Maybe you don’t really own that house

We’ve been talking about it here for a while, and another court ruling shows the problem with buying foreclosures: You may not really own it!

“The highest court in Massachusetts ruled that a homeowner who bought a foreclosure that hadn’t been properly conducted by the foreclosing bank in 2006 didn’t have legal ownership of the property.

The decision by the Supreme Judicial Court casts a cloud over the legal ownership of any properties in Massachusetts where banks didn’t properly convey title when foreclosing. The problem has gained attention nationwide because of banks’ use of “robo-signing” and other dubious practices that may have broken chains of title on foreclosures.

The case follows a previous state court decision that voided a foreclosure when banks couldn’t prove that they owned mortgages when they initiated foreclosure proceedings.”

4 thoughts on “Maybe you don’t really own that house

  1. Isn’t this whole rent-to-own, aka “mortgage” scheme great for the banks? You get to make payments on something the bank owns, all the while paying taxes on the property as if you really do own it! That’s so freaking awesome. Same goes for car loans, make the payments, assume all the taxes for the bank. Seems more sensible to make the banks pay the taxes on such property until you hold the title, free and clear. Or did nobody ever notice this little quirk of capitalism?

  2. I’m sure the US Congress, a wholly owned subsidiary of Our Corporate Owners, will take care of this bump in the road.

  3. This is what the $20 Billion Mortgage Settlement was supposed to clear up. See what Schneiderman, Biden, Coakley and the others rebel AG’s have done to the poor Banksters.

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