The devil is in the details
Here is another interesting case that outlines the importance of the details associated with a mortgage and how failure of the bank to pay close attention to all the details may give someone an edge in a foreclosure action. In this particular case, two individuals obtained a first from WaMu in 1999 and then a second from another local bank. The missing details were that both the deed and the loans mentioned only the property and not the mobile home that was on it. As such, the mobile home was considered personal property and not part of the lien placed upon the real property, or simply the land, as unlike a non-mobile home, a mobile home is not considered part of the real property, because, well, its mobile. 🙂
The homeowners were eventually otherwise SOL because the state laws in this case allowed the banks to attach their personal property as well, but this simply serves as an example of how banks have not paid attention to the small details over the last decade or more.
Foreclosure, Lawsuits | admin April 13, 2010
