Banks hear it from judges regarding foreclosure documents
One year ago, Jeffry Spinner, a judge from Long Island
, concluded that one mortgage company's foreclosure case documents were so flawed and its behavior towards the whole negotiation was repugnant, that he removed the borrower's $292,500 debt and even gave them their house for free.
This judgment, which was in favor of Diane Yano-Horoski, the homeowner, has now caused the major lenders to be alarmed about the other foreclosure cases that are now being dealt with.
This is not the only case which has the large banks worrying about their foreclosure cases. Spinner and some of his colleagues in New York presume that they are to dismiss around 20 to 50 percent of the existing foreclosure cases, based on the negative behavior that banks are showing.
These decisions clearly show the role of judges in the lower court to be able to resolve the foreclosure crisis in the country. This problem came to light when lawsuits and reports by the media showed that lenders were filing fraudulent foreclosure papers in routine. This was so that they can seize the properties of the homeowners who had missed payments.
With millions of foreclosure cases around the country, judges have a wide range of influence on the Real Estate market, and can sanction banks and release homeowners from their mortgage debts. With the large number of impending resolutions, the housing market is sure going to be in a messy situation.
The dismissals of foreclosure cases in New York have not given free houses to borrowers, however. With a lot at stake, lending companies in New York are aggressively filing for appeals for the foreclosure dismissals. This is expected to keep judges at a hot spot, foreclosed properties unavailable in the market, and families to be in legal limbo for the next years.
According to One West Bank, the lending company of the Horoski family, the ruling that was made on their case may cause dangerous and sweeping implications for the whole mortgage industry.
In Nassau and Suffolk counties on Long Island, as well as in Kings County, Brooklyn, the rate of foreclosure is very high; the 81 judges who are handling the foreclosure have already become infamous for examining documents and looking for errors. And even though the tolerance for documents errors can differ from one judge to the next, the group has a significant influence on the mortgage industry and how it can turn out in the next years.
Banks hear it from judges regarding foreclosure documents
By: rudsontren
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