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Tuesday, January 11, 2011

Banks Can't Foreclose on Some Homeowners in Massachusetts

Bloomberg recently reported that the Massachusetts Supreme court ruled against Wells Fargo and US Bancorp.

Essentially, the high court agreed with a lower courts ruling that the foreclosure process the banks imposed against some lenders was not valid because the banks could not prove that they were indeed owners of the note.

The judges acknowledged that the families were not paying their monthly mortgage payment; but unless the financial firms can "show the note" or otherwise prove that they were holders of the mortgage during the time of the foreclosure, then the proceedings can not go through.

Such judicial voiding of foreclosures is getting more and more common has homeowners' lawyers are asking the Countrywides & Bank of Americas of the world to "Produce the note"... At the very least such strategies may delay your eviction a few weeks or months, or as in extreme cases (such as those in metro-Boston) the foreclosures will be thrown out.

foreclosure - Google News