Florida Judge Rules in Favor of Homeowners

legal 150x140 Florida Judge Rules in Favor of HomeownersIn Reddick Florida this past December, the defendants won a non-jury trial in a case where they defaulted on a home mortgage back in 2008. The Judge ruled that Chase Home Finance, LLC, the previous lender and plantiff, failed to meet the burden of proof of re-establishing the mortgage note or that it was the owner of the note at the time of trial. Whereas before, Judges where seemingly favoring the plaintiffs by granting title to the banks at a rapid pace at times with missing documents; this marks evidence of a possible shift in behavior and in my opinion can become a dangerous catalyst that could not only could delay the housing recovery but further clog the court system and potentially increase systemic risk by encouraging more homeowners to “strategically” default. If we begin to see more cases ruled in this matter, then it will be a strong factor instigating the possibility of a significant double dip in the housing market.

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