Ibanez Case - How to Reverse a Home Foreclosure Sale CEPersV

Attorney Carl Person discusses a 1/7/11 Massachusetts unanimous decision that may affect foreclosures nationwide, in U.S. Bank National Association v. Ibanez. The court refused to award US Bank and Wells Fargo clear title to the foreclosed properties because the mortgage assignments to the foreclosing parties had not taken place prior to the required Notice of Fo-reclosure to the homeowners or prior to the banks' sales of their homes. The Court held that strict compliance is required or the sale is void. For a searchable copy of the decision, go to http://carlperson.com/ibanez_decision.doc

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People & Blogs

Tags:

• Massachusetts
• U.S. Bank
• Ibanez
• LaRace
• foreclosure
• sale
• notice
• assignment
• ownership
• mortgage
• unanimous
• land court
• Supreme Judicial Court
• trustee
• Wells Fargo
• asset backed certificates
• void
• invalid sale
• strict compliance
• mortgage-backed securities
• securitization
• successor
• enjoin foreclosure
• Judge Gants
• Carl E. Person
• CEPersVid

[MegaJoshua26]

YOU CANT RESERVE THE FORECLOSURES

[carlpers2]

@MegaJoshua26 - I'm now sure what you mean by not being able to "reserve the foreclosures". If you mean that you can't halt or stop or delay the foreclosures, I don't agree. If you do nothing at all, then you are right, the foreclosures will continue, but if you go into court you have a good change (but only if you are qualified for a loan modification agreement) to obtain a loan modification agreement and thereby stop the foreclosure. The banks are anxious to give LMA's unless they are in court

[rewire69]

Well I work in mortgage securitization and that Ibanez case was one we learned about because of the leaving in space blank issue for assignments and so on.I think they are seriously screwed up and for all the fraud on federal levels they commit should go to jail.I just show proof they dont even have legal standing to collect by showing they do not own the house.By showing they have separated the note and the mortgage.

[Beingreal40]

American Brokers Conduit (ABC) is dba for American Home Mortgage Servicing AMHSI) according to Dept. of Corporations in Calif. In 2006 ABC and AMHSI & filed bankruptcy. with 1 week of each other. WIlbur Ross bought out AHMSI and admitted bad loans in business week interview article. but continued to service the loans. AHMSI denied in letter to me that they were the originator and claimed only to be the servicer. and as a result they took my home. No help here in Calif.

[inspirediam]

MERS is listed as successor or assigned on the note. This is not legal. I don't even understand how come all states have not let the banks know they have no right to even submit a complaint that has a note with another entity on the copy of the note, anotherwards us bank as trustee is not even on the copy of the note, and no assignment attached. This is all bs and a complete waste of time. Foreclosure should not even be an option for these lenders.

[carlpers2]

@coinageboy - Thanks for your comment, and I like to think that I am trying to identify a righteous path for us to take in light of various non-sustainable market conditions. Bankruptcy should not be disregarded and can provide some needed relief, but it is being cut back by the world's bankers, so that reorganization is next to impossible; and the debtor's attorney is unable to get paid while the creditors' attorneys have no fee regulation at all, which creates massively unjust litigation.

[carlpers2]

@coinageboy - Here is an interesting concept. By providing a review of the legal issues involved, I hope to empower millions of intelligent non-lawyers into being able to provide this overview to others. I'm trying to use my legal knowledge to show financially-troubled homeowners the best way to deal with this devastating situation. The options usually come down to this, if you can't get the bank to give you a reasonable loan modification agreement: either file for bankruptcy or sue the bank!