Tuesday, September 23, 2008

More On Mortgage Lenders' Lack Of Legal Standing To Foreclose

In New York City, The Village Voice reported earlier this month:

  • [A] series of startling court decisions nationwide have ruled against subprime lenders attempting to foreclose on borrowers after failing to legally establish ownership of the loans in question because they had been 'transferred' multiple times.


  • More and more Judges have demonstrated they are not willing to foreclose on a mortgage when they can't determine where it originated, or who actually owns the loan.


  • [Josh Zinner, co-director of NEDAP, New York Economic Development Advocacy Project] said that after the recent spate of publicity subprime garnered, courts are becoming more open to hearing about abuses in the lending system.

For more, see Fighting Foreclosure: Subprime Borrowers Battle (and Beat) Lenders in Court.