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For this reason many financial groups like Fannie Mae need to sell Fannie Mae foreclosures at less than normal rates, which is a huge advantage for buyers. Phill Grove has been called the most successful post bubble real estate investor in the country. In 2008, Phill Grove created a real estate investing program called the Assignment of Mortgage Payments System that helps buyers, sellers, and investors alike. Phill Grove has also created a new 'All In One Done For You' Real estate investing program that will assist those who have the money to invest but just don't have the time to go out and find properties. Finally, Phill is a National Speaker, part of The Big Live Event, where he has spoken with the likes of Rudy Guliani, George Ross, Stedman Graham, Michael Gerber, JT Foxx and more.
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Fannie Mae has recognized that negotiating commissions for short sales is unfair because of the extensive work required in many occasions that occur over many months and working with numerous buyers.
So as a home seller considering a short sale you may be thinking why do I care if the Realtor gets paid a certain amount of commission? Reason number one is short sales take in many instances an exceptionally long time to get approved. While this measure taken by Fannie Mae is an important one, the government really needs to step up their efforts of putting pressure on lenders to do whatever is necessary to get these short sales moved along. According to NAR work they are continuing to work with both Fannie Mae and Freddie Mac to strengthen their policies against reducing short sales commissions. Currently, Fannie Mae's policy only applies to loans it owns and guarantees, therefore if a loan is owned or guaranteed by another lender the commission policy of Fannie Mae does not apply. In order to find out if Fannie Mae is servicing your loan you can either call and ask your lender or if they are not forthcoming with the information you can get in contact with Fannie Mae by filling out the Fannie Mae mortgage request form. If you live in the Metrowest Massachusetts area and are considering a short sale I would welcome the opportunity to answer any questions you may have. About the Author: The above Real Estate information on Fannie Mae short sale commissions no longer cut was provided by Bill Gassett, a Nationally recognized leader in his field. I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA. Bill, you make an excellent point here to educate the consumer in the high value of the Realtor in the short sale process and also the negotiating leverage when you do have full commission.
Good Morning Bill, Your post is wonderfully written and a clear and accurate accounting of this directive and is so appreciated.
Hi Bill !  Could this be the start of banks realizing the true value that Realtors have for their goal ?? Have to hand it to you for the explanation and the perserverance to handle these transactions. Sheldon - It is great that Fannie Mae has stepped up to the plate and put a stop to the reduction of commission. Fred - We both know that there are countless Realtors who won't touch them for fear of investing so much time and energy and then not getting paid or having the fee cut drastically. Vanessa - I do know of a couple Realtors who have already brought it to the attention of the bank when they were trying to cut a commission and they immediately backed down. Bill--By explaining to the consumer why this is an important change, you help them understand what has been happening in the market and why so many short sales can sit on the market for months without offers.
This is a great change by Fannie Mae, but it doesn't come close to solving the entire problem.
Neal - You have to wonder sometimes what they are thinking when they try to cut our commission sup front while in a short sale situation and then will turn arounf if the property gets to foreclosure and increase the commission.
J- Lets hope God is listening and tells all the other lenders to follow Fannie Mae's initiative.
Her and I had a conversation about this topic the other day and wished we could've quoted it a few weeks ago!
Marian - Hopefully this change leads to a stance across the board where banks do not try to cut our commission.
JoAnna - I can understand why your broker would be pissed off both by the attorney and the bank. Greg - I have already heard of a few agents that have sighted the new law and the banks immediately backed down.
Teri the key to short sales is knowing how to do them and then staying on top of the people on the inside that handle them. I've been through a horrible short sale that the listing agent somehow is protecting the Seller. Hi Loreena - While your situation is frustrating the listing agent is supposed to represent the seller?
I've now run in to two banks not telling me who the holder of the loan is and if they are just servicing the loan or not. Have you spotted a Fannie Mae foreclosure in the MLS that looks like it could be “the one”?
First, making an offer and negotiating on a Fannie Mae foreclosure is not going to feel like any other real estate transaction you’ve ever experienced. Pursuant to Section 28 of the Real Estate Purchase Addendum, this document is subject to all the terms and conditions set forth in the Real Estate Purchase Addendum.
