out of the recession and the real estate market is showing signs of revival, issues involving foreclosures continue to be heavily litigated. In this article, the author describes the concept of standing as it applies to judicial foreclosures and how the entity foreclosing must show its right to enforce the promissory note under the UCC. He also provides examples of prerequisites to non-judicial foreclosure where, although standing is not an issue, non-judicial foreclosure states have strict requirements which must be complied with. He concludes with a description of borrower attempts to challenge foreclosure of securitized mortgages by alleging violations of Pooling and Servicing Agreements—challenges that have largely failed because the borrowers themselves lack standing to bring these claims.

Keywords: standing to foreclose; judicial foreclosure; non- judicial foreclosure; promissory note enforcement; UCC Article 3; standing to challenge Pooling and Servicing Agreement

Affiliations:  1: Blank Rome LLP.