Banks have to Prove they Own Note to Foreclose
This highlights the 4th District Court of Appeal’s ruling, which requires lenders-banks to prove owning the homeowners’ note as prerequisite to foreclosure. This foreclosure news will give hope to homeowners who are facing foreclosure particularly for Gainesville Florida homeowners. Understand the difference between a mortgage and a note.
The said ruling may compel the lenders-banks to drop some of the cases they have against homeowners. Until they obtain the real note, they can’t proceed in starting the foreclosure over again. This is beneficial first and foremost for Gainesville Florida homeowners because they get a chance to prove their case in court. It will also benefit foreclosure defense lawyers and Gainesville Florida short sale agents in terms of having enough time to get a short sale approval for their sellers.
Foreclosure News also reveals Florida Supreme Court’s decision to work on a case that had undergone foreclosure already. Allegedly, the lender backdated the note when they presented it to court. The court claimed that the ruling they made on the case of the homeowner who had already lost his home would give a dent on the foreclosure crisis in Florida.
According to thousands of Florida homeowners, the lenders did not have the original note with them when they filed for the cases. The banks mostly resorted in acquiring the note prior to the final foreclosure summary judgment disposition. The appeals court, however, demanded for the banks to prove their ownership of the property prior to their filing of complaint toward homeowners and foreclosure summons.
The 4th District Court of Appeal administered the ruling that banks are deemed to have and prove ownership of the notes on which they have filed foreclosure.
According to Foreclosure News, instead of the summary judgment hearing; the homeowners are entitled to undergo evidentiary hearing. If the lenders/banks are not confident about the note, they will have to expel the case.
Summary judgments, according to foreclosure news, are only usual in foreclosure cases. For such issue, it is best to seek advice from a Florida foreclosure defense attorney.
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