The court decided that the foreclosures were void because the lenders lacked legal authority to foreclose.
If you are not sure, you have the right under federal law to write and ask for the name, address and contact information of the company that currently holds your mortgage.
in Appeal, Case Laws, Case Study, Foreclosure Defense, Fraud, Legal Research, Litigation Strategies, Non-Judicial States, Notary, Note - Deed of Trust - Mortgage, Pleadings, Pro Se Litigation, Securitization, Trial Strategies ≈ Leave a comment Background For those new to the case, the problem the Court dealt with in this case is the validity of foreclosures when the mortgages are part of securitized mortgage lending pools. Option One later assigned the mortgage to Bank of America Corp.
When mortgages were bundled and packaged to Wall Street investors, the ownership of mortgage loans were divided and freely transferred numerous times on the lenders’ books. in a flow sale and servicing agreement, which then assigned it to Asset Backed Funding Corp., which assigned it, pooled with others, to Wells Fargo, as trustee, pursuant to a pooling and servicing agreement.
Re: Foreclosure Purchase Price Challenges in Maryland Subject: Maryland law, as to when a Maryland court may not accept the purchase price realized, at a Maryland foreclosure sale, because the court deems that purchase price to be too low. How low that number is is questionable; however, it appears that a foreclosure purchase price that is around 40% or less, of the fair market value of the property, starts to get highly questionable based upon price alone.
The highest state court in Maryland, the Court of Appeals, summarized the applicable principles, in Pizza v. LEXIS 58 (1997) as follows, a case in which the foreclosure purchaser appears to have been an agent of the lender and the foreclosure sale purchase price appears to have been approximately 53% of the fair market value of the property:“We turn now to examine Pizza’s contention that the sale should be set aside.