Foreclosures Invalid 4


supreme court ruling foreclosures invalidOn Friday, the Massachusetts Supreme Court ruled that two foreclosures down by 2 of the nations largest banks were actually invalid. Since then it has been a firestorm through the industry with people wondering what the ruling will mean for other foreclosure sales. And what that will mean for the leverage potential of a short sale.

Basically, the banks foreclosed on the homes, and then bought them at foreclosure prices. But they forgot one thing: to prove they even owned the mortgages at the time of the foreclosure. Whoops!

The banks tried using all sorts of fancy jargon to prove they didn’t, wouldn’t, couldn’t, shouldn’t have, almost, whatever. In the end, the judge cut through the red tape and figured out the bottom line. This might be unique to that state because of some specific laws they have there, but the applicability will definitely be tested in courts across the country in the coming months.

So where will that leave homeowners on the verge of losing their homes? Will this offer them a much needed reprieve? Will it delay the inevitable? Will it just be another hoop to jump through?

What do you think?


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4 thoughts on “Foreclosures Invalid

  • Gold Will

    Means nothing to people in this part of the country. This is not new stuff. If you want some really good causes of action or someone to write pleadings that work, drop me a lione at gold.will@yahoo.com

  • Greg

    Well, they could probably run a burger stand, but after the IRS took possession of The Mustang Ranch (a bordello in Nevada), they proceeded to run it into the ground and into bankruptcy. They couldn't even make a profit on liquor and prostitution in Nevada!

  • Angelshortey21

    Well I must say I was the victim in losing my home to emc mortage bank through inhertiage, where they written me a letter to acquire my parents home then turn around in the same breath offer me help and still took it away, and also claim they gave my siblings and I the remaining proceeds. I pray everyday that someone will find an answer to really help people save their home.

  • Craigslist68+1

    The only way they can be held accountable is if we make them. Vote with your dollars. Go to local community banks and credit unions. Let JP Morgan Chase, Citi Bank, Wells Fargo, Bank of America go frisk each other. Let's face it, the only difference between what happened to us the last couple of years and the “Great Depression” is marketing – there just wasn't a run on the Banks demanding our money back – that's all. If we had demanded our money from the big Banks the way they did in the Depression, who do you think would have gotten that “bailout money”? Oh, and the FDIC guarantee, don't believe it! Sure, you get your money back…someday…in bits and pieces…kinda.