Money moves faster than the paper. Wall Street securitized trusts have “agreements” for the transfer of mortgages, but the mortgages have not been actually transferred to the trusts. The trusts have no rights under the mortgages but, never you mind, they’ve gone ahead with foreclosures. Rules?Laws? Who cares. ¬†They got the money.

A judgment is needed in Ohio to foreclose. The state court backlog got too long so someone went to federal court. Problem is, the federal judges read the papers and threw out 83 cases because the trusts didn’t own the mortgages. Not yet, anyway.

I was recently paid $795.00 for sanctions when a trust asked a bankruptcy court for permission to foreclose. It was a phony request because the trust didn’t own the mortgage, and one gets slapped when one files a phony request in federal court.

Next, I’ll find out how many illegal foreclosures were done by this trust against other borrowers.

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L. Jed Berliner practices exclusively in consumer bankruptcy, foreclosure defense, and related consumer protection litigation such as credit card defenses and suing debt collectors. He established his Springfield, MA practice in 1988. Attorney Berliner is a regular and active contributor to the Bankruptcy Law Network, the Bankruptcy Roundtable, and the National Association of Consumer Bankruptcy Attorneys, three specialized consumer bankruptcy forums on the Internet, and is an informal mentor to regional practitioners. He is recognized by his peers as an expert in consumer bankruptcy issues. He thoroughly enjoys being rated "excellent" in his client surveys.

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Last modified: February 9, 2013