Wednesday, March 24, 2010

SJC to evaluate foreclosures and Ibanez

In March of 2009, the Land Court held that a foreclosure was invalid because the notice in the newspaper did not list the holder of the mortgage at the time of the notice. The case is U.S. Bank National Association v. Ibanez and the court held that the sale was void as a matter of law. The Boston Globe has a review of the case here.
Since Ibanez, mortgage companies have delayed deals, and title insurance has been difficult to obtain.
This could impact thousands of cases. The hope is that any changes will not be retroactive, calling into question the ownership of homes sold years ago.