Wed Oct 31, 2012, 04:17 PM
Fire Walk With Me (38,893 posts)
Fraudclosure: Ohio Supreme Court: Bombshell win for homeowners
BOMBSHELL WIN: Schwartzwald vs. Federal Home Loan (Freddie Mac)
Lack of standing CANNOT be cured or remedied with a later assigned mortgage
Judgement REVERSED and CASE DISMISSED
The Supreme Court of Ohio ruled that standing to initiate a mortgage foreclosure lawsuit is determined on the date the complaint is filed. A foreclosing party, which lacked standing at the time the suit was filed, CANNOT remedy that defect by obtaining an assignment of a mortgage and promissory note AFTER the filing of the foreclosure action but prior to an entry of a final judgment.
The courtís 7-0 unanimous decision dismissed a decree of foreclosure granted to Federal Home Loan Mortgage Corporation FHLMA (AKA "Freddie Mac") against Duane and Julie Schwartzwald because FHLMA did not have standing at the time it filed the foreclosure action.
Via Occupy Fights Foreclosures and Occupy Our Homes Atlanta
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Fraudclosure: Ohio Supreme Court: Bombshell win for homeowners (Original post)
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Response to 2pooped2pop (Reply #1)
Wed Oct 31, 2012, 04:42 PM
elleng (54,953 posts)
3. Means mortgage foreclosure lawsuit not proper
as complainant did not actually hold the mortgage at the time the foreclosure suit was filed.
'decision dismissed a decree of foreclosure granted to Federal Home Loan Mortgage Corporation FHLMA (AKA "Freddie Mac") against Duane and Julie Schwartzwald because FHLMA did not have standing at the time it filed the foreclosure action'
Not a surprise due to the long-standing law about 'standing,' and likely means many more families are similarly situated.