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Guest

Has anyone here who still has a current Purchase and Sales Agreement on one of these foreclosures spoken to a lawyer regarding the Chapter 93A Consumer protection statute? (see my previous post). I have tried to contact my closing lawyer, but since he is actually working for the bank, he hasn't been forthcoming. Does anyone know of a decent Real Estate lawyer on the North Shore? Hopefully Judge Long will overturn his previous decision, but if he doesn't, I want to know what my options are. Thanks.

Guest

In my case I gave the bank another extension which is going to be done in June 29. They requested another extension last wednesday, but I refuse to sign it; so they just returned my deposit and said they're not go ahead with this deal anymore. Now I'm gonna try to get all the money invested in that property (inspection, appraisal...) because this was a waste of time; I signed the P&S since March and been waiting patiently, but this is insane, too stressful. Now I'm gonna move on and start looking for houses AGAIN.

Guest

If anyone hears anything about today's court proceedings, can you please post to share with the rest of us? Thank you!

Guest

I wouldn't expect any great outcome from today. Today was the last deadline that was put into place for the plaintiff to make a statement. I plan on contacting the judge's clerk by Wednesday to see if there has been any progress. It is all in the judge's hands now. Let's hope he makes a decision quickly and doesn't sit on this for weeks!

Guest

Hello Gmorin, and everyone affected by the Land Court decision,

I've tried to find Scott Smith's email address but can't seem to be able to. I did write a letter to Judge Long and mailed it to him last week. Here is a copy of what I wrote:

June 22, 2009

The Honorable Keith C. Long
Land Court Department of the Trial Court
226 Causeway St.
Boston, MA 02114

Dear Sir,
I am one of the many prospective home buyers adversely affected by the recent ruling in the U.S. Bank National Association vs. Ibanez case # 384283. I signed a Purchase and Sales Agreement on a small home in Gloucester, MA on February 23rd, 2009. It is a home that is owned by Premiere Assets Management, a division of Wells Fargo Bank. My original closing date was supposed to have been on March 27th, but since Wells Fargo had not posted the foreclosure documents, the closing was delayed. By the time the documents were posted, the aforementioned case had taken affect and I have been unable to close on this property.

I have invested $450.00 on an inspection, $775.00 on plumbing repairs (there were frozen pipes in the home and in order to do a proper inspection I needed to have them repaired), also, since I was assured that the closing would take place by both my realtor and the sellers, I got permission to have the walls repaired (the previous owner had taken a hammer and smashed most of the walls) which cost $1775.00. I also have invested many hours myself, painting nearly the entire interior.

Now, I am informed by Harmon and Harmon Associates (the lawyers representing the sellers) that depending upon your upcoming decision concerning these foreclosures, that the foreclosure may be deemed invalid and that the home may need to be re-foreclosed upon. I am told that if that happens that they will have to “kill the deal” and that I will have no recourse in this matter.

I am hoping, Sir, that in your upcoming decision you will allow those of us that have valid Purchase and Sales Agreements on these properties to go ahead and close on them. I am on a fixed income and have been watching the MLS listings for the past couple of months, and there have been no other properties in my price range (except for a couple of complete teardowns!). I cannot afford to lose this home.
Thank-you, Sir, for your time and consideration.

Sincerely,

Peter Cooney

I hope that if any of you hear anything you will post it here. Thanks!

Guest

We looked at a Fannie Mae foreclosure yesterday and decided to put in an offer. We went with an offer that is a little more than what we were approved for with our first house even though it was way lower than what they were asking.

What we found out is that the rates are now moving higher - the rate we were locked in at disappeared when the house we got it on was no longer available

One of the other houses we looked at was on a block where houses are now going for more than asking price - houses that are not being foreclosed on.

I guess my point is that at this stage, with no new information about what is going to happen to all the foreclosed houses that are on hold, our dream of owning an affordable house is starting to go away.

Guest

Banker and Tradesman ran another article last week on the case and its tone was quite promising. REBA (Real Estate Bar Association) of MA submitted a brief to the judge that is unheard of at this level of a court case, arguing for the ruling to be overturned and backed it up with examples and previous rulings. In any case, let's keep our fingers crossed that we hear something this week -- and it's positive!!!

Guest

Wow, glad I found this place. We put an offer on our DREAM home two weeks ago, waited and jumped for joy when we heard our offer was accepted. We are facing a health situation in our current home, and need to move fast. We were excited when the bank said we could close as soon as we want....no loan involved. I called to hire a closing attorney and two days later was informed ours was "one of those" impacted by Judge Long's decision. I choked...still am. Now I have a signed p & s, no one will insure our title......and our hope of moving is slowly fading away!!
Due to this decision, the market is amess. Homes that are not Bank owned are going into bidding wars....home that are foreclosed are sitting and no one is caring for them, people like us.....who were told it is a Buyer's market are quickly watching it turn into a FROZEN market.
My husband and I just want to know one way or the other...the longterm ramifications and the logistics of upholding his decision at the appelate level are far reaching.