While that sounds like an innocuous clause, their addendum restates all the important terms in the agreement.
Second, you think you are going to be able to have the standard home inspection when you buy a foreclosure through Homepath, and even though you included a home inspection addendum with your offer and they tell you your offer has been accepted, they take out the home inspection addendum and throw it away without telling you. You would never get away with this in the private sector, but Fannie Mae can sell you a foreclosure that is garbage and then tell you have no remedy.
I could go on and on about a dozen other major issues (and ridiculous clauses) in this process, but I think I’ve said enough. We introduce this subject with a riddle: What entity is not a bank but claims to hold title to approximately half of all the mortgaged homes in the country? For those who have not read our prior posts on MERS, it is an electronic registry of mortgages created by lenders in the 1990?s in order to facilitate the securitization and sale of mortgage back securities on Wall Street. When a loan go into default status and into foreclosure, MERS would, as in the Culhane case, facilitate the execution of a mortgage assignment to the current loan servicer, Aurora Servicing in this case. In a question of first impression in the First Circuit, the court considered whether borrowers have standing to challenge a MERS-initiated mortgage assignment even though a borrower is not a party to it.
Culhane, however, may not be the last word on MERS and foreclosures in Massachusetts, as the Supreme Judicial Court always has the last and final say on these matters. Averting The Apocalypse: Foreclosing Lenders Avoid Disaster and Given More Options To Foreclose In Eaton v. The Massachusetts real estate community has been waiting 8 long months for a decision from the Massachusetts Supreme Judicial Court (SJC) in the much anticipated Eaton v. The SJC held that lenders must establish they hold both the promissory note (indebtedness) and mortgage (a major problem for securitized or MERS mortgages where the note and mortgage are split between securitized trust and servicer). Even better, the Court outlined new procedures, including filing a statutory affidavit, to ensure that foreclosures are fair to borrowers going forward. As with many sub-prime mortgage borrowers, Henrietta Eaton had defaulted on her mortgage to Green Tree Mortgage.
This case garnered substantial local and national attention from the lending, title and real estate community on one side, and housing advocates on the other side.
In January, when a decision was expected, the Court surprisingly asked the parties for additional briefing on whether a decision requiring unity of the promissory note and mortgage would cloud real estate titles.
Swayed by the arguments from the Massachusetts Real Estate Bar Association that retroactive application of a new rule would wreak havoc with existing real estate titles in Massachusetts, the SJC took the rare step of applying its ruling prospectively only. Lastly, the court approved the use of a statutory affidavit filed at the county registry of deeds in which the note holder or mortgage servicer confirms that it either holds the promissory note or is acting on behalf of the note-holder.
As a real estate and title attorney, what I appreciate about this decision is that the SJC took into account the disastrous effect a retroactive rule would have on past titles (now held by innocent third party purchasers) and came up with new ground rules for foreclosing lenders to follow going forward.
Is the produce the note defense truly dead for previously completed foreclosures–even where promissory notes are lost and not produced? If challenged, what further documentation, if any, will suffice to establish agency for MERS and mortgage servicers of mortgages held in securitized trusts. Will borrowers be able to challenge new “Eaton” affidavits which appear to be fraudulent or robo-signed?
Although the Court adopted some of the Eaton side’s arguments, I believe that lenders and MERS ultimately came out as the winners, as initial reports indicate.
Agreeing with lenders and Fannie Mae, the Court took the rare step of declining to apply the the key holding retroactively. We will see new attorney and custodian of records affidavits being filed and used to establish the chain of ownership the court said would comply with the foreclosure laws.
For interested legal observers of the foreclosure crisis, it really doesn’t get any better than this.
Supplemental and amicus curie legal briefs have been filed in much awaited case of Eaton v. Notably, the Federal Housing Finance Association, the congressional conservator of the bailed out Fannie Mae and Freddie Mac, filed a rare amicus brief and laid a shot across the SJC’s bow. Not surprisingly, Fannie Mae, FHFA, and REBA (Real Estate Bar Ass’n) and the other industry groups argue against a retroactive application of an adverse ruling, claiming that it would have a disastrous effect on homeowners with foreclosures in their titles. Eaton (which cited this Blog), the legal services groups and foreclosure defense groups say that the sky will not fall down if the unity rule is applied retroactively; indeed, foreclosures in Mass. Breaking News: SJC Concerned Over Potential Disastrous Impact On Foreclosure Titles In Eaton v.
