Thursday, September 03, 2009

Mortgages: Brooklyn Judge Rejects Improperly Documented Foreclosure Motions, Shocks Banking Industry

Mortgages: Brooklyn Judge Rejects Improperly Documented Foreclosure Motions, Shocks Banking Industry: "There's a judge in Brooklyn, NY, who has tossed out nearly half of the foreclosure cases brought before him over the past year, because the lenders have such messy paper trails that they can't prove ownership anymore."
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Thanks to Mystery Reader for this slice of life in Brooklyn. As the article says, the judge isn't using some arcane reading of the law. "He's just forcing lenders to follow the rules." Imagine that. Wouldn't it be nice if we had more judges forcing institutions--such as HOAs and condo associations--to follow the law?

1 comment:

marvin said...

The rates on foreclosed houses have been uphill for the past months. Thus, many homeowners are seeking for ways to save their houses. FHA loans are the easiest type of real estate mortgage loan to qualify for nowadays. The FHA guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.