The Use of Bank Contractors in Mortgage Foreclosure: Contractual Considerations and Liability Concerns
Real Property, Trust and Estate Law Section, American Bar Association, 29 Probate & Property (Jan./Feb. 2015)
6 Pages Posted: 19 Oct 2015
Date Written: January 15, 2015
This Essay previews a larger work appearing at 83 U. Civ. L. Rev. 1155 that explores the use of third party property management companies by mortgage lenders and servicers. Specifically, this Essay discusses a wave of litigation spanning 30 states and touching the lives of many American homeowners pertaining to the so-called Mortgage Field Services Industry, the members of which have broken into homes, cleared out the personal property of the owner, and engaged in a host of other egregious and sometimes illegal activities all in the name of preserving the property for the lender. This phenomena has not only major policy implications for distressed homeowners and state foreclosure practices, but also for lender liability and the orderly administration of the mortgage finance industry.
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