Here is a proposed solution for homeowners facing foreclosure in the non-judicial foreclosure states, such as California, Nevada, New Mexico, Massachusetts, New Hampshire, where the bank does not go into court to foreclose. My group lawsuit, to have aggrieved homeowners gang up on the errant banks (and provide an extra bang for the homeowner's buck), gives aggrieved homeowners access to the courts to fight foreclosure by reducing the costs of access (including the dollar costs and attorney time charges per homeowner); it creates a greater probability that some of the banks would rather give a modification agreement than remain in the huge lawsuit; it gives a vehicle for aggrieved homeowners to get massive publicity about their plight; and it may bring to the attention of state legislators that the state should adopt foreclosure statutes similar to New York State as a way of reducing the impact of the banks predatory activities and preventing the banks (in many cases) from obtaining the full amount of their usurious interest and fees. cepersvid-34 9:58
Buying a home at a foreclosure auction is very risky and not the best place for a first time home buyer to find a home. There are more risks than benefits and these risk should all be explored before even thinking about buying at a foreclosure auction. You can read more at: sccrealestateuncensored.com/2008/buy-foreclosure-auction/ micasamidinero.com/2008/comprar-casa-reposeida-subasta/
Discusses the implications of a landmark decision — Landmark National Bank v. Kesler – on 8/28/09 by the Supreme Court of Kansas holding that Mortgage Electronic Registration Systems, Inc. (otherwise known as “MERS”) has no standing to commence a foreclosure action as to a home mortgage registered with it, and that when MERS transfers title to the mortgage the assignee may not get good title to the mortgage, which means that the assignee also may not have standing to foreclose. This is …