The Massachusetts high court ruled on Friday that two foreclosures are invalid because the banks could not prove they had the proper paperwork to foreclose.There goes my get rich quick scheme—Start a bank and then just start foreclosing on any house I darn well please. Luckily, this only applies to Massachusetts. If I start a bank in DC, I bet the Clinton's home could fetch a pretty penny!
The banks "failed to make the required showing that they were the holders of the mortgages at the time of foreclosure," Justice Ralph Gants wrote for the Massachusetts Supreme Court.
This could be a harbinger of things to come because it is the first ruling by a state high court on the issue of whether banks can foreclose on homeowners if [they] can't prove they hold the mortgages.
Monday, January 10, 2011
"C'mon, trust us. We're a bank!"
Apparently, in Massachusetts banks now have to prove they hold the mortgages before they can foreclose: