Mortgage Foreclosure Class Action?
In a complex ruling, a court recently ruled that certain foreclosures were invalid because the banks in question did not follow proper procedures.
In essence, the banks didn’t prove they owned the mortgages, which were improperly transferred into mortgage-backed trusts.
According to press reports:
"The confusion of ownership is a result of the transference of assets into mortgage-backed securities. [The defendants] argued that securitization documents provided sufficient evidence proving that they owned the mortgages before the foreclosure sales occurred. The court deemed this insufficient. As foreclosures are rampant, implications of this ruling are widespread." http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/01/10/benzinga765542.DTL#ixzz1AgPY5TEY
While the law is complex, the bottom line is that this ruling now calls into question the legality of thousands of foreclosures in all 50 states.
If you home was recently foreclosed upon, we urge you to contact our law firm, as we are now investigating this matter.
Please fill out the simple and secure form on the right side of this page, or call attorney Michael McShane at 415.982.1776 or toll free at 800.965.1461. Please act now, in order to preserve your potential right to relief.
Audet & Partners represents individuals, governmental entities, small businesses and institutional shareholders in product liability, tort, negligence, consumer, construction defect, investment fraud, securities, insider trading, antitrust, environmental, whistle blower, aviation and employment cases. In recognition of their outstanding abilities and commitment to the legal profession over the years, the firm and its members have served as Court-appointed Plaintiffs’ Counsel in dozens of federal and state cases throughout the United States.