Common sense, even uncommon sense would tell you: you are hurting the consumers..not protecting them as indicated in the statute the Judge used to uphold his decision; you are stalling an already failing economy; insurance companies are scrambling...is this when everyone comes to the bank and asks to withdraw their money, they wont be able to withstand the claim payouts; are the courts ready to deal with the fallout, they find their docket busy now.....; how will the prior home owners (who according to this Judge are still the rightful owners) be notified on reforeclosures, some homes have been sold 3-4 times, and just how far back does he want to go?

Bottom line, if he wants it that way going forward fine, but lets set a date certain and set requirements going forward.

Hopefully he understands the urgency of the situation and lets us out of limbo gently and quickly.

Posted: Tue Jun 30, 2009 5:28 am Post subject:

"Banker and Tradesman ran another article last week on the case and its tone was quite promising."

It is SO rare that a judge will overturn his own decision and for Banker and Tradesmen to lead you to believe you'll have a positive outcome is terrible.

Guest

I just called Scott (session clerk to Judge Long) and his voice message was set for y'day and it says the hearing on the Ibanez case scheduled at 1pm is OFF.. Seems like it didn't happen y'day.. now when???? I am like most of you waiting since March on a dream home we found and hoping Judge will make some favourable decision to allow these 100s of homes to be sold.

Guest

I do not believe it was "OUR" decision that was called off. It was Duetche bank v. Jiminez, with a very different docket number. I called and listened to the message and at least as far as I can tell that was not this case. It was a case on for a Lis Pendens hearing. the numbers on the cases do not match and while it was difficult to understand the message, I believe he said Jiminez case # 403944.

Hopefully it was not our case that was taken off the docket for the day Smile

)

Guest

From the B&T article last week:

After Monday's deadline, Judge Keith Long will look at the arguments, amicus briefs and other filings to decide whether he should alter his March 26 decision that has affected every facet of real estate in the commonwealth.
In that decision, in the cases U.S. Bank v. Ibanez and Wells Fargo v. Larace, Long ruled U.S. Bank's foreclosure of a Springfield home was invalid, because the bank could not prove it owned the mortgage title when it publicized the foreclosure auction nor when the auction was actually held.
However the practice of backdating mortgage assignments after foreclosures was common practice, and Long's decision has thrown Realtors with pending REO sales, title insurers, conveyancers, homeowners who recently purchased foreclosed homes and the mortgage brokers who financed them into limbo.
The Real Estate Bar Association (REBA) has filed a "statement of interest" in the case - the first time it has made such a filing below the appellate level. The statement asks Long to reconsider his decision on the legality of backdating mortgage assignments, pointing out that while the decision was a valiant attempt to curb the foreclosure pandemic, the decision has had many unintended consequences and could cause more harm than good.
"The decision creates a bright line distinction concerning the dating and recording of assignments of mortgage, such that an incorrectly dated and recorded assignment unintentionally creates an unmarketable title for thousands of innocent buyers of REO property and their new lenders," said Edward Rainen, an author of REBA's filing. "By default, it does not punish the original lenders who acted incorrectly, nor will it benefit the original borrowers, who are already foreclosed."
The lawyers for U.S. Bank and Wells Fargo, Ablitt Law Offices, have filed memos to have Long vacate his own decision. Ablitt began this process by filing a suit to get the opinion of the court whether a foreclosure notice posted for a property in Springfield could be published in the Boston Globe, instead of the Springfield Republican.
Long decided the Globe was sufficient, but then decided the foreclosures were invalid because of the backdated mortgage assignments - a far cry from what Ablitt had intended.

Guest

I emailed the sessions clerk, Scott Smith from Judge Long's office. Here is his response:

Good Morning Ms. Morin,

The matters of Ibanez and Larace are currently under advisement. Responses to plaintiffs' motions to vacate were filed on June 29, 2009. The judge will decide the motions to vacate on the papers, so there will not be another hearing in these matters. A ruling will issue when the judge has reviewed all the submissions and had an opportunity to write a decision. Regrettably, I can't be any more specific than that right now as all the responses have just come in and they are rather voluminous. Thank you.

I do hope things work out for you and your family as quickly as possible.

Sincerely,

Scott
Scott A. Smith
Sessions Clerk to the Honorable Keith C. Long
Land Court Department of the Trial Court
226 Causeway Street
Boston, MA 02114
(617)788-7463 Phone
(617)788-8951 Fax

SO - let's just hope that he makes his decision within 1-2 weeks. I was really hoping for the end of the week but I guess that was too hopeful

Guest

I emailed Scott, the clerk, yesterday to ask if the case had been postponed. Here is the reply I got

The matters of Ibanez and Larace are currently under advisement. Responses to plaintiffs' motions to vacate were filed on June 29, 2009. The judge will decide the motions to vacate on the papers, so there will not be another hearing in these matters. A ruling will issue when the judge has reviewed all the submissions and had an opportunity to write decision. Regrettably, I can't be any more specific than that right now as all the responses have just come in and they are rather voluminous. Thank you.

Sincerely,

Scott

Guest

I just heard from a broker that BOA (owns CW) has told the brokers to pull ALL their listings off the market; so if you were under p&s, its now void.

Does anyone know how to go about recovering the costs lost?

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A recent Land Court Decision Affecting Foreclosures in Massachusetts