Let’s suppose this law passes. It won’t change the fact that plaintiffs MUST have all their documents in order and properly prove their claims and have standing etc.
Most foreclosure defenses simply don’t exist. Why? Because defendants ALL KNOW they signed the note, owe the money, signed the mortgage, and must give up the house. So they don’t put up much of a fight. And those who do nearly ALWAYS lose the house.
If the bill becomes law, banks will have a motive to get all their paperwork in order so they can have an accelerated foreclosure, AS THEY SHOULD.
It also means that mortgagees will have a green light to take over houses abandoned in foreclosure. That also should mean adverse possessors could compete against the lender banks IF they do it the right way.
The bank has no right to possess the property till the court orders the foreclosure sale. Will the proposed law change that? How could it? Wouldn’t that impair the obligations of the mortgage contract?
If the mortgage requires the owner to forfeit all rents to the lender to cover the mortgage payment, shouldn’t the lender have the right to sue the adverse possessor of the house abandoned in foreclosure for damages equivalent to reasonable rents?
Show me some reasoning and case law to support your answer.
This mess keeps driving home one of my favorite mantras regarding mortgages – FIND THE FRAUD, TORTS, BREACHES, and other VIOLATIONS UNDERLYING THE MORTGAGE, and demand a cash settlement or sue. This applies to ALL mortgages, not just the ones in foreclosure. The vast majority of them have appraisal fraud or other serious malfeasznce underlying them. With proof of such malfeasance, the mortgagor could work the lender through a personal injury attorney for settlement or lawsuit to get a cash settlement, loan balance reduction, the house free and clear, and possibly punitive damages.
why do so many mortgage malfeasance victims, knowing this, pin their hopes on futile efforts to use litigation to delay the inevitable foreclosure?