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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  

Christopher K. Odinet

Southern University Law Center; University of Iowa - College of Law

Date Written: January 15, 2015

Abstract

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.

Suggested Citation

Odinet, Christopher K., The Use of Bank Contractors in Mortgage Foreclosure: Contractual Considerations and Liability Concerns (January 15, 2015). Real Property, Trust and Estate Law Section, American Bar Association, 29 Probate & Property (Jan./Feb. 2015). Available at SSRN: https://ssrn.com/abstract=2675835

Christopher K. Odinet (Contact Author)

Southern University Law Center ( email )

P.O. Box 9294
Baton Rouge, LA 70813
United States
225-771-4900 (Phone)

HOME PAGE: http://www.sulc.edu

University of Iowa - College of Law ( email )

Melrose and Byington
Iowa City, IA 52242
United States

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