Kansas State Court Ruling Puts Ability to Foreclose on 60 MM Mortgages @ Jeopardy

Discussion in 'Wall St. News' started by ByLoSellHi, Sep 21, 2009.

  1. Mnphats


  2. Good stuff. Great discussion on marketticker. :p
  3. This is old news. There are forums that discuss how to contest a bank foreclosure by forcing the bank to show proof of ownership.

    If the bank can not produce proof, electronic or otherwise, within 5 years, the house is yours free and clear.

  4. trendy


    Much ado about nothing. Either MERS will assign its interests to the Lender/note holder, or the Lender/note holder will assign its interests to MERS. Either way, the deadbeat homeowner still faces foreclosure.
  5. Only if the plaintiffs in the forclosure proceedings can produce the physical documents.
    Good luck.
  6. Mnphats


    I would love the opportunity to at the very least bid on my note.
  7. trendy


    The mortgages are already recorded in the public records, so no problem there. In addition, Section 3-309 of the UCC, sets forth the requirements for the enforcement of lost, destroyed or stolen instruments. This stuff happens all the time.
  8. Then why are State and Federal Judges demanding the originals or refusing to let the lender foreclose?
  9. One of the most prominent judges in federal court in Manhattan, who plaintiff and defense attorneys both regard as one of the sharpest federal judges in the country, is demanding original copies of all mortgage documents, period, pursuant to federal civil court rules, or he is tossing foreclosure complaints out routinely - no exceptions; none.

    By the way - this Kansas Supreme Court case, while not a federal case (though it soon may be), is a new decision. To all of you saying "nothing new here," yes there is.
    #10     Sep 22, 2009