An article in the South Florida Business Journal by Ed
Duggan on January 4, 2008 ("Legal
Feud Shows a Foreclosure Can Take Forever") shows
how the questionable financial instruments backed by
mortgages of questionable integrity concocted by
financial companies may lend themselves to the aide of
homeowners. Mr. Lents, the homeowner in this situation,
was facing foreclosure on his home. Mr. Lents, however,
noticed peculiarities in the foreclosure filings stating
that the mortgage note had been lost. While the mortgage
company asked the court to accept a promissory note in
place of the original mortgage note, Mr. Lents opposed
the acceptance of the promissory note and demanded the
original. Unable to produce the original note, the
lending company eventually dismissed the case.
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While many will question the morality of this situation,
the law does require proof otherwise anyone could walk
up and say "I own this property. Give it back to me".
Also, while Mr. Lents' morality and intentions may be
questioned, so should the morality and intentions of all
of the brokers and real estate agents and real estate
appraisers and lending agencies that made loans that
should not have been made.
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Mr. Lents' case has since been brought up in similar
circumstances with a lender that assumed the loan from
the first mortgage company. This case is scheduled to be
heard the first part of this year (2008). Another
favorable ruling for Mr. Lents will certainly set a big
precedent for other homeowners in similar situations.
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Please comment and let us know if you might be or are in
a similar situation. Mr. Lents' case is in Florida. Be
advised, Mr. Lents' has incurred substantial legal fees
to protect his claims. Please consult with a qualified
legal professional about your situation; but this is
certainly encouragement for homeowners who do not want
to lose their homes and have been unable to find any
other resolution.
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