Foreclosures blocked on mortgages traded on secondary market

07/2/2008 | Mortgage Orb

Several U.S. courts have blocked foreclosure proceedings against homeowners whose mortgages have been traded on the secondary market, ruling that the institutions could not foreclose because they couldn't prove they owned the notes. The troubling trend starkly illustrates the need for mortgage servicers to carefully trace and obtain cooperation from the true owner of a note before commencing foreclosure proceedings.

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