As outlined in my prior post on the case, the Court is considering the controversial question of whether a foreclosing lender must possess both the promissory note and the mortgage in order to foreclose. If the SJC rules against lenders, it could render the vast majority of securitized mortgage foreclosures defective, thereby creating mass chaos in the Massachusetts land recording and title community. ORDER :Having heard oral argument and considered the written submissions of the parties and the various amici curiae, the court hereby invites supplemental briefing on the points described below.
Reading into this order, perhaps a majority of the justices are already leaning towards ruling against the lenders and want to limit the potentially disastrous effect it could have on existing titles and pending and future foreclosures. In my opinion, an adverse ruling against lenders in Eaton could be the apocalyptic scenario, rendering open to challenge any title with a previous foreclosure in it and inserting a fatal wedge into the current securitized mortgage system. In Adamson, Mortgage Electronic Registration System (MERS) claimed to be the holder of the mortgage at the behest of Deutsche Bank.
The kicker in this case was when America’s Servicing sent the borrower a denial letter for a loan modification stating that it would not foreclose in the next 30 days under the federal HAMP program to give the borrower a chance to explore other modification option. Relying on the Judge McIntyre’s earlier decision in the Eaton case, Judge Brassard was persuaded that Massachusetts still holds on to the unification theory where a foreclosing lender must hold both the note and the mortgage at the time of foreclosure. In a ruling which will make foreclosure defense attorneys salivate, Judge Brassard found merit to the borrower’s claim that the lender and the servicer violated the Massachusetts Consumer Protection Act, Chapter 93A, for foreclosing the day after the denial letter was issued, in violation of the 30 day safe harbor period.

With two Superior Court judges endorsing this theory and several bankruptcy court judges rejecting it, all eyes are now on the Supreme Judicial Court’s decision in the Eaton v. Until the SJC decides the Eaton case, this ruling will continue to slow down the pace of foreclosures in Massachusetts.
Thank you to the blogging attorneys at the Massachusetts Land Use Monitor for bringing this case to my attention. As outlined in my prior post on the case, the Court is considering the very important question of whether a foreclosing lender must possess both the promissory note and the mortgage in order to foreclose. Quick Recap: Ultimately, the SJC will have to decide how old common law decided in the late 1800?s now applies to mortgages in the 21st century with securitization, servicers and MERS. Eaton was able to obtain an injunction from the Superior Court halting the eviction on the grounds that Green Tree did not possess the promissory note underlying the mortgage when the foreclosure occurred. The Superior Court judge, Francis McIntyre, wrote a 10 page opinion, explaining that Massachusetts has long recognized that although the promissory note and the mortgage can travel different paths after the borrower signs them, both instruments must be “reunited” to foreclose. Attorney Richard Briansky, who did a solid job, represented the Fannie Mae side, and started first.
Justice Cordy asked whether Green Tree, the servicer, was in a position to extinguish the debt?
Justice Botsford was worried about the possibility of double liability where the note holder sues Eaton on note. Justice Ireland, citing the friend of the court brief, asked Briansky point blank whether Massachusetts law required unity of the note and mortgage holder at foreclosure.
Justice Duffly pointed out that the proliferation of servicers and MERS has created a unique situation and is bad for consumers. Justice Lenk asked a very good question: What would preclude Fannie Mae from holding the mortgage?
Now for the Eaton side, Sam Levine, a Harvard Law student, argued under a SJC Rule permitting third year law students to argue in court. The justices ask about all the lower court and bankruptcy court decisions holding that you don’t need pure unity of note holder and mortgage holder to foreclose. There was an extended discussion over the standard MERS mortgage form as to MERS’ authority to invoke power of sale and foreclose.
