NO Right to Keep Illegal Foreclosure by a MERS bank!

All those people who have bought foreclosures and are considering buying a foreclosure will need to watch this ruling carefully.

The Massachusetts Supreme Court had ruled two weeks ago, MERS had no rights to foreclose on property.

Now they are going to rule on another case of a buyers right to the property, that was illegally foreclosed on by a MERS bank.

A lower Massachusetts court had already ruled against the buyer of a foreclosure, saying they had no right to the property, due to being foreclosed on fraudulently by a MERS bank.

That court case is now going to the Supreme Court, as the buyer is trying to keep the property he purchased 3 years ago from the bank.

Imagine if the Supreme Court rules against the buyer, as the lower court has done....... I can see a whole new area of law suits, when buyers start losing their money and property of foreclosures they have purchased. Besides that, I can't imagine there will be much of a market for foreclosures, as they may become impossible to sell, as no title insurance company will touch them.

Bloomberg is the one even carrying the story, which is amazing they would let people know they may have a huge problem if they have purchased a foreclosure in the past.

This ruling from Massachusetts will be important all around the country. There are already class actions that have started in a few states for previous foreclosures. If the Massachusetts Supreme Court rules the buyer of the home has no right to the property fraudulently foreclosed on, we can expect a whole rush of class actions throughout the country against the banks.

Portions of article:

Massachusetts’ highest court will consider whether a home buyer can rightfully own a property if the bank that sold it to him didn’t have the right to foreclose on the original owner.

The state’s Supreme Judicial Court, which agreed last month to take the appeal, already ruled Jan. 7 that banks can’t foreclose on a house if they don’t own the mortgage. The lower- court decision now under review said the buyer of residential property in Haverhill, Massachusetts, never really owned it because U.S. Bancorp foreclosed before it got the mortgage.

In August, Long ruled that Bevilacqua wasn’t the property’s owner and didn’t have standing to inquire about claims. U.S. Bancorp, which sold Bevilacqua the property in 2006, conducted an invalid foreclosure because it didn’t properly own the mortgage at the time, Long said.

The mortgage transfer to U.S. Bancorp, which oversees the mortgage-backed trust containing the loan, happened after the foreclosure, Long said. All Bevilacqua had was a deed from an invalid foreclosure sale, the judge said.

So, I posted last week saying :BUYER BEWARE of foreclosures, as I believed class actions would be started.

NOW ALL WHO HAVE PURCHASED FORECLOSURES - YOU WILL WANT TO WATCH THIS CAREFULLY! If Mass. Supreme Court rules against the buyer of an illegal foreclosure, you can expect ALL Title insurance companies will stop insuring ALL Foreclosed homes and there will be NO buyers of foreclosed homes!

I believe a ruling against the buyer by the Supreme court would also slow down foreclosures immensely. As banks would not be able to get rid of foreclosures, why would they want to foreclose, to only have the liability of upkeep and costs, when title companies and buyers would not want to touch them.

In my opinion this will be a very important ruling. So Watch it!