Deficient Bank Documents Over Loan Ownership Prove Beneficial For Borrowers In State Court
Deficient documentation over mortgage ownership is causing a mess for financial institutions in state courts and, as a result, borrowers in a number of states have won recent court rulings over foreclosure actions.
At issue is shoddy paperwork and practices that have muddied the water over which financial institution actually owns specific mortgages. In a recent foreclosure case in Alabama, the Court of Civil Appeals ruled in favor of a borrower when the lender could not provide documentation of ownership of the loan.
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