Tuesday, January 11, 2011

Common Sense Prevails

Last Friday, the Massachusetts Supreme Court ruled that two banks did not have the right to seize homes from two parties because they could not prove the banks owned the mortgage at the time of foreclosure. While this will undoubtedly slow down the foreclosure process and reduce the inventory of properties for investors who make money off foreclosed homes (of which I am one), I have to applaud this decision. It seems like a pretty basic idea to me - in order to foreclosure on a home, you must be able to show proof you are the mortgage holder.

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