April 12, 2011
Jeff Barnes, Esq., representing an LLC-owned apartment complex in Indiana, has successfully defeated a Motion for Summary Judgment which was filed by Deutsche Bank as trustee of a securitized mortgage loan trust. The Court candidly admitted that this was its first case involving securitization of mortgage loans. Mr. Barnes prepared the legal memoranda and personally argued at the hearing. The Court denied the summary judgment, stating that there were genuine issues of material fact.
This decision is important not only because it shows that commercial loans have also been securitized, but further as it appears to be the first such ruling on a commercial securitization foreclosure case in the State of Indiana. Mr. Barnes is also representing other borrowers in Indiana involved in foreclosures filed by Deutsche Bank as “trustee” for securitized mortgage loan trusts with individual home loans.
In Florida, choas is the order of the day following the David J. Stern debacle. As those of you who follow this website are aware, Stern recently requested more time from the Palm Beach Circuit Court to withdraw from over 100,000 foreclosure cases, which request was denied by the Court. What has happened is that the former Stern clients (primarily securitization “trustee” banks and servicers) have been scrambling to obtain new counsel. The result has been literal chaos, disorder, and confusion. In several cases where Jeff Barnes, Esq. represents the borrowers, the “new” law Firm has admitted to failing to copy Mr. Barnes on court filings and confusing one case with another. In other cases, multiple attorneys have appeared for the same hearing on behalf of the Plaintiff, without each knowing the other was involved.
It is only going to get worse. With Stern notifying the world that his Firm is in the process of withdrawing from over 100,000 foreclosure cases in Florida alone, the nightmare is sure to continue.
Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com