Foreclosure Fraud Class Action

Mortgages have been diced, sliced, bunched and sold to investor entities for years.  These mortgages led to a worldwide financial crisis.  One aspect of this mortgage investment system is that no entity might actually own the note.  This has led to difficulties for lenders trying to foreclose on defaulted mortgages.  Lenders filed with the courts assignment of mortgages, but it has been an open secret that these assignments have been highly suspect.  A Ft. Lauderdale foreclosure defense can be utilized against these fraudulent assignments.

As reported in the Daily Business Review on July 30, 2010,  a class action has been filed against David Stern for fraudulent submission of assignments.  For example,  mysteriously assignments have been notarized with notary stamps that could not have existed at the time of the alleged notarization.  Do you believe these were honest mistakes or systematic foreclosure fraud? Reportedly, David Stern’s firm handles 20% of foreclosures in Florida.  At least Mr. Stern will not have to worry about losing his reportedly $15,000,000 free and clear homestead.  (Mr. Stern has also been served by investors who purchased stock in the publicly traded DJSP which handles nonlegal services for foreclosures).

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