Virginia Court Shoots Down “Splitting the Note” and “Double Recovery” Theories
In Forez v. Goldman Sachs Mortgage, Lexis 35099 (E.D Va. 2010) plaintiffs asserted that Defendants lacked “authority” to foreclose under Virginia’s non-judicial foreclosure statutes. Second, Plaintiffs argued that loan securitization bars foreclosure because securitization “splits” the Note from the Deed of Trust or because “credit enhancements” related to securitized notes absolve borrowers of any liability [...]
Read Full Post | Make a Comment ( 1 so far )A closer look at MERS
REQUIRED READING: There is little doubt that America is infatuated with convenience and efficiency. The assembly line, the microwave, the Internet, speed dating and drive-thrus are just a few examples. Another example, not as publicly well known or understood as the foregoing, is the MERS system of registering and tracking transfer of interests in deeds [...]
Read Full Post | Make a Comment ( 2 so far )MERS v. LISA MARIE CHONG
UNITED STATES DISTRICT COURT DISTRICT OF NEVADA Dist. Ct. Case No. 2:09-CV-00661-KJD-LRL Bankr. Ct. Case No. BK-S-07-16645-LBR Presently before the Court is Appellant’s Appeal under 28 U.S.C. § 158(a) from the Bankruptcy Court’s Order Denying Motion to Lift Stay entered in the Adversary Proceeding No. BKS- 07-16645-LBR, docket no. 49, March 31, 2009. Having considered [...]
Read Full Post | Make a Comment ( 1 so far )Mortgage Assignment & Affidavit Fraud
In bankruptcy and government takeovers of financial institutions, missing collateral is a major obstacle for trustees and regulators to overcome. The missing assignment problem is an extension of not carelessness or sloppiness as many have claimed, but of overt acts of fraud. Skilled attorneys and forensic accounting experts could expose this fraud and as such, [...]
Read Full Post | Make a Comment ( 1 so far )Fair Game – If the Lender Can’t Find the Mortgage
By GRETCHEN MORGENSON Published: October 24, 2009 FOR decades, when troubled homeowners and banks battled over delinquent mortgages, it wasn’t a contest. Homes went into foreclosure, and lenders took control of the property. On top of that, courts rubber-stamped the array of foreclosure charges that lenders heaped onto borrowers and took banks at their word [...]
Read Full Post | Make a Comment ( 2 so far )IN RE DARRELL ROYCE SHERIDAN, SHERRY ANN SHERIDAN, Chapter 7 Debtors.
Sheridan_decision In this Chapter 7 case, the trustee, Ford Elsaesser (“Trustee”), objects to amotion under § 362(d) for relief from the § 362(a) automatic stay.1 Motions under § 362(d) are common in bankruptcy cases.2 Most stay relief requests proceed promptly to entry of an order, after proper notice, without any objection. However, changes in mortgage [...]
Read Full Post | Make a Comment ( None so far )The next financial tsunami unleashed by toxic mortgages
By PAM MARTENS The financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors. After leaving mortgage investors, bank shareholders, and pension fiduciaries awash in losses and a large chunk of Wall Street feeding at [...]
Read Full Post | Make a Comment ( None so far )Memoranda in Support of Motions to Dismiss Foreclosure
2.3 Memoranda in Support of Motions to Dismiss Foreclosure 2.3.1 Memorandum in Support of Motion to Dismiss, Case #4 IN THE CIRCUIT COURT, FOURTH JUDICIAL CIRCUIT, IN AND FOR DUVAL COUNTY, FLORIDA. CASE NO.: DIVISION: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., Plaintiff, vs. [DEFENDANT], DECEASED, ET AL Defendants. SEPARATE DEFENDANT, [SEPARATE DEFENDANT]’S MOTION TO CANCEL SUMMARY [...]
Read Full Post | Make a Comment ( None so far )MERS v. Southwest Homes of Arkansas
MORTGAGE ELECTRONIC REGISTRATION SYSTEM, INC., APPELLANT, VS. SOUTHWEST HOMES OF ARKANSAS, APPELLEE No. 08-1299 SUPREME COURT OF ARKANSAS 2009 Ark. LEXIS 121 March 19, 2009, Opinion Delivered NOTICE: THE LEXIS PAGINATION OF THIS DOCUMENT IS SUBJECT TO CHANGE PENDING RELEASE OF THE FINAL PUBLISHED VERSION. SUBSEQUENT HISTORY: Rehearing denied by Mortgage Elec. Registration Sys. v. [...]
Read Full Post | Make a Comment ( None so far )Ruling by judges rattles mortgage industry
A bankruptcy judge here, joining judges across the country, is throwing a bit of sand in the gears of the mortgage machine and its ruthless foreclosure blade. She has raised this issue: In many home foreclosures springing out of bankruptcy proceedings, the foreclosure is being triggered by a representative of the lender — a surrogate [...]
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