In an interview with Thomson Reuters, Professors Brad Borden and David Reiss discussed their recent commentary “Show Me the Note!” (Westlaw Journal Bank & Lender Liability, 2013) – the title of which references a defense used to forestall or prevent a foreclosure. Increasingly, U.S. courts are interpreting homeowner claims that a foreclosing party must produce the mortgage and the associated promissory note as proof of the right to initiate foreclosure. In their commentary, Professors Borden and Reiss examine the situations in which the “show me the note” defense is raised, helping consumers and the mortgage industry to better predict how individual states will rule in such cases, and assisting courts as they continue to encounter this issue.
|Prof. Bradley Borden
“The main point is, the law matters and the jurisdiction matters,” they told Thomson Reuters. “Whether you are a homeowner trying to stave off foreclosure or a real estate finance lawyer structuring a securitization, you should expect that courts will enforce statutes as they are written in an adversarial proceeding.”
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