Florida Supreme Court Rules That Banks Must Prove Ownership Before Foreclosing On Homes

In the past few years there has been a disturbing trend of unfortunate mistakes that

have taken place at the expense of home owners around the country; homes have been foreclosed on and home owners evicted by banks who do not actually hold title to these homes.

In some cases, evictions have been carried out on unsuspecting home owners who were not present to contest a mistaken eviction and have come home to changed locks and their belongings out on the lawn in the rain; while other times, home owners have found themselves the victim of bank foreclosures or even sales without any notice, when in fact the bank did not actually own their home at all. Some victims of these mistakes have even had the wrong bank foreclose on their home or even foreclosure proceedings initiated on homes that do not have a mortgage at all.

The banks involved with these problems have overwhelmingly responded to the fallout of these situations by saying that due to the large number of homes that have delinquent mortgages at present, it is hard for them to keep track of all of the proceedings going on at any given time. Apparently some banks think that keeping track of the homes that they hold the deeds to is a bit of a hassle and have been lax about keeping the promissory notes that pertain to each property organized.

The Florida Supreme Court has decided that this type of shoddy banking is not acceptable as in February passed a rule that would require banks to show evidence of the original note so that it can be accurately assessed if they do actually have rights to the home in question or not. The rule in question is intended to help unclog the foreclosure courts and ensure that the only cases working through the courts are ones which have had due diligence paid in the preparatory stages.

If you have any doubts about the state of your mortgage and are concerned that your home could end up in foreclosure, contact your lender and open the lines of communication with them; a great many of the problems that are happening at present with mistakes in foreclosures are due to mis communications and improper information. Keeping your mortgage payments up to date is one of the best ways to avoid any problems, but being in close communication with your bank while you go through mortgage modification can also help a great deal as well.

by: Karrie Rose

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