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Supreme Court of Massachusetts upholds decision to dismiss foreclosures where banks fail to prove ownership of mortgages

Critical high court decision favors homeowners vs. banks when proof of mortgage ownership is lacking

massachusetts supreme court foreclosure decisionThis is a major victory for homeowners across the country, not just in Massachusetts, who have been fighting with their lenders to approve a loan modification and/or stop a foreclosure sale.

In January 2011, US. Bancorp and Wells Fargo & Co. lost a foreclosure case in the state. The Supreme Judicial Court upheld a lower court decision saying two foreclosures were invalid because the banks did not prove they owned the mortgages. The judge ruled that the mortgages were improperly transferred into two mortgage-backed trusts.

“We agree with the judge that the plaintiffs, who were not the original mortgagees, failed to make the required showing that they were the holders of the mortgages at the time of foreclosure,” Justice Ralph D. Gants wrote.

Where it all began

In March 2009, Massachusetts Land Court Judge Keith C. Long voided the foreclosures, finding that the mortgage transfers were done months after the house sales. In October of that year, Long declined the banks’ request to reverse that ruling after they argued that the documents that bundled together the mortgages had transferred those instruments to them.

Supreme Court ruling requires a perfection of chain of title

Such documents, along with “a schedule of the pooled mortgage loans that clearly and specifically identifies the mortgage at issue as among those assigned, may suffice to be proof that the assignment was made by a party that itself held the mortgage,” Gants wrote. “However, there must be proof that the assignment was made by a party that itself held the mortgage.”

The case is U.S. Bank v. Ibanez, 10694, Supreme Judicial Court of Massachusetts (Boston). The lower-court cases are U.S. Bank National Association v. Ibanez, 08-Misc-384283, and Wells Fargo Bank NA v. LaRace, 08-Misc-386755, Commonwealth of Massachusetts, Trial Court, Land Court Department (Boston).

How to use this court ruling to fight your lender in your state

You must sue your lender to prove to the court they do not have legal standing as the real party of interest. They are not the true and beneficial holder in due course.

You must present evidence in the form of a securitization audit. With your evidence in hand, you can motion the court to take mandatory judicial notice of the Massachusetts Supreme Court ruling in US Bank v Ibenez.

Tell the judge, that in this ruling, it was decided that there must be a perfection of chain of title and that blank assignments are not acceptable. The securitization audit you are presenting to the court proves no such perfection of chain of title exists. You want the court to dismiss the foreclosure sale (if this is pending) and you want the court to wipeout your mortgage.

You can sue the court ‘pro se’ without an attorney or you can, of course, hire an attorney that ‘gets what’s going on’ (not all do). There are multiple sources of low-cost legal help you can use as explained in my free report. I would also recommend a low-cost coaching resource that gives you step-by-step instructions on how to fight back using the laws and the courts.

This wonderful resource has been established by a homeowner who was in the same position as you are facing now. He learned how to fight back against his PRETENDER LENDER and won.

He decided to share his knowledge and put together a Foreclosure Defense Coaching Course that walks you through, step-by-step, the legal process I outlined above, along with the forms you need to start the process.

For more information on the coaching program (including a short video on stopping foreclosure) from the author and expert himself click the button below.

CLICK HERE: Foreclosure Defense Coaching Program

P.S. Vince is not a lawyer, he is a homeowner just like you. So he and his course cannot give you legal advise, only legal education.

You are still advised to use an attorney to answer any legal questions and provide legal advice. These legal resources are explained in my free report and listed in the section Tools To Fight Your Lender.
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Source: http://www.bloomberg.com/news/2011-01-07/us-bancorp-wells-fargo-lose-pivotal-massachusetts-foreclosure-case.html

Technorati Tags: U.S. Bank v. Ibanez, Massachusetts supreme court, foreclosure dismissed, foreclosure dismissal

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  4. NY judge dismisses foreclosure case because MERS cannot give lender authority
  5. Stop B of A foreclosure using mortgage loophole and mortgage audit

Tags: foreclosure dismissal, foreclosure dismissed, Massachusetts supreme court, U.S. Bank v. Ibanez

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