Heath's Blog

head_left_image

MA Court Rules That A Foreclosure May NOT Be A Foreclosure!

Massachusetts has joined the list of states with "foreclosure confusion". A judge ruled yesterday that because a bank did not prove it owned a couple of loans before it foreclosed on them, the foreclosures are not valid! Oops - to say the least.

In one of my blogs last year: http://activerain.com/blogsview/525644/More-Foreclosure-stuff-MERS-Mystery I tried to summarize what my research on MERS had shown me. It seems that these two loans were both examples of that kind of "lost paperwork".

This judge's decision raises some questions. 1) If banks now have to prove ownership before they foreclose, will that delay the foreclosure process?  2) If a loan has "disappeared" into a MERS like filing system, what checks are available to validate the current owner at the "reappearance" of the chain of ownership?  3) If a file cannot be found in MERS or a like system of non-public recordings, what happens to the property?  4) If the chain of ownership was passed around inside a MERS like system, who is going to check to make sure it was done properly and according to law?  Will they give access to outsiders or will that have to be legislated?  Will legislators make it happen or let it slide?

Whether foreclosures continue is now a matter of how well the bank can document its ownership. Some will proceed whether they can prove ownership or not. The uninformed public often isn't aware of the proper procedures in a foreclosure. Make sure those you know at least ask questions and get some local advice.

It seems that the foreclosure mess has hit another bump in the road. This bump has the capability to turn the truck over though.

 

Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / capegroup@capegroup.com
508-274-5613  Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup  Skype: heath.coker

REindex.com, The Site Engine®
508-274-5613  reindex@reindex.com
See our 2 Minute YouTube www.REindex.com/WhatIsREindex.html
@RealEstateIndex

James Heath Coker | Create Your Badge

MA Court Rules That A Foreclosure May NOT Be A Foreclosure!
share
Massachusetts has joined the list of states with "foreclosure confusion". A judge ruled yesterday that because a bank did not prove it owned a couple of loans before it foreclosed on them, the foreclosures are not valid! Oops - to say the… more
More people are using social media than are viewing porn!
share
Here are some factoids that are seen in the youtube videos of TeacherTube . How many do you think are fact and how many are not? Generation Y will out number Baby Boomers in 2010. 96% of them are in at least one "social network"… more
What If You Were Smarter Than Einstein - At Age Two!
share
I just read an article about a two year old that has an IQ that is off the charts. This "kid" has more intelligence than the people who make up the intelligence test. That is a mind bender! If you were this smart what would you do?… more
Twitter Made Easy for Business (Part 3 of 3 - 'Tweeting')
share
I don't re-blog, but this is very helpful. I have had a twitter account for awhile, but this set of vodeos made what I was doing faster, easier, and more helpful to my business. Each one is 5+ minutes and very easy to follow. … more
Hollywood East Founder (Past President of Paramount) Answers Common…
share
Here is a current interview with David Kirkpatrick. He is a past president of Paramount and one of the founders of Hollywood East. These are brief answers to questions everyone is asking. (And the names of those asking the questions are a good… more
Cape Cod Housing Stats
share
Preliminary Cape Cod & Island MLS Statistics for September 2009 compared with September 2008: Total number of transactions is down 13% Total dollar volume is down 7% Single family sales are down 11% and median price is now $329… more
Does Your Mortgage Originator Have A "Unique Identifier"?
share
According to the Board of Governors of the Federal Reserve System every mortgage originator is now going to be fingerprinted, registered in a registry, and tracked through their life as an originator. This is evidently intended to monitor the… more
Planning To Work At Hollywood East?
share
If you're planning to work at the Hollywood East studios on the East Coast, then you'll need comfortable real estate on Cape Cod Here is an example of a peaceful and private spot that could become a haven while you're finishing your next movie at… more
Proper Mercury Disposal Helps Us All Stay Healthier
share
Mercury is a naturally occurring element. It is used in many common items today. Proper disposal of mercury can help us all stay healthier. While mercury is an element, our bodies don't break it down so it can build up and slowly poison humans. &… more
It was a beautiful day on Cape Cod!
share
The days are getting shorter already! But today was a beautiful day on Cape Cod! There were leaf peepers here on the Cape, trying to see as much of New England as one trip would allow. I had some Italians (real ones, not just from the North… more