Well, well, well…
This is interesting…
From Karl at The Ticker…
Being Foreclosed With An Option ARM? Read This
Incidentally, I know this attorney and this was one of the points I laid out for him. He turned it into a legal argument and, well, read this:
No, this doesn’t get the guy a free house. It does, however, force the plaintiffs to pay the unpaid doc stamps, pay the homeowner’s attorney fees, and re-file once they’ve done so.
This is a potential stake in the heart of those banks that have negative-amortized loans on their books and try to foreclose – without paying the tax stamps, they lack standing.
More importantly if each transfer required payment then it gets worse, as each assignment may have to be proved and those fees paid too.
Welcome to reality.
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