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Source of Title Blog : Foreclosures

More on Schwartzwald: Ohio Supreme Court Reverses Another Foreclosure
by Robert Franco | 2013/01/21

The Schwartzwald case held that a Plaintiff in a foreclosure case that does not hold the note or mortgage at the time it files the complaint lacks standing, and the court therefore lacks jurisdiction.  The big question that this left open was: what effect does that have on all of the faulty foreclosures that have already been completed?  We may now have some insight into this thanks to a case that was reversed and remanded just last month, Washington Mutual Bank v. Wallace.

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Categories: Foreclosures, Title Problems

Source of Title Blog :: 0 comments ::

Foreclosures in Ohio After Schwartzwald
by Robert Franco | 2012/12/31

On October 31, 2012, the Ohio Supreme Court decided Federal Home Loan Mortgage Corporation v. Schwartzwald, finally answering the question: Can the lack of standing or a real party in interest defect in a foreclosure be cured by the assignment of the mortgage prior to judgment?  Until Schwartzwald, there was a split on this issue among the courts of appeal.  According to the Ohio Supreme Court, "a lack of standing at the outset of litigation cannot be cured by receipt of an assignment of the claim or by substitution of the real party in interest."  What does this mean for the many foreclosures that have not followed this rule of law and what do title examiners need to look for when reviewing foreclosures in the chain of title?

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Categories: Abstractors, Foreclosures, Title Industry, Title Problems

Source of Title Blog :: 4 comments ::

Obama vs. Romney: Who holds the edge on housing policy?
by Robert Franco | 2012/07/17

We are all in the housing industry - to some extent, our future is dependent on a strong and stable housing market.  I saw an article indicating that Realtors favor Mitt Romney in the upcoming election and I began to wonder what plans each candidate had for restoring our housing market.  So, while I have done some research to see what has been reported on each candidates' position on housing, I am curious to know what you think.  Based solely on their expressed views of the housing market, and leaving general partisan sentiments aside, who do you favor and why?

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Categories: Foreclosures, General Interest, Mortgage Industry, Opportunities

Source of Title Blog :: 6 comments ::

Inverse Foreclsoure?
by Robert Franco | 2012/05/09

I have seen two very odd situations recently... where the lenders didn't complete foreclosures.  Both owners are stuck with properties, still subject to the liens, and they can't sell them.  It seems like the homeowners should have some remedy.  Perhaps what they need is a right to force a foreclosure - an inverse foreclosure where the homeowner initiates the process.

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Categories: Foreclosures, Innovation

Source of Title Blog :: 6 comments ::

Bevilacqua Court Got It Wrong
by Robert Franco | 2011/10/24

The recently decided Bevilacqua case in Massachusetts held that a buyer who received a defective deed from a foreclosing bank did not have standing to bring a "try title" action to clear his title. Though this a Supreme Judicial Court opinion, and it is now the law in Massachusetts, I don't think the Court got it right. 

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Categories: Foreclosures, Title Problems

Source of Title Blog :: 11 comments ::

One Day Late With Mortgage Payment and Facing Foreclosure
by Robert Franco | 2011/08/04

Sometimes you just have to wonder if there is any common sense left in the financial industry.  After a Florida gas station owner was one day late with his payment, the bank started refusing to accept payments.  Now ten months behind, with a foreclosure case pending, he offered to pay the $50,000 delinquency but the bank refused to accept it.  Here is a man who has the money to make his payments, he wants to make his payments, and he is dealing with a bank who would rather foreclose than get paid.   

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Categories: Foreclosures

Source of Title Blog :: 3 comments ::

MERS Loses in Oregon, a non-judicial foreclosure state
by Robert Franco | 2011/05/28

The courts are continuing to address the MERS problems.  This week, a federal court in Oregon found that MERS had failed to comply with Oregon law in its handling of a non-judicial foreclosure.  The court said "a party conducting a non-judicial foreclosure must demonstrate strict compliance" with the Oregon Deed of Trust Act, authorizing non-judicial foreclosures.

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Categories: Foreclosures

Source of Title Blog :: 2 comments ::

U.S. Bank Strikes Out On Third and Fourth Attempts To Foreclose
by Robert Franco | 2011/05/13

An interesting case in Ohio shows how a lender can permanently lose its rights to foreclose on a mortgage when it voluntarily dismisses its case too many times.  After filing its third foreclosure case, the Ohio Supreme Court weighed in and said "its too late." 

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Categories: Foreclosures, Mortgage Industry

Source of Title Blog :: 2 comments ::

Chipping Away at MERS: Mortgages May Be Unenforceable
by Robert Franco | 2010/10/26

Professors at the University of Utah and Georgetown have speculated that MERS mortgages may be unenforceable - ALL OF THEM.  And, even if they are valid, they say, serious tax consequences could be in the wings for the pools of securitized mortgages because they may not qualify for favorable tax treatment as everyone had previously assumed.  This is premised on the theory that if you assign a mortgage without the note, it becomes a nullity. As a result, 60 percent of the nation's mortgage loans could be unsecured.

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Categories: Foreclosures, Mortgage Industry

Source of Title Blog :: 16 comments ::

Always Be On Time!
by Robert Franco | 2010/09/30

When a bank representative was seven minutes late for a sheriff's sale, a 3,058 square foot home with 32.5 acres sold for $27,500, a bit shy of the bank's $114,253.45 mortgage.  The trial court refused to set aside the sale and the bank appealed, claiming that the price was "inadequate."

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Categories: Foreclosures, General Interest

Source of Title Blog :: 2 comments ::

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Source of Title Blog

Robert A. FrancoThe focus of this blog will be on sharing my thoughts and concerns related to the small title agents and abstractors. The industry has changed dramatically over the past ten years and I believe that we are just seeing the beginning. As the evolution continues, what will become of the many small independent title professionals who have long been the cornerstone of the industry?

Robert A. Franco
SOURCE OF TITLE

 

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