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The state’s highest court added further turmoil to the housing market yesterday when it ruled that buyers of some foreclosed homes may not be the legal owners of those properties.

The decision leaves in limbo hundreds, if not thousands, of people who bought homes seized by lenders under questionable circumstances. They are left with no easy recourse; among their options are to sue the lender behind the botched foreclosure or “reforeclose’’ on the prior owner.

“It leaves us nowhere,’’ said Edward M. Bloom, president of the Real Estate Bar Association for Massachusetts. “The residential housing market is never going to stabilize and grow until all of these properties that are in foreclosure are organized and cleaned out.’’

This is the second ruling in less than a year in which the Massachusetts Supreme Judicial Court has tried to sort out the mess created by the rapid-fire foreclosure of thousands of properties after the housing market’s collapse. During that time, some lenders seized and then resold homes before establishing a clear record of ownership. Last winter, the high court upheld a contentious ruling from the Massachusetts Land Court that challenged how banks had traditionally seized properties without having all the necessary paperwork.

In that case the high court overturned foreclosures of two properties in Springfield by U.S. Bancorp and Wells Fargo after the banks could not prove they owned the mortgages they foreclosed on.

Yesterday’s decision was a follow-up to that ruling. The case was brought by developer Francis J. Bevilacqua, who in 2006 bought a building in Haverhill from a trust for which U.S. Bank National Association, a unit of U.S. Bancorp, is trustee. Earlier in 2006 the trust had prematurely seized the property from the prior owner, acting about one month before the mortgage lender appointed it to do so.

With that cloud hanging over the foreclosure, Bevilacqua sought to clear any doubt that he was the legal owner by bringing a case against the former holder of the property. The high court ruled the earlier improper transfer of the property left him with no standing as an owner.

U.S. Bank had no comment, noting that, as trustee, it was not a party to the case.

The court’s decision could have major repercussions because it raises the specter that anyone else who purchased foreclosed homes with questionable paperwork may not actually own those properties. The court did not address who does own the Haverhill property, if not Bevilacqua.

“If a bank unlawfully forecloses on a home, its resulting foreclosure deed is void and it can’t sell that home,’’ said Max Weinstein, an attorney and instructor on predatory lending issues at Harvard Law School’s WilmerHale Legal Services Center. Weinstein, who filed a friend-of-the-court brief on behalf of the man whose foreclosed home was bought by Bevilacqua, said yesterday’s ruling extends the court’s protections for homeowners who were forced from their homes under questionable circumstances.

More. .

http://www.boston.com/business/articles/2011/10/19/sjc_puts_foreclosure_sales_in_doubt/

If you get all your information from Hannity and don't understand what you read, then sure, I guess so.

What ever happened to the concept of a title search prior to closing? How about lis pendens?
How about title insurance that covers the buyer (as opposed to just the lender)? One has to be out of their mind right now buying foreclosed property without a lawyer and a quit claim deed from the party it was "foreclosed" on. In Florida, Real estate attorneys sell title insurance. Their commission is often so great that they don't charge for representing the buyer...

Nah. They just won't issue it. That will hurt lenders and slow down re-sales.

60 Minutes is front for Commie Lib Journalists

Really? I din't know that.

This is the Quid Pro Quo for BoA buying Countrywide and ML. When Lewis & Co. were looking over the books with a tighter scrutiny they were going to back out of the deal. The Fed and Treasury Dept told them "Do it, we'll backstop you". They did it and are now holding on to the nastiest part of the derivative slop that Goldman Sachs, AIG and every other POS criminal enterprise could muster. It was a toxic hot potato that BoA was caught holding.

What they're talking about is the housing sector...not the commercial sector. Look around when you drive through any downtown. Go into some of the buildings and walk-about. Lots of empty spaces. Especially in those newer fancy high rises. Funny how nobody wants to talk about that?

Lewis was famous for expanding BoA's presence and it's understandable how ML fits in their puzzle. They were seriously getting their asses kicked in the private investments divisions by ML, Raymond James and a slew of others. They use the ML name, keep the customers and hopefully hang on to them.

Countrywide on the other hand made no sense. It could've been snapped up for pennies on the dollar in bankruptcy, but the Boyz at the Big Trough didn't want the game to end. They thought they could keep on playing hot potato forevah! Bubble after bubble they raked the cash in and took no responsibility for what they did. They played the politicians for everything they were worth by crafting legislation that created the holes they could hide in and eliminating the pesky risks of prison time. It's all there for everyone to see, but the fools that want to sleep on Wall Street and crap on cop cars believe that they're going to get effective results. They won't. They're in the wrong town. They should be in Washington DC surrounding Dood...Frank...Geitner...Bernanke...and the White House. They won't do this because they feel that Obama is "one of them". He sold them out faster than any other elected official. He had NO EXPERIENCE...NO TRACK RECORD...nobody knew what he was capable of doing (except those that could see how his past associations and lack of experience would hurt America!) until they elected him and he kept reading from the same "playbook".

No, this IS the greatest swindle ever perpetrated on the American public. Need help in this? Rent "The International"...substitute financing wars...oh yeah, they do that too! They'll make money off the winners and screw the losers even harder!...and put oh I don't know, something kooky like NINJA loans. Yeah.