Foreclosure Ruling may set a new Legal Precedent

By
Real Estate Agent with Coldwell Banker Paradise, Satellite Beach, FL

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.

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  Joseph E. Robinson III, GRI, e-Pro Realtor®
Licensed Florida Real Estate Sales Associate
Coldwell Banker Paradise®
232 5th Ave., Indialantic, FL 32903
321-300-6876 - Mobile, Text Message
http://JosephRobinson.com
 

Comments (5)

Vicky Poe
Good Ole Rocky Top - Crossville, TN
Realtor/ Auctioneer

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

Nov 18, 2007 08:17 AM
Peter Larson
Granite Bridge Homes - San Diego, CA
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!
Nov 18, 2007 08:18 AM
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services
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
Nov 18, 2007 08:23 AM
Mott Marvin Kornicki
Waterway Realtors® • Notary Public & Apostille - Sunny Isles, FL
Miami Notary & Apostille 786-229-7999
Who was or is the actual owner, in those cases... the lender?
Nov 18, 2007 08:47 AM