Congratulations to Matthew Bavaro and Laura Hoy for winning a foreclosure
appeal from the Fourth District Court of Appeals today. This was a foreclosure
case filed by JP Morgan Chase Bank. The promissory note was payable to
Chase Bank USA. So while these two corporate names sounds familiar, they
are two separate corporations. After trial, we moved for involuntary dismissal
because the Plaintiff JP Morgan Chase never proved that it had any connection
to this loan. The bank argued that one is the servicer for the other,
so that should be good enough and that further, one is the wholly owned
subsidiary of the other so it is essentially the same thing. The trial
court agreed with the bank and entered a final judgment of foreclosure.
Fortunately, the appellate court agreed with Loan Lawyers and reversed
the trial court. The court found that the fact one entity is a wholly
owned subsidiary of another is wholly irrelevant. A party who is suing
for foreclosure must still prove that they have standing (the legal right
to foreclose). The appellate court found that the bank never proved it
was the owner or holder of the loan nor did they prove that they were
the servicer of this loan. The bank actually asked the appellate court
to consider a document that they never even put into evidence in the trial.
This argument was shot down by the appellate court as well.
You can read the opinion for yourself
Another home saved from the wrecking ball by Loan Lawyers. If you, or
someone you know, are facing foreclosure,
call Loan Lawyers today for your free consultation with one of our foreclosure defense lawyers
in Broward, Miami-Dade, or Palm Beach.