Thursday, October 20, 2011
Foreclosure Purchase Denied
Massachusetts' highest court ruled that a homeowner who purchased a foreclosed home that was not properly foreclosed on by the bank did not legally own the house. This creates a huge problem following a previous state court decision that voided a foreclosure when banks could not prove they owned the mortgage. There was much attention brought to this issue because this could turn into a huge issue because most people do not know they have this problem and everyone involved is put in a bad position. Check out the Wall Street Journal article: State Rules on Foreclosure
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I think a lot of this may have to do with the bureaucracy created by overlapping local, state, and federal laws. The foreclosure process has been turned into such a long, drawn out one that it's not that surprising to hear of someone not realizing they don't own their home (as crazy as that sounds). I'm not sure if it's possible to create an uncomplicated foreclosure process, but an attempt couldn't hurt.
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