Posted on: 09th Apr, 2009 09:00 am
A recent Land Court decision that is currently a hot topic of discussion among conveyancers and underwriters in Massachusetts. Essentially, the court has invalidated any foreclosure sales where the mortgagee did not hold the mortgage via an unambiguous assignment dated prior to the date of sale. I have seen similar decisions coming out of bankruptcy courts, but this is the first time that a state court in Massachusetts has opened on this subject with such great detail. While most of New England states have judicial foreclosures, and the issue of the mortgagee's identity may be resolved by the court prior to the sale, I wanted to share this recent development in Massachusetts with you.
Does anyone have any information re: this change?
Does anyone have any information re: this change?
Heard back from Melina Shuler, the producer of Help Me Hank see her response below. Hopefully this will help the cause. I will not be doing an interview but hopefully one of you will be! Let us know if any of you are doing an interview for the story.
We will be doing a story -- I think the airdate will be June 29th. But it depends on what happens in the coming weeks as well!
And it looks like we won't be able to make it to your place this Friday. Thank you for bringing this issue to my attention!
Melina
We will be doing a story -- I think the airdate will be June 29th. But it depends on what happens in the coming weeks as well!
And it looks like we won't be able to make it to your place this Friday. Thank you for bringing this issue to my attention!
Melina
It seems I'll be doing an interview on Thursday regarding this issue.
I guess they want to see my apartment with all the boxes around and then the foreclosure. They'll also be interviewing my realtor.
I hope some good comes of this.
Thanks gmorin for all your work. Hopefully something positive will occur on the 29th
I guess they want to see my apartment with all the boxes around and then the foreclosure. They'll also be interviewing my realtor.
I hope some good comes of this.
Thanks gmorin for all your work. Hopefully something positive will occur on the 29th
How did it go today, camherst? What types of questions did she ask?
I'll be doing an interview on Thursday as well. Thanks again to everyone for adding info when they have it.
Anybody hear back from any governmental agency/office? Not one office I've written to so far has got back to me other than the Gov's office, which said they were sending it to another office.
Anybody hear back from any governmental agency/office? Not one office I've written to so far has got back to me other than the Gov's office, which said they were sending it to another office.
Camherst and Rebas - let the rest of us know how your interviews go ok. We hope that everything goes well and we wish you all luck! Look forward to hearing from you both!
Had my interview today, the came by to see the apartment filled with boxes. She (Melina) conducted the interview. She pretty much asked for me to tell the entire story. When did you find out there was a problem with house? What did you spend? did you get your deposit back? Are you going to wait for this foreclosure or find another house? What attracted you to this house? I explained there was no information out there regarding this issue and that this forum has been a great source of information. Then I brought up the fact that this is a silent problem that no one is aware of.
I thought it went okay but I thought before she came that perhaps she had more info about this then I did. But it seems no one is sure about anything.
I thought it went okay but I thought before she came that perhaps she had more info about this then I did. But it seems no one is sure about anything.
Thanks Camherst for the feedback. Did melina mention when the air date will officially be? thank you for your time in doing this. You have become our very valuable asset in getting this issue exposed. Thanks again, GREAT JOB!!
She thinking the 29th of June but it all depends on what will happen at the hearing.
I wonder if she choose people to interview based on location? I'm in New Bedford
I wonder if she choose people to interview based on location? I'm in New Bedford
I forgot to mention that they interviewed several people who are in the same situation as us. Oh they interviewed my realtor after we all walked through my lost foreclosure again.
Oh jeeze - they had you walk through the house?!? That's cruel...
So in the 1970's, Massachusetts lowered the drinking age from 21 to 18. A few short years later, the decision was made to raise it back to 21 making it illegal for those 18 year old who had just gone to a bar to grab a drink to continue to do so. But answer this: Did cops all over the state go and arrest all of the 18, 19 and 20 year olds who had previously been drinking before the law was passed? NO - they didnt. It was a decision that was made to effect those MOVING FORWARD.
In the end, after all is said and done, we are all going to want title insurance in case we want to sell our homes down the road. From what I read, until the surety companies are satisfied that they are not going to be the ones to have to pay the penalties of a bad foreclosure they will not insure our titles and the banks won't let us have the money at this point without title insurance.
Hello Everyone,
I am in the same boat as many of you. I have had a P&S contract on a Wells Fargo foreclosure since Feb. 23, 2009, and am awaiting the Land Court ruling to see if I am going to be able to close on this property, which I really want. Wells Fargo had NOT posted the foreclosure documents when they accepted my offer and signed the Purchase and Sales Agreement. By the time they did this the April Land Court decision had been made. Now I am hearing that if the property need to be re-forclosed upon, I may have no recourse and might lose the property. However, in Massachusetts, I believe that Chapter 93A has a clause about "Specific Performance" that reads like this:
Chapter 93A
Specific Performance
In Massachusetts, a seller who agrees to sell a particular property must do so unless the buyer fails to meet all the terms of the purchase agreement. This is called "specific performance," which is a legal action to compel performance of a contract. For this contract remedy, a court can order the parties to complete the contract. The buyer must then deliver the purchase price and the seller must then deliver the deed.
I would love to hear from anyone on this list that has any information to share. I feel (a little) better knowing I am not the only one in this situation. Harmon and Harmon are the attorneys working on this on Wells Fargo's side.
I am in the same boat as many of you. I have had a P&S contract on a Wells Fargo foreclosure since Feb. 23, 2009, and am awaiting the Land Court ruling to see if I am going to be able to close on this property, which I really want. Wells Fargo had NOT posted the foreclosure documents when they accepted my offer and signed the Purchase and Sales Agreement. By the time they did this the April Land Court decision had been made. Now I am hearing that if the property need to be re-forclosed upon, I may have no recourse and might lose the property. However, in Massachusetts, I believe that Chapter 93A has a clause about "Specific Performance" that reads like this:
Chapter 93A
Specific Performance
In Massachusetts, a seller who agrees to sell a particular property must do so unless the buyer fails to meet all the terms of the purchase agreement. This is called "specific performance," which is a legal action to compel performance of a contract. For this contract remedy, a court can order the parties to complete the contract. The buyer must then deliver the purchase price and the seller must then deliver the deed.
I would love to hear from anyone on this list that has any information to share. I feel (a little) better knowing I am not the only one in this situation. Harmon and Harmon are the attorneys working on this on Wells Fargo's side.
What I understand with this ruling in April is the big question now is who is the actual seller. Our money was returned to us because our "seller" wasn't sure they actually owned the property after the ruling so they could not give us an extension and could not hold our money. They did tell us we would get first shot at the property once it was clear to sell but since they may not actually own it they could not promise anything.
Another real estate broker was telling me that some of the banks have started re-foreclosures but that the banks were going to systematically list the re-foreclosed properties for sale so as not to flood the market. It stands to reason that the bulk of the properties we were all looking at when we got involved before the pot got muddied are going to be ready to go on the market again around the same time.
I hope information starts to become available soon - I still don't know whether to unpack or not.
Another real estate broker was telling me that some of the banks have started re-foreclosures but that the banks were going to systematically list the re-foreclosed properties for sale so as not to flood the market. It stands to reason that the bulk of the properties we were all looking at when we got involved before the pot got muddied are going to be ready to go on the market again around the same time.
I hope information starts to become available soon - I still don't know whether to unpack or not.
I have been told the bank is proceeding with the re-foreclosure process, does any know if this entitles going back to public auction? they stated the foreclosure date has been set to 7/30 does this mean it will be allset on the 30th?