What Happens if the Current Crisis Overturns Foreclosure Sales? (Servicing) - Mortgage Banking

What Happens if the Current Crisis Overturns Foreclosure Sales? (Servicing)

By Mortgage Banking

  • Release Date: 2010-12-01
  • Genre: Industries & Professions

Description

The unprecedented media firestorm about possible robo-signing, lack of lender documentation and questionable notarizations (let's call this the latest crisis) has raised the specter of completed foreclosure sales being overturned because of the claimed infirmities. How could this happen as a legal matter and what might it mean as a practical matter? A recent case in New York (having nothing to do with the current crisis)--Seidman v. Industrial Recycling Properties Inc. (2010)--supplies a non-answer answer and leads to discussion of the peril.

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