A property financed and the paper held by a local bank, or the paper sold to a bank's normal buyer, say an insurance co or state pension fund, and then foreclosed by that normal buyer (never resold and sliced and diced in the Wall St securitization machine) should be OK, barring any sloppy work by the atty's foreclosing... It's the Wall St securitization machines' mortgages and Trust Deeds, that were lumped into Trusts and then sliced and diced to final end buyers that're in trouble re' questions of incorrect documentation, determining who, if anyone, has the standing to foreclose, etc., (if no one, the note is still owed to someone, and could be collected as an unsecured note)... As MarkB-MI says above, courts are EXTREMELY reluctant to overturn foreclosure decrees, relegating harmed parties to civil suits for damages, expensive and time-consuming... I expect, to save the industry and the banks, the Supremes will Decree it's all a tempest in a teapot and all the foreclosures are AAA (pun intended).
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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