If you live in Iowa, you may be able to use this loophole to stick it to your “Bank.”

But you better hurry… The bankster lobby is trying to change the law…

The Des Moines Register reports:

Iowa loophole voids mortgage, gives couple ‘a free house’

Talk about sticking one to the bank.

Matt and Jamie Danielson own their $278,000 Ankeny home outright, and paid almost nothing for it.

A hasty home-loan approval and a 123-year-old law that requires mortgages be signed by both spouses helped the couple fight foreclosure all the way to the Iowa Court of Appeals. They won, and though they made only one payment to lender Citimortgage, the mortgage is now void and they get to keep the home.

“It’s dumb luck that we’re in this house,” said Matt Danielson, 33.

The banking lobby is chagrined. The Iowa Bankers Association is backing legislation that would change the law so this never happens again.

“It’s not like we’re rolling on easy street,” Danielson said. “We still struggle just like everybody else does in this economy.”

The proposal gives judges discretion in cases like the Danielsons’, instead of automatically voiding mortgages not signed by both spouses. The bill passed the Senate on Monday.

The law’s original intent was to protect husbands and wives from liability if one spouse made a disastrous financial decision unbeknownst to the other or against her or his wishes.

You can check out the rest of the report here…

Copy of the ruling from the Iowa Court Of Appeals is below…

Now that’s some funny sh….

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4closureFraud.org

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Citimortgage, Inc. v. Danielson