Adams & Edens, P.A. | Mississippi Lender's Rights Law Blog » Foreclosure Disasters http://www.mississippiforeclosureblog.com Mississippi Lender's Rights Law Blog Thu, 27 Aug 2009 20:50:54 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Foreclosure Sale of Incorrect Property http://www.mississippiforeclosureblog.com/2009/08/27/foreclosure-sale-of-incorrect-property/ http://www.mississippiforeclosureblog.com/2009/08/27/foreclosure-sale-of-incorrect-property/#comments Thu, 27 Aug 2009 18:39:31 +0000 admin http://www.mississippiforeclosureblog.com/?p=37 With the sky-rocketing increase in foreclosures across the United States, mistakes are inevitable.  Lenders, servicers and attorney firms must be vigilant to ensure that costly mistakes are held to a minimum.  A startling example of such a mistake involves a situation where a Florida woman’s home was incorrectly foreclosed, sold to a third party, the local sheriff’s office removed the woman, her family and all her possessions before she was able to obtain a court order over-tuning the foreclosure sale.

It seems inconceivable, especially in a judicial foreclosure state such as Florida, that a mortgagee and its foreclosure firm could complete a foreclosure  and actually cause the homeowner to be physically removed from a property other than the property pledged by the mortgagor and covered by the mortgagee’s mortgage or Deed of Trust, without someone discovering the error.

Adams & Edens and other foreclosure firms have procedures and checks and balances  in place to ensure that the property intended as collateral for a loan is the property described in the mortgage or Deed of trust and is the property actually foreclosed upon.   Thorough loan document review and pre-foreclosure title review and examination are key to discovering “mix-ups” with property ownership / identities.

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