Old House by dingbat2005

Readers of this blog fully understand foreclosures are on the uptick and will likely to stay that way for the remainder of the year. However, some people may not fully realize the challenges being mounted against foreclosures from all fronts.

It seems the lenders/banks have it had too easy for too long and have become complacent in their obligations to prove their standing, i.e. right to foreclose. To compound the problem, some note owners aren’t even aware foreclosure is being carried out in their name.

The Decision
Probably the most publicity generated in this arena is the Boyko decision in Ohio. It seems fed up, is a mild way to describe the feelings of the property owners in this case.

This link is a 6 page pdf download of Judge Boyko’s opinion. It has far reaching possibilities and isn’t being taken lightly by people and organizations fighting against foreclosure as is practiced today.

An article in Cleveland’s newspaper, The Plain Dealer, explains the case and some of the rational in the judge’s opinion.

You don’t have to be a rocket scientist to determine this case just may become the precedent in fighting foreclosures and winning. Since loans are usually bundled and sold off to investors as far off as China, it becomes almost impossible to sleuth out who really owns the loan.

The Implications
If the judge is correct and only the owner of the note and not the note’s servicer, originator or original lender can foreclose, the implications are huge. To bolster the argument of the fight foreclosure advocates, The Home Equity Theft Reporter has several interesting articles here and here.

To Challenge or Not to Challenge
I’m not sure who the person doing the narrative in a video titled: Make Em Produce the Note is, but his message is clear. He is telling everyone who listens to challenge their foreclosure notice by making the foreclosing party produce the note.

What is especially interesting in this arena is the homeowner isn’t restricted to only federal court. The homeowner can start at the lowest rung of the state court system and file suit against the foreclosing party.

As a side bar, it appears this is true in trust deed states as well because once the foreclosure action is started in court, the foreclosing party is stayed from proceeding any further in the foreclosure process. I am not a lawyer and I am not giving legal advice. I am a foreclosure consultant who likes to be as knowledgeable as possible.

I present the above information and sites as references and suggest to anyone in this arena to perform their own due diligence. Above all, if these court cases and theories are on the mark, the whole foreclosure landscape in this country will dramatically change.

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