Justices Cordy and Spina were definitely getting frustrated with the simple fact that Eaton simply didn’t pay mortgage. As outlined in my prior post on the case, the Court will consider the “produce the note” defense in foreclosure cases — whether a foreclosing lender must possess both the promissory note and the mortgage in order to foreclose. Fannie Mae will lease 85 percent of the new building and will occupy starting in late 2017. Overall, the building, inclusive of the existing Columbia Center, will consist of approximately 1,252,060 square feet of gross floor area (GFA)…The proposed addition will contain approximately 838,480 square feet of GFA distributed throughout 12 floors with a retail mezzanine and a small portion of the penthouse.
In the proposed Fannie Mae complex as shown, the architectural standout building will be the pre-existing Columbia Center building, designed by (anyone, anyone?-) DC’s Hickok Cole. We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. In the end, who would like to watch his or her home is slowly removed from their possession?
If you want to score one of these great deals, hen you have to find Fannie Mae foreclosures entries.
If  they have lots of Fannie Mae foreclosures to unload, they might be willing to provide you with these entries free of charge. Paying real estate agents fairly benefits Fannie Mae because Realtors play a crucial role in short sales. There are times where it takes up to six months just to get a yes or no answer on whether or not the lender will even accept the short sale! As a Realtor working with an excellent buyer, the last thing you want to hear on top of waiting months and months is that your commission is being significantly cut. Whether is more staffing or better trained staffing, the problem starts and ends at the banks. I have been successfully closing short sales and work with a local Real Estate attorney to accomplish this goal. If all commissions were drastically cut the consumer would be "on their own" as what Realtor would want a long sales cycle, lots of hard work to "not be paid" at the end? We all know that short sales are a lot more difficult and the time involved in more much arduous than a regular transaction. I actually used this last week when negotiating a short sale and saved the commission from being chopped to bits. Obviously it makes you feel a lot more comfortable investing your time in something you will get paid fairly for doing.
If you ever do a short sale at least there is a better chance you will not have to worry about your commission being cut. The banks should be striving to get rid of the inventory with the least amount of loss possible. Banks have created a real negative feeling for  Realtors when it comes to short sales. I keep hearing about this, but I'm curious if it will actually be enforced and actually happen! It seemed to be a very gray area, having banks let the contract go from short-sale to foreclosure status, while under contract. Kind of makes you scratch your head sometimes and wonder why a bank would want to go to foreclosure unless the agreed upon short sale price was muh lower than market value.
As I told Janie, I refer the listing of Short Sales elsewhere, and clearly advise my buyers as to what they are up against. He insisted he didn't have $600 to bring to the table and I questioned him Why did he not at least give his client a chance to scramble for the money in order to sell his house? Buying a foreclosure from Fannie Mae through their Homepath website is a Buyer Beware nightmare. When you submit an offer with the standard paperwork as required by their Homepath site, you eventually find out that they throw out almost all the important language in your offer. In other words, they tell you they accept your offer (once you’ve reached an agreement on price), but they really have not, because they shove an addendum down your throat that changes the terms of the transaction.
You will have to pour through almost three dozen pages of tiny print to figure out that your home inspection addendum is missing. Court of Appeals for the First Circuit has issued a major foreclosure opinion, this one in Culhane v. Basically, when mortgages are bought and sold by various investors and lenders, MERS documents the transfers in its electronic database. In another much criticized practice, one person wearing “two hats” would often execute these mortgage assignments. Overruling a significant number of cases around the country, the panel held that borrowers do have legal standing to challenge assignments  as “invalid, ineffective, or void (if, say, the assignor had nothing to assign or had no authority to make an assignment to a particular assignee).” Judge Seyla adopted some common-sense reasoning, noting that under Massachusetts’ non-judicial foreclosure system, borrowers would be effectively left without a remedy to challenge a faulty foreclosure without giving them standing to contest a defective mortgage assignment. Coincidentally, this week the SJC announced that it was soliciting friend-of-the-court briefs in Galiastro v.
