Mortgage Litigation Definition
Joinder in civil law falls under two categories: joinder of claims, and joinder of parties. Joinder of claims is addressed in U.S. law by the Federal Rules of Civil Procedure No. 18(a). That Rule allows claimants to consolidate all claims that they have against an individual who is already a party to the case. Claimants may bring new claims even if these new claims are not related to the claims already stated. Note that joinder of claims is never compulsory (i.e., joinder is always permissive), and that joinder of claims requires that the court’s subject matter jurisdiction requirements regarding the new claims be met for each new claim.
Mortgage Litigation Overview
The Mortgage Litigation process is when attorneys sue the lender/bank on behalf of homeowners. Over the past decade, homeowners have fallen victim to deceptive practices by their lender in the way their mortgages have been implemented, recorded, transferred, and executed.
One of the overlying themes that law firms are discovering in the majority of these cases is the securitization of mortgages. Over the past 10 years, lenders thought they had found an efficient and cheap way to buy and sell mortgages. Lender’s business practices were focused on making money any way they could with very little regulation. This was securitization, where they would routinely bundle large amounts of mortgage notes and electronically transfer them to large investment pools over and over again. These transfers were usually done by MERS, a company that operates an electronic registry designed to track servicing rights and ownership of mortgage loans in the United States. As a result, these transfers were not properly recorded; therefore, it is being challenged that banks rightfully own these mortgages, and that they have been illegally collecting payments and fraudulently performing foreclosure actions.
An attorneys will file a lawsuit in the US court system against the homeowner’s bank! This takes the decision making ability away from the mortgage lenders and offers the homeowner to get equitable justice.