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The LaRaces borrowed $103,200 to buy their home in 2005 and also defaulted in 2007. He expects the bank to appeal to the U.S. But litigation isn't over, Ibanez' attorney, Paul Collier, says. The mortgage investors will take the loss. Ibanez filed a Chapter 7 bankruptcy, so he now has title to the home and no obligation on the debt. Even since, the house has been boarded up.
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Ibanez, a special ed teacher, bought the home for investment in 2005 and defaulted in 2007 on a $103,500 loan, according to the court papers. The right to deprive people of their property is a powerful one and banks have to prove they have the legal standing to do so. Cordy excoriated them for their "utter carelessness." The fact that the borrowers owed the money was "not the point," he wrote. Bancorp, acting as trustees for investors - couldn't prove that they actually owned the mortgages. The court reversed two foreclosures because the banks - Wells Fargo and U.S. If they win your case, they'll collect from the financial institution, too.īefore readers attack the "greedy lawyers" for defending "deadbeat" clients who couldn't repay their mortgage loans, let me quote from a groundbreaking decision reached earlier this month by the Massachusetts Supreme Court. More likely, you'll pay fees - upfront or on a monthly plan - tied to the lawyer's estimate of the time it will take and your ability to pay. Consumer lawyers take a few cases at no charge. How much does it cost to get justice, when a bank forecloses on your house illegally? Thousands of ex-homeowners don't pursue their rights to a financial settlement because they assume they couldn't pay the legal fees.