Ohio Dismissing Foreclosures
A judge dismissed 32 foreclosures for a lack of documentation. This action does not remove the debt from those being foreclosed upon, but it does delay the action of foreclosure for several months, buying the troubled homeowners time if nothing else.
LoanWorkout.org writes:
Judge O’Malley ruled, “A foreclosure plaintiff, therefore, especially one who is not identified on the original note and/or mortgage at issue must attach to its complaint documentation demonstrating that it is the owner and holder of the note and mortgage for which suit was filed. In other words, a foreclosure plaintiff must provide documentation (underlined by O’Malley) that it is the owner of the note and mortgage as of the date of the foreclosure action is filed.”
O’Malley then stated, “In this case the plaintiff is not identified on the note and mortgage as the original holder/owner, and has either (1) not timely filled out adequate documentation that it was the owner and holder at the time or (2) filed documentation that an assignment or execution of trust interest occurred, but occurred after the filing of the complaint.”
Hopefully more states will take strict action against lenders. This would do little to benefit homeowners struggling to get out of debt, but it would at least send a message to lenders that they cannot act illegally.
Comments
Leave a Reply
You must be logged in to post a comment.