Posted on: 09th Apr, 2009 09:00 am
A recent Land Court decision that is currently a hot topic of discussion among conveyancers and underwriters in Massachusetts. Essentially, the court has invalidated any foreclosure sales where the mortgagee did not hold the mortgage via an unambiguous assignment dated prior to the date of sale. I have seen similar decisions coming out of bankruptcy courts, but this is the first time that a state court in Massachusetts has opened on this subject with such great detail. While most of New England states have judicial foreclosures, and the issue of the mortgagee's identity may be resolved by the court prior to the sale, I wanted to share this recent development in Massachusetts with you.
Does anyone have any information re: this change?
Does anyone have any information re: this change?
I'm also waiting to hear if I'm going to close or if I'm SOL... have any of you heard any news on the hearing today? Thank you!
I just spoke with the lawyer I am working with and he told me it could be up to another month for them to make a decision with the evidence that is brought forward today. It really stinks and I think I am going to walk away.
I am definitely not walking away....I didn't come this far and uproot my family for nothing. With all of us out here experiencing the same thing someone has to take notice. Doesn't it make sense for us all to come together to try and help overturn the verdict? Is that even possible?
...this stupid state is so backwards sometimes. I'm due to close next week. The property has been vacant for a year. The foreclosing bank sold off the property and I can't close because of this decision? It's not like the previous owner is going to benefit. I'm going to be homeless as my apartment has already been rented. I don't understand who this court decision is benefitting. Not the economy, not the buyers, not the sellers, but apparently just people who have been foreclosed on because they can't pay their mortgages. Yeah, that'll fix the recession.
That is my point exactly. Here we are with money in hand to help purchase these homes that have been vacant for a year or more and we are being told NO! Isn't the point to help these banks out and turn the economy around. I've been told that it is purely "good deed doers" fighting for the little guy who got kicked out of his home and fighting the "BIG BAD BANKS" who loaned the money. I'm sorry but the person borrowing the money KNEW DAMN WELL they couldn't afford it in the first place. The problem starts with them, then the banks for still giving them the loan. So here we all are sitting and waiting while our GOOD HONEST money sits and waits? How is this right?
So do we know definitively what the court ruled today? My lawyer said he wasn't available until tomorrow, so I'm dying over here...
I have many properties affected by this ruling , i haven't recieved any update regarding today's hearing ...if anyone does..please can you post to keep everyone informed....thanks ...and good luck to those patiently waiting..
I was searching on the Internet regarding this same issue and found the following page:
"localism.com/blog/ma/posts/1036198/Major-Developments-In-Massachusetts"
You'll find information on this issue here. Hope this helps you.
"localism.com/blog/ma/posts/1036198/Major-Developments-In-Massachusetts"
You'll find information on this issue here. Hope this helps you.
has anyone heard anything yet?
Last i heard there was and extensionfor the appeal put in place till June 8th. I've been advised from my lawyer that it is very rare that a Judge will overturn their own verdict.
However,I also contacted the REBA offices and it seems that they will be filing a amicus brief at the hearing. This should support 'us'.
I was told to be patient and that it is out of all of our hands till this case is situated.
Has anyone heard differently?
However,I also contacted the REBA offices and it seems that they will be filing a amicus brief at the hearing. This should support 'us'.
I was told to be patient and that it is out of all of our hands till this case is situated.
Has anyone heard differently?
I am really glad to hear I am not the only one suffering thru this and I am even happier to have found this website. I refer to it everyday so if anyonre has any shred of information, please post. Thanks gmorin for the info. I'm very skeptical about all of this. I'm not sure if I should withdraw my deposit on the property. I hate to say it but I'm doubtful this will end in our favor but then I would hate to lose the property over my negativity. Any advice would be helpful.
Hi just called Harmon law offices (this is the law office which is representing Fannie Mae) well she informed me June 8th is the next extension. However, this is the date for the extension of the banks to have all their paperwork in order. This is not the date of the actual hearing. So this could take much longer.
My next question to her was whether the bank (fannie Mae) would stop waiting on the outcome of this particular case and just do the reforeclosure. She hinted that Fannie is seriously considering doing the reforeclosures instead of waiting.
It seems this is one big waiting game. UGH!
My next question to her was whether the bank (fannie Mae) would stop waiting on the outcome of this particular case and just do the reforeclosure. She hinted that Fannie is seriously considering doing the reforeclosures instead of waiting.
It seems this is one big waiting game. UGH!
a couple of my clients ( banks) are not waiting, and starting to reforeclose, they are taking the homes off the market , under agreement or not ... and starting foreclosure proceedings again
Does anyone know how long the second foreclosure is actually taking. Are the folks who lost the house originally brought back into the picture again?
I have been stumbling over packed boxes since April when we found out
our foreclosed house was going to have to go through the process again.
We have started looking again
I have been stumbling over packed boxes since April when we found out
our foreclosed house was going to have to go through the process again.
We have started looking again
I've heard that the second foreclosure can take up to 3 months but it depends on how long it takes them to start the darn thing. Also, my realtor said that some banks may be waiting for guidelines on how to do the foreclosure. This past Saturday, we received a document to end our contract from the bank. I think this may the end for us. I'm tired of this sh**.