So lenders can’t foreclose anymore.
There’s been a lot of activity and discussion about what the recent Ohio foreclosure decisions mean. The controversy appears to have started with a post on the I am facing foreclosure blog. You can read it here. While the presented interpretation sounds pretty dramatic, Calculated Risk had a totally different take on it here.
The short version of the issue boils down to whether a lender can foreclose if they can’t prove they own the note. The Ohio judge pretty much said lenders need to follow the legal procedures. That means the lender needs to be able to prove they are owed the money, then prove payments aren’t being made, then they’ll be allowed to foreclose.
Does this transform the world as we know it? Hardly. Is it another example of media misinterpretation and publishing for the sake of drama? That’s my guess.