Greetings condolleagues, did you know that many foreclosures are brought to court by entities of investors and not by mortgage lenders or banks? Whether these entities have the authority to foreclose often remains to be seen.
At times, investors buy shares of mortgages better known as securitized trusts. Often when the loans are transferred from the loan originators into the trust, the transactions are erred and\or lacking legal documentation; thus, creating instances where there is no evidence that the trust owns the loan. Based on the legal defense, now known as “Who Owns the Loan?”, many judges have dismissed and\or delayed foreclosures because a trust could not present that it had legal standing – in other words – couldn’t prove they legally “owned the loan”.
In our struggles against foreclosures, this gives the home owners some leverage but, we must understand that in many cases foreclosures is indeed money making opportunities for the loan servicer and others.
Knowing that exotic mortgages like those with adjustable rates and early payment penalty clauses are still being offered, I believe it is my duty as a Realtor to advice those that placed their trust in me and to ensure they understand the meaning of such products.
For more information on how to avoid foreclosure in Jacksonville, Florida contact the Jacksonville Area Legal Aid (JALA) or me.
Jorge Nunez, Realtor, RECS
EXiT Real Estate Gallery, Jacksonville, FL.
ImmobilieMakler
Corredor De Bienes Raices
For our clients convenience we speak Arabic, Chinese, French, German, Korean, Philipino and Spanish.
View our condos for sale in WWW.CONDOS.COM
Ref: Susan Cooper Eastman
April Charney