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California Court Ruling: Foreclosed homeowner has cause to sue bank for fraud
Tuesday, February 1st, 2011|Kerry Curry|HousingWire:
A California appeals court ruled that a former homeowner's lawsuit against U.S. Bank (USB: 27.66 +2.44%) for fraud may continue after the bank allegedly reneged on a promise to negotiate a mortgage modification, opening the door for claims from potentially thousands of similarly situated troubled borrowers in the Golden State.
While the court ruled that a case for fraud-which includes claims for damages-could proceed, it also ruled that the homeowner, Claudia Jacqueline Aceves, lacked sufficient cause to get her home back after the foreclosure sale.
What could become a landmark foreclosure ruling appears to be both a win and a loss, for mortgage servicers and foreclosure defense attorneys alike. Mortgage servicers prevailed on issues of alleged defects in the foreclosure process, with the court ruling that none of the Aceves allegations of irregularities "would permit the trial court to void the deed of sale or otherwise invalidate the foreclosure." Aceves had claimed, for example, that the notice of default was defective and therefore void, a claim the court rejected outright. "Absent prejudice, the error does not warrant relief," according to the ruling.
The court spent most of  its 15-page ruling, however, discussing how U.S. Bank had purportedly ... more

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