Foreclosure Ruling may set a new Legal Precedent

On November 16 U.S. District Judge Christopher Boyko (Cleveland, OH) threw the entire mortgage community a curveball.  A total of 14 foreclosure cases were brought into his courtroom, not an uncommon practice these days.  He responded by dismissing every one.  What was the reasoning?

The judge maintains that the seizure of property through foreclosure must be initiated by the owners of the property.  These properties were held as mortgage debt in securities and the cases were begin brought "on behalf" of the mortgage investors.  These particular actions were represented by Deutsche Bank National Trust Company.

The ramifications of this case will be interesting to watch as Florida and California are the current leaders in the Real Estate foreclosure market.

 
This post has been included in Florida Information

5 Comments on Foreclosure Ruling may set a new Legal Precedent

It is interesting to watch all the goings on in the mortgage world.  This is just the latest chapter in an unfinished book. 

11/18/2007 04:14 PM by PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY)

Will this set a presidence in other states.  It will be interesting to see how all this plays out.

11/18/2007 04:17 PM by Vicky Poe, Realtor/Apprentice Auctioneer (Realty 1 Group)

That will be interesting to follow. I have two REO properties in San Diego that I am selling with Deutsche on the title and I am expecting more. Must be a crazy real estate market in FL as well!

11/18/2007 04:18 PM by Peter Larson (Granite Bridge Homes)

Joseph- Thank you for posting about this ruling. I am printing this out to show some of our customers who are in foreclosure, maybe we can site this ruling in their court cases. Katerina

11/18/2007 04:23 PM by Nestor & Katerina Gasset, Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.)

Who was or is the actual owner, in those cases... the lender?

11/18/2007 04:47 PM by Mott Kornicki • Real Estate (SIB Realty)

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Joseph E. Robinson III, Realtor, GRI, ePro (Paradise Properties of Brevard, Inc.)
Joseph E. Robinson III, Realtor, GRI, ePro
Melbourne, FL
More about me…
Paradise Properties of Brevard, Inc.

Office Phone: (321) 773-1982
Cell Phone: (321) 591-3358
Email Me
Joseph E. Robinson III's Brevard county Real Estate Guide and MLS Search for Melbourne, Merritt Island, Cocoa Beach, Viera, Indialantic and Melbourne Beach provides information on home ownership, area real estate, taxes, insurance, schools, space center, launches, beaches, luxury homes, area attractions and more.

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find FL real estate agents and Melbourne real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved