Monday, December 10, 2007

Don't Own The Mortgage? Then Don't Foreclose

Looks like Hamilton County Common Pleas Judge Steven E. Martin figured out a way to delay the foreclosure on a North College Hill house by ruling that Wells Fargo Bank couldn't even prove the owned the mortgage.

Similar rulings have been handed down in other parts of Ohio in the past month.

Of course once nasty thing about the mortgage business is that very often mortgages are sold and resold after they are originated. And, increasingly, the companies that "service" the mortgages - handle the actual payments and whatnot - are not the same companies that actually own the mortgages.

Looks like the judges are starting to rule on the side of the consumers and maybe will be able to help slow down some of the abuses that have been going on in the mortgage business ...

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