“I wonder why the judiciary will not entertain any legal theory contrary to the position of the banks,” said Cherry, who was not allowed to submit objections in one of the cases.”
Judges lash out at land trusts, call attempts to cancel mortgages meritless
A South Florida company that persuaded scores of troubled Palm Beach County homeowners to give up their property deeds is facing more legal problems as state and federal judges challenge its plan to help borrowers beat the bank.
In three recent court decisions, the firm’s actions were condemned.
Fidelity Land Trust, which was shut down by the state in September, lost a key battle in circuit court last week to unfreeze its operations.
The Jan. 7 order from Broward Circuit Judge Michael Gates follows a blistering report issued last month by a federal magistrate that said the company’s legal theories attempting to cancel underwater mortgages are meritless, frivolous and have “absolutely no chance of success.” That conclusion was affirmed by a federal judge in a Dec. 27 order.