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Court Voids Forecosures Slams Banks For Utter Carelessness

The decision just handed down by the highest court in Massachusetts is the first in which the highest state court voided a Wells Fargo foreclosure proceeding due to the fact that the bank could not prove that they had the proper paperwork to foreclose. Like many mortgage loans over the past 5 years, the loan in question was sold  to investors  as part of a pool of loans through the mortgage securitization process. In many cases,  the lender who ultimately holds the mortgage, does not receive the proper endorsements from the prior holder. Many similar cases are presently on the dockets in other states, New York included. These courts were awaiting this decision may very well make similar rulings on their individual cases. As for this homeowner, who clearly acknowledges that he had a mortgage and was unable to pay it, he is now the owner of the home “free and clear” of the mortgage debt he previously owned. Whether this will be the final outcome is yet to be seen. Read more

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