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Ruling could undo thousands of Bay State foreclosures

 
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Joined: 14 Jul 2007
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PostPosted: Thu Oct 15, 2009 1:05 pm GMT    Post subject: Ruling could undo thousands of Bay State foreclosures Reply with quote

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Description: Ruling could undo thousands of Bay State foreclosures
URL: http://news.bostonherald.com/business/real_estate/view/20091015foreclose/
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2613

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Renting in Mass



Joined: 26 Jun 2008
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Location: In a house I bought in December 2011

PostPosted: Thu Oct 15, 2009 6:56 pm GMT    Post subject: Reply with quote

What happens if the bank tries to foreclose, but can't prove they hold the mortgage? Do people get to live in the house for free?

This is bad news for me. As usual...
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PostPosted: Thu Oct 15, 2009 8:07 pm GMT    Post subject: Reply with quote

Renting in Mass wrote:
What happens if the bank tries to foreclose, but can't prove they hold the mortgage? Do people get to live in the house for free?

That's my guess.

Renting in Mass wrote:

This is bad news for me. As usual...


How so? It seems like a good thing to me. Whoever owns the debt should certainly be able to foreclose on those that aren't paying, but if they don't have the required proof that they own the debt, why should the court just take their word for it?

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Renting in Mass



Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011

PostPosted: Fri Oct 16, 2009 1:54 pm GMT    Post subject: Reply with quote

Whoever owns the debt should certainly be able to foreclose on those that aren't paying, but if they don't have the required proof that they own the debt, why should the court just take their word for it?

I don't disagree that they should have to have the required proof. I just wish they hadn't let it get to this point. It's bad for me because I want lower prices, and letting people stay in their houses without paying isn't going to help with that. Slowing down the foreclosure process is going to slow down any return to more sustainable prices. I don't love the fact that people are going to get a free pass on not paying their debts just because the lenders are too stupid to have proof that they own the dept.
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PostPosted: Fri Oct 16, 2009 2:05 pm GMT    Post subject: Reply with quote

Renting in Mass wrote:
It's bad for me because I want lower prices, and letting people stay in their houses without paying isn't going to help with that.


Ah... are you sure? This ruling will probably raise the cost of doing business in Massachusetts for lenders and maybe even make some of them forgo the state entirely. I would expect that to make credit tighter, rates higher, and therefore prices lower. I would also expect this to lower the value of foreclosed properties in general since buyers will now need to account for the extra risk of the lender having screwed up. I don't know what the net effect may be, but it may actually push prices down.

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Renting in Mass



Joined: 26 Jun 2008
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Location: In a house I bought in December 2011

PostPosted: Fri Oct 16, 2009 8:18 pm GMT    Post subject: Reply with quote

[i]This ruling will probably raise the cost of doing business in Massachusetts for lenders and maybe even make some of them forgo the state entirely.[/i

Yeah, but who needs private lenders when you've got the FHA! I know the FHA is going to implode, but I assume the government will find another entity to give out bad loans. If the government gets out of the bad loan business, then I agree that this would have a chilling effect on lenders and would maybe even lead to my much dreamed of return to 20% down. I just don't see that happening though. Can you imagine what that would do to prices!
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