Posted by Susan Fischer on 5/11/11 12:12am
Msg #382827

Whoo Hoo! Victoy in Idaho "foreclosure;"

http://4closurefraud.org/2011/05/09/way-to-go-idaho-judge-rules-lending-company-mers-didnt-follow-proper-steps-to-obtain-couples-home/

Reply by Julie/MI on 5/11/11 7:58am
Msg #382834

This is one of many where the paper trail didn't lead to the proper parties filing the foreclosure paperwork.

However, one quick question, were these mortgagors behind in their payments? If they were, as sad as the situation truly is, and even with the horrible banks receiving tarp funds, I am assuming they WERE in default of the note.

So what should the remedy be?

Reply by Susan Fischer on 5/11/11 8:54am
Msg #382839

Whatever the court deems the remedy, is my pick. n/m

Reply by SharonMN on 5/11/11 11:41am
Msg #382868

Glad to see Julie's comment.

I don't like to see delinquent borrowers using loopholes to get out of foreclosures just because some paperwork wasn't filed correctly by the lender. Nobody is really disputing that the borrowers owe money to the lender and failed to pay, or that borrower intended to give the lender a lien on the property that would allow the lender to foreclose in case of default. I assume the lender can just correct the paperwork and THEN foreclose, so this just delays the inevitable and lets them stay in the house for free for a while longer.

Yes, the lenders need to get their paperwork straightened out, but in my view, the main issue here is that the borrowers defaulted on the loan and should suffer the consequences.

Reply by 101livescan on 5/11/11 8:48am
Msg #382837

Yeehaw! I love hearing stories like this! I have a few like this working in santa barbara county. one has a debt of over $1mil, and the bank is trying to foreclose at $550K. Lender is deutsche, they are in hot water with the feds and the City of LA for failing to maintain their vast inventory of foreclosure properties. Other municipalities will follow suits.

Reply by Les_CO on 5/11/11 9:09am
Msg #382842

If you think things are slow now, just wait until the ‘horrible’, banks and lenders have no recourse when someone defaults on their loan. I’m sure there will be great volumes of business out there where loans are secured only by the borrowers word. JMO

Reply by MW/VA on 5/11/11 9:10am
Msg #382843

As the homeowner said, it's not a solution. The legal beagles love this stuff--chinks in the foreclosure armour for not following proper procedures. I'm glad to hear they are still challenging the legitmacy of many of these proceedings.