‘Biggest Case In Ohio F’closure Law In A Century’ Takes Unusual Turn; Homeowner’s Mtg. Debt Mysteriously Disappears; Banksters, Lawyers: ‘No Comment!’
“The Duvall case seemed like a good one for the state Supreme Court to rule on to settle the issue but it has taken an unusual twist. You might even call it another bank snafu. The homeowner, Duvall, now owes nothing on his mortgage because – in an action unrelated to the Supreme Court case – the loan servicer cleared his debt completely in June.“
Who owns the loan?
The Ohio Supreme Court is taking up the question of what a bank needs to prove to force someone from his home.
The Ohio Supreme Court is getting ready to take on what some are calling the biggest issue in state foreclosure law in a century. The question before the justices is what paperwork does a lender need to force an owner out of his home? For Ohio Public Radio, WCPN’s Mhari Saito reports that what the state’s justices decide could have huge implications for the financial services industry.
Antoine Duvall and his wife and young son waited until after Christmas to move into their freshly renovated two-story house in Cleveland’s Collinwood neighborhood. It was 2006 and Duvall, a salesperson for a legal document services company, had just happily signed a mortgage and a promissory note to get his loan from Wells Fargo. But soon, he started to get letters about his loan.
Antoine Duvall: We started to receive a lot of different information in the mail, not coming from Wells Fargo, saying that the process had changed a little bit and had been transferred or sold to a different entity. So it was kind of a little confusing.
Confusing, perhaps, but definitely the norm. Like many mortgages during the real estate boom, Duvall’s loan was bundled into a bond and sold on Wall Street to a new owner. And like so many loans, that transfer was never recorded in the county recorders office. Antoine Duvall’s attorney Gary Cook:
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