This important court ruling just in!!

Thank you Bill . If I have this correct .
A.) It could help in that we are not double the double checking on the mortgages making the banks more accountable .
B.)It could help us in the fact of giving us more time to work on some of these houses/properties .
C.) It could help in that the banks may have to hold them longer thus more co-operative and willing for an independent investor to try and get their non performing loans off the books . But on the other hand hurt as the banks will be less willing to make Real Estate loans without basically a gold brick for collateral. Plus forcing the banks to hold them in an untouchable limbo state longer .
D.) But hurt in that it makes the home owner more stubborn and persistent on having it their way .

Is that your take/view point on it ?

It puts the banks on notice that foreclosures are not going to occur in MA without the chain of ownership being correct and all of the documents signed properly.

It also will make the banks be more careful in their willy-nilly approach of selling the loans to mortgage pools in the future.

This ruling only affects homes in MA; but will have a chilling effect on other states over the next several months. Banks probably won't appeal as a US Supreme Court decision would automatically make the outcome the rule of the land.

It will give banks the incentive to work deals with homeowners instead of foreclosure. SO it can give investors more time to work deals with homeowners.

But it may be harder to get a new loan as the banks will have to actually do more work in a timely fashion in the future.

It probably extends the housing crisis another year and keeps the market depressed because of all the "shadow inventory" (houses that are not quite ready to flood the market such as REO, SS, etc).

From the community that helped cause this mess for people who are down and out on their luck, to "Hey Joe, who did we sell that mortgage to?" What a quandry? Truly amazing Bill. I agree that this will keep things down for yet another year...or so...Jan

This is what forensic loan mods have been doing to reduce, recalculate or relieve many homeowners that have sought their help. One example being that if the broker fees were not properly disclosed on the GFE and then like magic appeared on the closing paperwork, the borrower has a nice case there and many institutions are settling by lowering the interest rate for the borrower on the loan, lessening the term or forgiving principal to cover their hide.

This will only slow down foreclosure numbers making the market "look" better because there are less foreclosures showing month to month moving forward. This is going to make the general public think that the recession is off the bottom floor and going up when the fact is that it is not, it is just being dragged out. (I can guarantee that banks will try to use this in their favor when negotiating on SS deals.)

Like I said this is going to cause all sorts of false economic security for a myriad of different markets, starting with gold values and full circle back to real estate property values. Hold on it's going to be a bumpy ride!

Just one more thing we have to "educate" our cliet about...showing we are right and they are wrong and their house is STILL NOT WORTH WHAT IS WAS IN 2005! hahah

Bernard
SKY Real Estate Services, Inc.