A recent Land Court Decision Affecting Foreclosures in Massachusetts

The bank that "owned" the property we signed a P&S for asked for a 30 day extension last week while the judge decided on this case. Yesterday they decided to cancel and return our deposit. Why would they change their mind like that? This whole thing is a mess, and now there are hardly any properties out there, especially ones that are not bank owned...

I just got another extension from Wells Fargo. I still think that if your Purchase and Sales Agreement has been terminated, you may have recourse under the consumer protection portion of MGL Chapter 93A. If the judge's decision doesn't go our way, or if my contract is cancelled, I am going to try to find a good real estate lawyer and investigate this possibility. Also, how did a few of you find Scott Smith's email address? I can't seem to find it. I know this site doesn't allow email addresses, but I am going to try to post mine. It is Sunfighter57 at Yahoo dot com.

WOW, this is getting worse and worse by the day, in this economy that they would cause this type of debacle is amazing! Everyday, I go to the Mail Box expecting to get my money back.

No one is returning calls...I too rec'd the same message from Scott.

I think possible its time to contact an Attorney to see about class actions or 93A claims etc.

When you think through the ramifications of this Judge's decision....both at the corporate level and personal level, you have to question whether he understood this impact would be felt so greatly.

It would be NEAR impossible to uphold his decision, we are talking Title Companies going out of business, trying to pay out all these claims (if the home was bought twice they may face two companies paying out value of home....and does the bank have to give the original buyer after the foreclosure the money back!! And lets talk about displacing people, if these home go out to reforeclosure (WE ALL AGREE WE SHOULD GET FIRST RIGHT OF REFUSAL), are they planning to have people leave their homes and then what.......this is so far reaching, it doesnt make sense.

We are trying to keep looking but the market gets narrower and narrower and I find I am having to run Title searches on any property that lists as Bank Owned or short sale. Its frustrating beyond belief.

Anyone have any thoughts on "strength in numbers".

Hi Blown Away!

I think there is strength in numbers. If the judge's decision goes against us, I think as many of us as possible should band together and find a good lawyer (Preferable a member or the Real Estate Bar Association, REBA) and see what our options are. Peter

I dont know why they would do that, as nothing the banks have done really makes sense to me. HOWEVER, I DO know that my parents (I'm their buyer's broker) were under agreement, got the extension last week that they chose not to sign, and yesterday the broker emailed me stating that it wouldnt have mattered if they extended as Bank of America sent notification that ALL REO'S were to be pulled off the market.

So they terminated my agreement back on June 1st. This week I received a call from my bank that they would extend the commitment for the house until mid August. They told my husband that they spoke to the foreclosure attorneys and they indicated that the deal would probably go through soon. So our bank wanted us to sign the commitment letter and return it as soon as possible.

Would anyone know why they wanted to do this?? This is all one big rollercoaster of confusion!

So they terminated my agreement back on June 1st. This week I received a call from my bank that they would extend the commitment for the house until mid August. They told my husband that they spoke to the foreclosure attorneys and they indicated that the deal would probably go through soon. So our bank wanted us to sign the commitment letter and return it as soon as possible.

Would anyone know why they wanted to do this?? This is all one big rollercoaster of confusion!

We asked our agent to check with the seller of "our" house (we were an hour away from signing when the title came up cloudy) for an update - to see where they might be in the re-foreclosure. They told our agent to tell us it would be better for us to just move on.

Like everyone else, we are finding slim pickings out there. I still haven't unpacked but living in limbo bites. My current landlord had started stockpiling supplies to make repairs on this apartment and I had to tell him I am on hold about leaving so those supplies are stacked in what would be my storage area for my boxes.

It's probably a good thing we haven't had a great summer so far because our original plans had a lot to do with landscaping, gardening and decorating so the rain fits for now.

I don't know what we can accomplish as a group here but count me in.

How is it that all of us could be in the same boat and no one is even pretending to act in an expeditious manner!!

Some of the people impacted will be homeless!

I am contactin an Attorney to see about how we can band together, there are people out there who arent reading this website, we need to find a way to get in touch with them, anyone know any other websites that are addressing this issue.

Will advise!!

Here we are trying to stimulate the economy, and doors are being shut in our face. The decision is impractical at best!

Just found out the house i was under agreement with is going back to auction. This property is owned by Wells Fargo, Be aware and keep an eye on the newspaper as you may see your dream home going back to auction! you should see it listed (3) weeks in a row in your local newspaper...

Hey think we just found our house up for auction again.....havent gotten deposit back. We were told by someone that it may be that the Bank is trying to reforeclose really quickly and sell the house to us. I have had too many dissappointments in the past couple of weeks, I dare not think positively. I do expect to shortly see my check in the mail box, and then its time to call a Lawyer. UGH!!

Hi Blown Away!

Let us know what happens! I can't believe the sellers (Whichever Bank owns the house) could be so rude as to put your house up for auction and not even tell you what is going on. I sincerely hope that your bank is just trying to expedite the re-foreclosure process and is going to sell it to you. Still, I am sureprised they haven't waited for Judge Long's decision. Keep us informed so we know what to expect with our homes. Also would be grateful to hear what you learn from your lawyer! Peter

Our people asked us to sign an extension and we did. This is terrible for everyone, we're moving to a new apartment until this is settled.

Good luck everyone - keep updating if you have any news, it's appreciated.

Contacted Scott Smith today via phone, his message indicates the matters are still under advisement and that he has no further information. Are they going to pay for the Malox I am drinking by the bottle????

Also, no one can figure out if our house really is up for foreclosure again. Can you imagine? Look what this one decision has caused. Someone should pay for this!! I have an Attorney in mind to take on the cases, a colleague of mine, who is VERY consumer friendly. I am going to email him first to see about interest in helping us!

Will advise

Does anybody know what date we are looking for a Judge ruling? I sure hope it happens this week (tired & frustrated of 6 months waiting), but does anybody know how long these type of cases take for Judges to come at a conclusion?