However, responding to pleas from the real estate bar, the Court declined to apply the new rule retroactively, thereby averting the Apocalyptic scenario where thousands of foreclosure titles would have been called into question. The ruling gave lenders and the foreclosure industry a huge pass for past errors, and will clear the way for foreclosures to accelerate and run their course in Massachusetts and possibly other states if this case is followed. This was a MERS mortgage (Mortgage Electronic Registration System) originally granted to BankUnited then assigned to Green Tree.
Eaton was able to obtain an injunction from the lower Superior Court halting her eviction on the grounds that Green Tree did not possess the promissory note underlying the mortgage when the foreclosure occurred.
Notably, the Obama Administration’s Federal Housing Finance Agency filed a rare friend-of-the-court brief in a state court proceeding, arguing for a ruling in favor of lenders.
This was the apocalyptic scenario that the real estate bar and title community urged the Court to avoid. As with most landmark cases pronouncing a new rule of law, subsequent litigation to clarify what the court meant is likely to follow in this case.
Fannie Mae has just been released, and it is a huge Maalox for the banking and real estate community. However, the court endorsed several methods in which lenders will be able to satisfy this requirement, thereby potentially creating several exceptions which will swallow the general rule. The ruling will apply prospectively and will have no impact on previously completed or in process foreclosures. The SJC overturned the injunction against the lender and the case was remanded below where the servicer, Green Tree, will have the opportunity to establish they have the legal authority and agency to foreclose on behalf of the mortgage holder. Federal National Mortgage Association case, indicating its deep concern over whether an adverse ruling against foreclosing lenders will have a disastrous impact on foreclosure titles and, if so, whether its ruling should be applied prospectively rather than retroactively. Supplemental briefs shall not exceed fifteen pages and shall be filed on or before January 23, 2012. Hopefully this time around the Court is more sensitive to how its ruling will impact the real estate community. Judge Brassard expressed concern that separating the mortgage from the note could lead to double liability for the borrower (first, a foreclosure, then an attempt to collect the note). This will, in turn, keep the inventory of REO properties high, causing further drag on the troubled housing market. This has been coined the “produce the note” defense and has been gaining steam across across the country. Attorney Briansky said Green Tree, because it has been collecting payments and acts as servicer. Briansky countered with argument that times have changed and current complex mortgage securitization requires a modernization of the law.
She thinks that there is a disincentive for servicers to modify loans; that they make more money for foreclosure.
What a thrill it must have been for a law student who hasn’t even passed the Bar, to be arguing a major case in front of the SJC.
Levine said for servicing it’s fine, but for foreclosure, the principal must foreclose. The justices appeared confused as to who has the right to invoke the power of sale and foreclose. Didn’t she waive any common law right that the note holder and mortgage holder be united for foreclosure. Based on arguments asserted by the lender, the court may also consider the circumstances by which a mortgage granted to Mortgage Electronic Registration System (MERS) can be effectively foreclosed in Massachusetts. Carr Properties, the building owner, is working with SHoP Architects and WDG Architecture on the project.
The addition will be constructed to a height of 130 feet as measured from the elevation at the midpoint of the building along 15th Street to the top of the parapet. However, what many people don’t realize is this process is also devastating for financial groups. It’s not necessary to purchase such entries if you know where you can look free of charge.

Take time to fit everything in from carrying out a specific searches on the internet to perusing foreclosures and other real estate focused websites and blogs. Should you show your bank that you’re willing to rely on them to purchase properties, then they is much more willing to provide details about Fannie Mae foreclosures entries. The fact that many banks would turn around after a foreclosure and offer commissions much higher did not make much sense.
When selling your home as a short sale there have been a couple of major issues that continue to plague the industry. While it is always in a Realtors best interest to work on their clients behalf, can you see why a Realtor would begin to get a complex and instruct their buyers to stay clear of a short sale? I especially like the word you implied "fair" as I think it truly reflects the resultant compensation clearly. So if a person looks at that, a sale could cost you $$$ if the Seller discounts your ccommission and a Seller or Buyer were successful in winning a claim on your Errors and Omission Insurance. The lender wanted to cut and I took a firm stance and quoted this and got the 6%!  So, it really is helping!
