A trial court judge was amazed when a closed bank deceptively tried to foreclose on a homeowner. In his dismissal of the foreclosure suit, the judge said the whole thing reminded him of Bram Stoker's legendary Dracula and his servant Renfield, from the 1931 film.
The judge is known to criticize lending institutions for their violations of mortgage servicing regulations. Although this lawsuit did not occur in Louisiana, homeowners throughout the nation have been severely impacted by the housing crisis and questionable foreclosure practices by lending institutions.
The bank attempted to initiate the home foreclosure after it no longer was a legal entity. The Federal Deposit Insurance Corporation had sold the bank three weeks prior to the date of the foreclosure action.
The law firm that filed the foreclosure lawsuit on behalf of the bank -- Renfield to the bank's Dracula -- may face legal sanctions for "engaging in frivolous conduct." The judge believes the attorneys filed fraudulent documents on behalf of the bank, documents that bore the mark of a notorious robo-signer.
The judge seemed astounded at the details of the foreclosure lawsuit. In response to the economic downturn and housing crisis, strict rules were instituted to mandate that the banks follow proper foreclosure protocols. After a merger whereby one bank ceases to exist, it cannot be named as a party in litigation.
For the bank to attempt to foreclose on the homeowner without "proper documentation in compliance with current laws," it was acting like the "living dead" vampire of the Dracula story, the judge said. He did add that the current bank holding the mortgage note could file a new foreclosure lawsuit, which may mean that this horror story is not over for the homeowner.
Source: Thomson Reuters News & Insight, "Judge tosses foreclosure suit by 'living dead' bank IndyMac," Nate Raymond, Oct. 5, 2012
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