Wall St. Journal: “A group of state and federal judges presiding over foreclosures are wiping away borrowers’ mortgage debt, invalidating foreclosure sales and even barring some foreclosures outright. The decisions in recent months by a handful of judges in states including Massachusetts, New York and Texas mark a new phase in the judiciary’s battle to stem the rising tide of foreclosures by punishing mortgage companies for paperwork mistakes and alleged mistreatment of borrowers.”
At the heart of some of the court rulings is what became a common practice among mortgage companies: filing a foreclosure claim without showing proof that they actually own the mortgage and have the right to foreclose
Related posts:
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- FannieMae Announces New Underwriting Rules for Loans after a Short Sale or Deed in Lieu of Foreclosure
- Judge Dismisses Mortgage Foreclosure Over ‘Fraudulently Backdated’ Doc
- May Foreclosure Rate for U.S. Steadies as Banks Hold Back
- Mortgage Delinquencies, Foreclosures Break Records
- Fewer Home Buyers Get ARMs for Home Loans
- $1.5 billion in Housing Aid Coming to Arizona, 4 Other States
- Arizona Foreclosure Rate Down, But Still High
- Rising FHA Default Rate Foreshadows a Crush of Foreclosures
- Attorneys General Home In on Foreclosures
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