For years, the attorneys who have been defending homeowners and who have seen first hand the tragedies and the travesties that are playing out in our courtrooms have been sounding the warning bells…..
THE FAILURE OF OUR LEGAL SYSTEM TO ENFORCE BASIC LAWS WILL HAVE DIRE CONSEQUENCES
This has been a cry that has largely been ignored……by everyone.
Have you heard the President of the United States say a word? Have you heard Florida’s Governor say a word? (although what do you expect from a guy who holds the entire legal system in contempt?) Have you heard Florida’s Attorney General say a word? (she’s apparently got her hands full with TIMESHAREGATE!)
And while we all stand out there howling like wolves in the cold, dark wilderness, from time to time we are reminded that at the end of the day, sometimes, perhaps oftentimes, there comes a price to pay for all this…..unfortunately, the longer this nationwide travesty plays out the further away from any sort of reasonable solution we get. When the real consequences of all this come due in the years (months) to come, the price we will all pay will be so much greater than it could have been. Read this analysis from Forbes Magazine:
As the nation’s housing market struggles to find bottom amid a glut of foreclosed property, the Massachusetts Supreme Judicial Court has issued a ruling that will make it even harder for lenders in that state to sell properties for market value.
The state’s highest court, in Bevilacqua v. Rodriguez, held that Francis Bevilacqua, who bought a foreclosed home from U.S. Bank in 2006, never actually obtained title to the property because the lender had filed for foreclosure a few weeks before it obtained an ” assignment of mortgage” securing the loan. Sticking strictly to the form of the law, the court ruled that if U.S. Bank didn’t own the mortgage when it filed for foreclosure, then it couldn’t subsequently transfer title to Bevilacqua even though he paid for the property.