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 loans that clearly and specifically identifies the mortgage at issue as among those assigned, may suffice to be proof that the assignment was made by a party that itself held the mortgage,” Gants wrote. “However, there must be proof that the assignment was made by a party that itself held the mortgage.”
The case is U.S. Bank v. Ibanez, 10694, Supreme Judicial Court of Massachusetts (Boston). The lower-court cases are U.S. Bank National Association v. Ibanez, 08-Misc-384283, and Wells Fargo Bank NA v. LaRace, 08-Misc-386755, Commonwealth of Massachusetts, Trial Court, Land Court Department (Boston).
Documenting mortgage fraud is one of your vital ‘weapons’ to fight foreclosure
This ruling by a state supreme court further demonstrates how effective it is to stop foreclosure by documenting your ‘pretender lender’ does not have standing to foreclosure on you.
This is one of the 3 ‘weapons’ I explain in the Special Report, Battle Plan To Stop Foreclosure. If you do not yet have your copy, CLICK HERE to make your request.
Also, CLICK HERE for more information on using a forensic loan audit to document fraud and fight foreclosure.
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Source: http://www.bloomberg.com/news/2011-01-07/us-bancorp-wells-fargo-lose-pivotal-massachusetts-foreclosure-case.html
Technorati Tags: stop foreclosure, wells fargo wrongful foreclosure, us bank wrongful foreclosure, massachusetts supreme court, justice ralph gants, invalid foreclosures, Judge Keith C. Long, massachusetts foreclosures
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After rising foreclosures and the expiration of buyer tax credits that boosted demand early in the year, Zillow Inc. said US home values will probably drop this year. Home prices may drop as much as 11 percent more through the first quarter of 2012 before finding a bottom, according to a recent Morgan Stanley report.
The “Settlement” between Wells Fargo and Jerry Brown as Attorney
General of California, is a total fraud, but no one is talking about
it in those terms, because our political “leaders” are slaves to
the elite bankers. I am arthurprit@gmail.com and NOT afraid to
expose all the truth about these things. My name is Arthur L. Pritchard and it is totally beyond me how the elite bankers have
SO much control, over our President as well.
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