The Too Big To Fail banks have been waiting with trepidation for a ruling from the Supreme Judicial Court of the State of Massachusetts on the case titled US Bank National Association (as trustee) vs. Antonio Ibanez. They were right to be fearful. The state supreme court has ruled against the banks and upheld a lower court order that nullified foreclosures by US Bancorp and Wells Fargo, on the grounds that neither bank had the legal right under Massachusetts law to foreclose. Today’s ruling has far-reaching consequences for the banks and the housing market in general, as it throws into serious question the legal soundness of millions of mortgages in the US if, as expected, courts in other states come to similar conclusions as the Supreme Judicial Court of Massachusetts.
This recent case adds weight to the other lawsuits going on around the country .
So what does all the really mean for homeowners?
Bottom line is this…if the bank holding your mortgage note can’t prove who actually owns your note (today or in the previous “assignment chain”), then they have no legal right to demand that you are obligated to continue making payments or repay a loan to them, since its unclear if they actually ever legally owned it.
So the opportunity for borrowers who want a shot a voiding their mortgage is quickly becoming a reality nationwide. Over a dozen cases has shown that the banks may not even own your loan anymore, and unless they can produce proof that they have no valid claim – IN MANY CASES THERE IS NO PROOF!
This is particularly interesting for homeowners struggling to make payments or even those who are current, but want to have a go at making their mortgage go away FOREVER.
Now the question is, how do you get them to provide this information and how do you prove your case and VOID YOUR MORTGAGE?
READ MORE
No comments:
Post a Comment