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Fredrick Levin Quoted in Bloomberg BNA Article, "California Ruling Seen Boosting Foreclosure Challenges"
Fredrick S. LevinFredrick Levin was quoted in Chris Bruce's Bloomberg BNA article, "California Ruling Seen Boosting Foreclosure Challenges," on February 19, 2016.
The California Supreme Court on Feb. 18 said a borrower in a nonjudicial foreclosure has standing to allege wrongful foreclosure, raising the potential for more challenges of foreclosures and securitized loans.
The ruling allows the borrower, Tsvetana Yvanova, to amend her complaint to include a claim of wrongful foreclosure, based on her claim that an assignment of her loan to a securitized trust was void because it took place after the closing date specified in the agreement that governed the trust.
Fredrick S. Levin, a partner with Buckley Sandler in Los Angeles, Feb. 18 said the decision reverses a rule followed by the overwhelming majority of California courts that says borrowers lack standing in such cases.
“The decision thus opens the door to lawsuits by borrowers claiming that their homes were improperly foreclosed upon by persons who allegedly lacked power under California law to institute foreclosure,” Levin told Bloomberg BNA.