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A Massachusetts Judge Keith Long in a ruling has upset the apple cart when it comes to foreclosure sales. The Boston Herald on October 14, 2009 wrote, Judge’s ruling could upset foreclosure market.
Apparently, banks and investors did not file necessary paperwork when they traded home loans with each other. This becomes a bigger question as to who legally owns the loan. Apparently Wells Fargo and U.S. Bank tried to fix the paperwork after the fact but this Judge would have none of that!
This new ruling clears the way for other Massachusetts homeowners who lost their homes due to foreclosure and challenge the foreclosure if there was paperwork problems. Yep, the means anyone who bought a foreclosed house may be contacted by the former owner who might sue to reclaim their house.
Even the home buyers trying to buy a foreclosed home according to the article are finding it difficult to get mortgage or title insurance due to this new ruling.
“Bank of America and other lenders even pulled some foreclosed properties off of the Massachusetts resale market after Judge Long’s March ruling.”
Judge Long ruling said, “the problem the banks face is entirely of their own making as a result of their failure to comply wit state statues.”
Pretty big news, I’d say…does leave one in a quandary as to all the CA foreclosures. I would think we have had many more than Massachusetts.
Have the banks not done the paperwork? Did the banks divide the mortgages and then resell the toxic paper for profit while luring investors into buying derivatives?
Speaking of foreclosed homes, did you know that you can always see all of the bank owned homes for sale right here on Sacramento Real Estate Voice by simply clicking on
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