“the fact is the homeowner will be foreclosed on, because someone holds the note and the homeowner didn’t pay his mortgage”
~ Kathleen Passidomo
Foreclosure bill fight sharpens
Senate Judiciary Committee puts contentious legislation to streamline foreclosures on fast track
The bill tromps on the homeowner’s right of due process and gives a pass to lenders who may have filed fraudulent paperwork or lack the documentation to prove they own the note and have a right to foreclose, claimed Woody Ryan of Naples, a homeowner in foreclosure who testified Monday before the committee.
He objects to the bill’s provision of finality of judgment, which means that once a home is foreclosed upon and sold in a short sale to a new owner, that new owner holds clear title to the property even if it turns out that the home was foreclosed upon fraudulently by the lender. The original homeowner can’t get his home back, but he can sue the lender for damages.
“You go round and round and wind up with nothing in the end but a legal bill,” said Ryan, a member of the Mortgage Justice Group.
“The Constitution has to do with the right to property, the right to ownership,” he said. “It gives you something to defend. It gives you something to hold onto for your family.”
Full report here…