Friday, October 1, 2010

Title Cloud Homeownership : Fraud clouds titles

Foreclosure Errors Cloud Homeownership With `Blighted Titles' - Bloomberg: "Attorneys general in Florida, Texas, Iowa, Illinois, North Carolina and Connecticut have started their own investigations into GMAC. In addition, Florida investigators have issued subpoenas to three law firms after homeowners facing eviction said the firms pursued foreclosures without following proper procedure.

“This is the most important issue of the whole mortgage mess because families are being thrown out of their homes by people who may not have the right to do that,” said Glenn Russell, a Fall River, Massachusetts, real estate attorney who won a case last year that reversed a foreclosure because of faulty paperwork.

Mark and Tammy LaRace, his clients, were able to move back into their Cape Cod-style house in Springfield, Massachusetts, more than two years after they were evicted.

Attempts to Clear Title

In February, Judge Keith Long of the Massachusetts Land Court reaffirmed his 2009 decision to return the house to the LaRaces. San Francisco-based Wells Fargo & Co., which initiated the suit in an attempt to clear the property’s title after it foreclosed on it, has appealed the decision. The case now is under consideration by the state’s Supreme Judicial Court."

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