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IPFS News Link • Housing

Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish

Joe Lents hasn't made a payment on his $1.5 million mortgage since 2002. That's when Washington Mutual Inc. first tried to foreclose on his home in Boca Raton, Florida. The Seattle-based lender failed to prove that it owned Lents's mortga

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Comment by Dwight Rott
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The comments made in this article by people that shoulde have known the law such as a waste of time to bring the original note into court are startling to me. These people should know that a court is just a Government corporation not much differnet than any other corporation. The Uniform Commercial Code is very clear on this that no one person or entity can enforce a contract if they are not holder in due course which means they have to be in possesion. No contract no right to foreclose