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If Lenders Say 'The Dog Ate Your Mortgage'

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if our current financial crisis has taught us anything, it is that many borrowers entered into mortgage agreements without a clear understanding of the debt they were incurring, writes Gretchen Morgenson in the New York Times. "But some judges are starting to scrutinize the rules-don’t-matter methods used by lenders and their lawyers in the recent foreclosure wave. On occasion, lenders are even getting slapped around a bit." The bottom line? A new dynamic is in play in the foreclosure mess: "If the lender can’t come forward with proof of ownership, and judges don’t look kindly on that, then borrowers may have a stronger hand to play in court and, apparently, may even be able to stay in their homes mortgage-free."
SOURCE:   New York Times