This should at least take some of the sting away for those that do still work with short sales. If the rest of the investors join them short sales will have less of a negative connotation with Realtors. She said they only way to change this is to reapply for the short sale which will means starting over. The fact that Fannie Mae has taken this stance should eventually help with the rest of the lenders. I have to make other calls to find out that if it is a fannie mae loan or not and in one case it was and when I threatened to take the case to fannie mae the quickly changed their tune. We don’t have time to go through their 23 page addendum, but believe me, it looks nothing like the offer you wanted to make, and the terms are nothing less than dictatorial. When you contact them or your Realtor asks what happened to it, they tell you that they don’t allow you to have a home inspection. However, historically the MERS-assisted transfers were not recorded through mortgage assignments in the state registries of deeds, a practice subject to much criticism. For the Culhane loan, an Aurora employee who was also a MERS “certifying officer” executed the assignment transferring the mortgage from MERS to Aurora. Although the court held that borrowers could challenge mortgage assignments going forward, it did Ms. MERS, on whether MERS “has standing to pursue a foreclosure in its own right as a named ‘mortgagee’ with ability to act limited solely as a ‘nominee’ and without any ownership interest or rights in the promissory note associated with the mortgage; whether the prospective mandate of Eaton v. The decision came down June 22, and now that the dust has settled, I don’t think there is any question that lenders and the title community have been given a judicial Maalox. This would have been disastrous for folks who purchased distressed and foreclosed properties. MERS is a private system created by the largest national lenders and title companies to track assignments and ownership of loans as they are bought and sold in the secondary mortgage market. This is huge given the pandemic paperwork deficiencies common with securitized mortgage trusts. On the closing side, when I am reviewing a title with a past foreclosure, my client and I can sleep better knowing that the risk of a defective title just got a reduced substantially.
There will definitely be more litigation after this case to sort out what foreclosing lenders and servicers need to prove in order to foreclose. The briefs were filed in response to the SJC’s concern, mid-appeal, over whether an adverse ruling against foreclosing lenders will have a disastrous impact on foreclosure titles and, if so, whether its ruling should be applied prospectively rather than retroactively. They also argue that the law is the law, and it’s the lenders fault for creating a securitization scheme in violation of the law, so they should have to deal with the repercussions. The Court is seeking supplemental briefing and friend-of-the-court briefs on these decisive issues.
The question of whether a foreclosing lender must hold both the promissory note and the mortgage at the same time is now before the Supreme Judicial Court in the eagerly awaited case of Eaton v.
This was a classic sub-prime mortgage with $440,000 in principal at 8.5% interest, with a balloon payment of $370,000 at the end of 30 years. Green Tree foreclosed in 1999 and assigned its winning bid to Fannie Mae who attempted to evict Eaton in January 2010.
This is the first Massachusetts appellate case that I’m aware of to consider the defense and surrounding legal issues.
As is becoming increasingly prevalent, neither Green Tree nor Fannie Mae could located the original signed promissory note; they were only able to produce a copy endorsed in blank without an amendment, or allonge, indicating when it was endorsed or who held it at the time of the foreclosure.
Eaton, the borrower, failed to pay insurance or real estate taxes to justify foreclosure  on other grounds?
Now the justices started exploring the contractual relationship between servicer and note holder. However, his inexperienced showed at times, as he often slipped into prepared remarks when the justices where looking for an answer far more specific.
The question in the case is simply whether a foreclosing lender must hold both the note and mortgage at foreclosure.
In the end, a bank, loan shark, or credit card company really wants to receive their monthly payments promptly.
Listed here are some suggestions on how to get the best details about Fannie Mae foreclosures qualities free of charge. You will find many forums available that center around people discussing details about such entries. It does not make a lot of sense that bank were trying to cut off their nose despite their face. If you can sidestep a nightmare, then I’ve done my job, and your life will be better for it. As for who “owns” the actual mortgage — another issue subject to much criticism and litigation — MERS claims that it acts solely as a “nominee” for the actual lender and holds only bare legal title to the mortgage as the mortgage holder of record. Culhane no good because she could not muster an adequate challenge to the MERS-Aurora mortgage assignment in her case. Superior Court Judge Francis McIntyre bought into that argument, and stopped the foreclosure. MERS has come under fire from distressed homeowners and registrars of deeds (especially our own Essex County Registrar John O’Brien) for robo-signing and bungled foreclosures. This is the first time that I’m aware of the federal agency intervening in a particular foreclosure case.
