Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on Feb 2, 2011
Homeowners facing foreclosure are also invited to participate in a foreclosure lottery, when getting into court against the bank. A homeowner either defends a foreclosure action in a judicial foreclosure state such as NY and Florida (there are 23 such states) or must file an action in court in the other 27, non-judicial foreclosure states. The foreclosure lottery is whether the bank owns and can produce the original note (if not, the homeowner may win the house) and whether the bank did a bad faith denial of a loan modification agreement (resulting in unclean hands and disqualification to proceed with the equitable action of foreclosure). Also, the banks' two track foreclosure system (LMA as one track; and foreclosure as the other) enables almost any residential mortgagor to make a legitimate claim for punitive damages against most major banks.