Our Supreme Court’s decision in Yvanova approved of Glaski’s holding that a plaintiff has standing to assert a cause of action for wrongful foreclosure when "a purported assignment necessary to the chain by which the foreclosing entity claims that power is absolutely void." (Yvanova, supra, 62 Cal.4th at p. 935.)
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· Editor’s note – This ruling further clarifies the Supreme Court’s Yvanova v. New Century Mortgage Corporation decision which establishes an allegation of a void trust deed assignment is sufficient to challenge a foreclosure as wrongful as the void assignment itself qualifies as prejudice or harm. Read the case text.
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By William Hudson Last week the California Supreme Court ruled in Yvanova v. New Century Mortgage Corporation (Case No. S218973, Cal. Sup. Ct. February 18, 2016) that homeowners have standing to challenge a note assignment in an action for wrongful foreclosure on the grounds that the assignment is void.
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(Yvanova, supra, 62 Cal.4th at pp. 942-943.) "Unlike a voidable transaction, a void one cannot be ratified or validated by the parties to it even if they so desire." (Id. at p. 936.) Yvanova expressly offers no opinion as to whether, under New York law, an untimely assignment to a securitized trust made after the trust’s closing date is.
In seeking a finding that an assignment agreement was void, therefore, a plaintiff in Yvanova’s position is not asserting the interests of parties to the assignment; she is asserting her own interest in limiting foreclosure on her property to those with legal authority to order a foreclosure sale.
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