Wednesday, October 19, 2011

SJC puts Foreclosure Sales in Doubt with new decision

http://www.boston.com/business/articles/2011/10/19/sjc_puts_foreclosure_sales_in_doubt/?p1=News_link

Banks have been increasing cutting corners in the foreclosure process and too ready to throw out homeowners that are behind on their mortgages. I am surprised that national legislation has not addressed this practice, but the Feds have deferred to individual states to set out their foreclosure process. In the decision yesterday, the SJC made it clear that parties looking to foreclose have to take care in doing so and proving ownership is the utmost responsibility of those parties. Straightening out the foreclosure process will be a significant step in improving the overall real estate market and give investors and prospective purchasers confidence in purchasing these properties. 

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