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Summary: Supreme Judicial Court of Massachusetts upholds decision on wrongful foreclosures
Supreme Judicial Court of Massachusetts upholds decision on wrongful foreclosures by US Bancorp and Wells Fargo The state Supreme Judicial Court today upheld a judge’s decision saying two foreclosures were invalid because the banks didn’t prove they owned the mortgages, which he said were improperly transferred into two mortgage-backed trusts. “We agree with the judge that the plaintiffs, who were not the original mortgagees, failed to make the required showing that they were the holders of the mortgages at the time of foreclosure,” Justice Ralph D. Gants wrote. This foreclosure case in Massachusetts’s highest court will guide lower courts in that state and may influence others in the clash between bank practices and state real estate law. Lower court ruling upheld In March 2009, Massachusetts Land Court Judge Keith C. Long voided the foreclosures, finding that the mortgage transfers were done months after the house sales. In October of that year, Long declined the banks’ request to reverse that ruling after they argued that the documents that bundled together the mortgages had transferred those instruments to them. Today’s court decision held out the possibility of securitization documents properly transferring mortgages. Such documents, along with “a schedule of the pooled mortgage [...] Related posts:
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Supreme Judicial Court of Massachusetts upholds decision on wrongful foreclosures
Supreme Judicial Court of Massachusetts upholds decision on wrongful foreclosures by US Bancorp and Wells Fargo The state Supreme Judicial Court today upheld a judge’s decision saying two foreclosures were invalid because the banks didn’t prove they owned the mortgages, which he said were improperly transferred into two mortgage-backed trusts. “We agree with the judge that the plaintiffs, who were not the original mortgagees, failed to make the required showing that they were the holders of the mortgages at the time of foreclosure,” Justice Ralph D. Gants wrote. This foreclosure case in Massachusetts’s highest court will guide lower courts in that state and may influence others in the clash between bank practices and state real estate law. Lower court ruling upheld In March 2009, Massachusetts Land Court Judge Keith C. Long voided the foreclosures, finding that the mortgage transfers were done months after the house sales. In October of that year, Long declined the banks’ request to reverse that ruling after they argued that the documents that bundled together the mortgages had transferred those instruments to them. Today’s court decision held out the possibility of securitization documents properly transferring mortgages. Such documents, along with “a schedule of the pooled mortgage [...] Related posts:
- Florida Supreme Court order requires foreclosure mediation Florida Supreme Court order requires foreclosure mediation to help...
- Massachusetts foreclosures fall in November Fewer Massachusetts foreclosures Fewer Massachusetts homeowners lost their homes...
- Wrongful foreclosures could mean big settlement checks paid by title insurers to previous homeowners The importance of title insurance is becoming crystal-clear in...
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