tag:blogger.com,1999:blog-6241005.post835492379277411246..comments2023-10-22T12:07:58.724-04:00Comments on LowellDeeds: Judicial oversight of foreclosuresDickhttp://www.blogger.com/profile/13384070121091883552noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6241005.post-85759291326049523082010-12-07T14:38:07.034-05:002010-12-07T14:38:07.034-05:00First, no homeowner has ever read every single doc...First, no homeowner has ever read every single document that was signed at a closing. The system would grind to a halt if that happened due mostly to all the documents of marginal value required at the closing.<br /><br />But my larger point is about the foreclosure process, not about the prudence of the loans in the first place. Other than compliance with the Service Members Relief Act, the foreclosure is entirely in the hands of the lender. The only recourse left to a homeowner facing foreclosure who feels deprived of due process is to initiate a lawsuit against the lender in a very short period of time. <br /><br />If the homeowner had the money needed to hire a lawyer to pursue such rapid-reaction litigation, the homeowner wouldn't be in arrears on the mortgage in the first place. Better to put the burden of (judicial) proof on the lender.Dickhttps://www.blogger.com/profile/13384070121091883552noreply@blogger.comtag:blogger.com,1999:blog-6241005.post-53623638329210692672010-12-06T16:09:09.896-05:002010-12-06T16:09:09.896-05:00"...make it abundantly clear that someone nee..."<i>...make it abundantly clear that someone needs to be looking out for the interests of the homeowner, and that someone is most appropriately the courts.</i>"<br /><br />I agree that this is a step in a good direction, but homeowners should also bear some responsibility for advocating their own interests. Nobody forced them to take out these loans, after all. If you can't be bothered to read it or you don't understand it, you shouldn't sign it. Again, I do think the courts could do more to look after borrowers, I just don't think that the lack of such oversight in the past absolves borrowers from managing their own financial well being.Anonymousnoreply@blogger.com