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Has any Illinois foreclosure lawyer actually been successful fighting the big Wall Street banks?

Westchester, IL |

Has any Illinois foreclosure lawyer actually been successful fighting the big Wall Street banks?

Attorney Answers 2

  1. Success is a relative term depending upon the objectives of the homeowner. Some homeowners call certain legal action successful if attorneys simply prolong a foreclosure action by filing motions, affirmative defenses and counter claims. But actually prevailing in the end is a different story.

    However, I recently had a federal foreclosure case dismissed WITH PREJUDICE by Judge Pallmeyer on October 11, 2011. As a nationally recognized leader in mortgage foreclosure defense education & litigation, I successfully defeated Plaintiff's Complaint by filing a Motion to Dismiss for Lack of Standing. See Deutsche Bank v. Bodzianowski (11 cv 1950)

    Judge Pallmeyer ruled that Deutsche Bank, a major Wall Street firm, lacked standing to foreclose on an Illinois homeowner. Standing is the threshold question in every federal case. Plaintiff was NOT the original lender and sought to establish standing by endorsing the Promissory Note and assigning the Mortgage directly to the Trustee . While Plaintiff pled that it was the legal holder of the Note and Mortgage, it failed to convey the mortgage file according to the terms creating Trust (Pooling and Servicing Agreement - PSA) and New York trust law. A Promissory Note is an asset of the trust and should have an "unbroken" chain of endorsements from the Originator (original lender) to Sponsor to Seller to Depositor and then to the Trustee, sequentially. In other words, the act of the Trustee receiving an instrument that does not have ALL of the intervening endorsements is void. Although Plaintiff argued that it has standing because the Promissory Note, a negotiable instrument, is governed by the Uniform Commercial. However, the UCC permits parties to agree to a more exacting method of transferring the notes to the trust and in this case the parties did so.

    As always, individual cases may and will vary.

  2. It depends on what the goal is. If you are trying to postpone the foreclosure sale on an emergency basis, that can be done if you have good reason, for example, you are modifying the loan, or you have the funds to reinstate the loan. If you are referring to a lawsuit against the bank for improperly approving the loan, you should speak to a lawyer who does forensic review of loan documents. Some banks are now sending out forms for customers to fill out if they believe they should have never been given the loan in the first place.

    Elizabeth A. Demonte Anderson & Associates P.C. 630.653.9400. The statement above is general in nature and does not constitute legal advice, as not all the facts are known. You should retain an attorney to review all the facts specific to your case in order to receive advise specific to your case. The statement above does not create an attorney/client relationship.

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