A property financed and the paper held by a local bank, or the paper sold to a bank's normal buyer, say an insurance co or state pension fund, and then foreclosed by that normal buyer (never resold and sliced and diced in the Wall St securitization machine) should be OK, barring any sloppy work by the atty's foreclosing... It's the Wall St securitization machines' mortgages and Trust Deeds, that were lumped into Trusts and then sliced and diced to final end buyers that're in trouble re' questions of incorrect documentation, determining who, if anyone, has the standing to foreclose, etc., (if no one, the note is still owed to someone, and could be collected as an unsecured note)... As MarkB-MI says above, courts are EXTREMELY reluctant to overturn foreclosure decrees, relegating harmed parties to civil suits for damages, expensive and time-consuming... I expect, to save the industry and the banks, the Supremes will Decree it's all a tempest in a teapot and all the foreclosures are AAA (pun intended).
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Today's Featured Article - The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
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