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We agree with the judge that the plaintiffs, who were not the original mortgagees, failed to make the required showing that they were the holders of the mortgages at the time of foreclosure,” Judge Ralph D. Gants wrote for the SJC. “As a result, they did not demonstrate that the foreclosure sales were valid to convey title to the subject properties.”
The banks claimed that “securitization documents” they submitted established valid assignments that made them the holders of the two mortgages before the notice of sale and the foreclosure sale.
But the SJC disagreed.
Originally posted by Cassius666
reply to post by DontTreadOnMe
So in other words, the bank selling your loan does not affect you in any way and that is true for everybody.
Originally posted by lostviking
Today, the Massachusetts Supreme Court decided US Bank v. Ibanez. This is the largest victory for consumers who are facing foreclosure or who have been foreclosed upon. Basically, the court found that if your loan has been securitized (and 85% of all loans have been), your 'lender' no longer has standing to foreclose.
This decision could cause the downfall of the big banks. This decision does, what TARP bailouts sought to prevent- cause the mortgage industry to implode.
Because this area of law is so complex, I have attached a book that every person in America should read. It details how we have all been defrauded by the banks, including borrowers, investors and insurers. I am in the process of suing Citimortgage. To date, they can't produce evidence that they own my loan. I imagine they will 'create' some documents....but now it doesn't matter what they do.....they have no standing and I can prove it.
Please read the attached file, it is your duty as an American to understand how your tax dollars are bailing out corrupt banks that should have failed based on their deceit and exploitation of law.
Foreclosure Defense Book by Vince Khan:
Foreclosure Defense Book
Originally posted by hawkiye
The big secret is there is no loan and never was the bank never loaned you anything in the first place. The promissory note paid for the house in full and you created it not the bank. They can't prove they have a claim in court but the courts have been in collusion with them until recently. Maybe this will change things.