McKenna where the Land Court Judge Gordon Piper held that Massachusetts does not require the unity rule. It has been claimed that requiring a unity of the mortgage and the underlying promissory note, in order for there to be a valid foreclosure, would cloud any title that has a foreclosure in the chain of title, regardless of how long ago the foreclosure occurred. Ibanez case asked the SJC to apply its ruling prospectively, but it declined, thereby leaving hundreds to thousands of property owners and title insurers to clean up toxic foreclosure titles. Without the note properly endorsed and assigned to Green Tree, the foreclosure was a nullity, the judge held.
Clearly, the justices have been reading the press reports about the foreclosure crisis and are trying to be responsive to it.
He has handles many foreclosure defense and title defect cases in Land Court and Superior Court. I do hope that the Albert Kahn building on the site will be preserved, but I suspect that is not the case.
Should they take possession of your house, they will obviously not be able to continue to receive payments. Take time to peruse around these sites and subscribe to e-mail lists to ensure that you’re receiving the latest lists of Fannie Mae foreclosures.
We have never had too much of an issue, only with a couple of servicers, because they make a 1% commission on each short sale.
So what do you need to know in 500 words or less about a Fannie Mae Foreclosure and their Homepath system? Culhane challenged this practice in her lawsuit seeking to void the foreclosure conducted by Aurora. The court rejected Culhane’s argument that MERS did not legally hold the mortgage so it could not assign it, reasoning that nothing in Massachusetts mortgage law prohibited splitting the note and mortgage as the MERS system does.
569 (2012), applies to cases that were pending on appeal at the time that case was decided.” The Galiastro case is scheduled for argument in April 2013. Given the importance of the case, the Supreme Judicial Court granted direct appellate review. Although the Court did not specifically rule on the validity of the MERS system, the decision cited several new MERS policies and said that lenders who follow these new policies will likely be in compliance with the court’s holding. Rodriguez, suggested that owners could attempt to put their chains of title back together and conduct new foreclosure sales in their name to clear their titles. The parties are invited to address whether they believe that such a requirement would have such an effect, and if so, what legal or practical measures exist that might limit the consequences of such a requirement. Interestingly, one of the foremost commentators on the mortgage meltdown, Adam Levitin of Georgetown Law, has filed his own friend of the court brief. These homes are definitely going to be grabbed up fast, so you have to stay on top of such entries. But now Fannie is going to pay them directly for completing the short sales and increased the amount they are paying their servicers.
Supreme Court Justice David Souter, Circuit Judge Bruce Seyla held that the MERS system passes legal muster, but — overruling numerous lower court decisions to the contrary — gave borrowers the right to challenge mortgage assignments in the wrongful foreclosure setting. The court also found no legal problem with the same person signing on behalf of both MERS and Aurora. The legal reasoning behind this remedy is rather complex, but essentially it says that the current owner would be granted the right to foreclosure by virtue of holding an “equitable assignment” of the mortgage foreclosed upon.
Again, I’m not going to try to handicap this one, but I have a feeling it will be a close decision with concurring and dissenting opinions.
In my opinion, the net effect of this decision will put to rest the ubiquitous challenges to the MERS regime in Massachusetts, yet could result in a slight uptick in foreclosure challenges by blessing borrowers with much sought after legal standing to challenge faulty mortgage assignments. It also has been suggested that, if the court were to hold that unity of the mortgage and note is required under existing law, the court’s holding should be applied prospectively only.
If the SJC rules against lenders, it will be another national headline story, rest assured. Fannie Mae ruling, however, may have killed that remedy because the current owner now needs to hold both the promissory note and the mortgage. The parties are invited to indicate on what authority they believe (or do not believe) the court could make such a holding prospective only.
Ibanez titles remain toxic, and I am hearing that title insurers who are on the hook for them are not even willing to try to fix them until a legislative fix.

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