Been trying all morning to follow all the foreclosure discussions on the forums here. Different jurisdictions must handle things in vastly different ways -- I had no problem understanding what they do in Spain. Deficiency judgments are not unheard of in my area, although they are not common. But I'm baffled at the bafflement in MA -- broken chain of assignments not corrected until after the foreclosure? I would expect to go to jail if I passed on a thing like that! Well, spend the rest of my life paying off claims, at least. Surely the bank has to prove they have the right to foreclose? Who would bid without at least that basic assurance? And if the bank's apparent bad title discourages competitive bidders, then doesn't that mean the bank gets the property for a song? Which leads to... deficiency judgments. (And has the appearance of fraud, and on and on.)

But I'll be the first to admit I only know how things work in my tiny corner of the world. I can't follow half the foreclose stories I see in the news, because the legal proceedings are different than the ones I know. It would be interesting to see a rundown of the different methods. I know of the judicial and non-judicial distinction, but I don't know the actual differences in methods, and maybe most importantly, the principles involved.

Thanks for the link to the Spain article!

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