The Massachusetts Supreme Court really slapped lenders hard upside their head!!! They put a stop to a practice that lenders have been using for years……….it is kind of like a warped, not fun, game. Its called “Lets Take a House That We Can’t Prove Is OURS To Take”!
Judges always “assumed” that the lender had the necessary paperwork to foreclose (and we know what ASSUME stands for) and never asked to see copies of their paperwork. What is worse is that most properties in MA have a Power of Sale Clause in the mortgage notes which means that a Judicial ruling isn’t necessary to foreclose a home.
But the fall out does not stop with the foreclosed homeowner.
What about the unsuspecting home buyer? These people buy a home in good faith. Well, if the lender who foreclosed the home did not have the paperwork to prove that they owned the note giving them the right to foreclose…..guess what???? That means that this same lender does not HAVE THE RIGHT TO SELL IT. So, the next step is…..you could be out your entire investment.
Please read this article.
In my humble opinion, buyers need to recognize and pay for the value of an owner occupied home. Buying from a traditional homeowner, you know Ma & Pa Jones, will prevent you losing tens of thousands of dollars on a reversed foreclosure!
Bobbie Files, C.D.P.E.
Certified Distressed Property Expert
Your Bristol and Plymouth County Realtor
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