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[mk_dropcaps content=”A” style=”fancy-style” width=”1/1″ el_position=”first last”]s many have heard, mortgages in today’s market are not as simple as they once were. It used to be the case that if you borrowed money from a bank, you can expect that this same bank owns the loan and will continue to be the point of contact you deal with through the life of the loan. Unfortunately, that is not the case anymore.
The Banks
Nowadays, banks have found an interesting way to make even more money off your loan. Instead of keeping the loan, they sell the loan to another company or trust. And the banks even have a different company service the loan. These arrangements are often called Pooling and Servicing Agreements between the bank and the servicing company.
Often, as foreclosure defense attorneys in Florida, we use these pooling and servicing agreements against the banks. Basically, if you are going to change the arrangements on a Florida homeowner, then you at least need to follow the rules. Foreclosure lawyers in Florida would ask the court to force the banks to follow these agreements, and often, the bank’s failure to follow the agreement is to the detriment of the Florida homeowner. Unfortunately for Florida foreclosure attorneys and Florida homeowners, the Third District Court of Appeals in Miami has ruled against the Florida homeowners and Foreclosure attorneys.
In Castillo v. Deutsche Bank National Trust, 89 So.3d 1069 (Fla. 3d DCA 2012), the court decided that a Florida homeowner in a foreclosure suit does not have standing to challenge the bank’s following of the Pooling and Servicing Agreement. This of course, is unfortunate to homeowners in Florida facing foreclosure. Many foreclosure attorneys attorneys have admitted defeat on this point.
In our firm, however, our Florida foreclosure attorneys know that there still remains many defenses to the actions of the banks in these foreclosure suits. There still remains many reasons to challenge the actions of the bank, and as such, we know how to go about challenging them.
If you’d like to hear more about our foreclosure practice, please feel free to browse our web-site or contact our office for a free consultation. See our web-page on foreclosure defense.
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