Homeowner Alert: Attorney Adam S. Tracy And The Tracy Firm, Ltd.. Investigate The Use Of Electronic Transactions In Mortgage Lending
August 13, 2013 (PRLEAP.COM) Business NewsCHICAGO, ILLINOIS, August 13, 2013 /prleap.com/ The Tracy Firm, Ltd., a leading Chicago-based foreclosure defense and predatory lending litigation law firm, and its managing attorney, Adam S. Tracy announced today that they are actively investigating the potential improper use of electronic transfers in mortgage lending nationwide. This investigation comes on the heels of a number of decisions throughout the United States that have sided with homeowners who were unwitting participants in mortgage securitization schemes utilizing electronic transfers of their mortgage promissory notes. The investigation specifically concerns whether homeowners whose mortgage notes have been transferred electronic without their explicit acknowledgment have a defense to foreclosure actions when subsequent owners of the notes have assumed ownership via electronic transfer.
"In today's day and age, the reliance upon electronic mediums by mortgage lenders and other finance companies to consummate electronic transactions is an inevitable occurrence," said Tracy. "However, homeowners who become part of these electronic transactions most certainly have a right to know beforehand that such transfer may occur – in many ways, the laws concerning foreclosure in each State have just not caught up with technology" he continued. Research conducted by The Tracy Firm suggests that an mortgage note improperly transferred via electronic means may be a valid defense to the enforcement of such note in a foreclosure case.
Tracy concluded; "at the rate in which "pretender lenders" are foreclosing upon homeowners throughout the country, it may be time for attorneys to investigate different approaches to unraveling the legal fiction of mortgage securitization." Homeowners who believe their mortgage note may have been transferred via through an electronic transaction an want to discuss their legal rights are encouraged to contact the attorneys at The Tracy Firm, Ltd.
About The Tracy Firm, Ltd.
The Tracy Firm, Ltd. is a multi-disciplinary consumer rights law firm focusing on foreclosure defense, predatory lending litigation, bankruptcy, complex class action litigation, consumer lending litigation, FDCPA litigation, dangerous drug litigation, investment loss lawsuits, and much more. Based in suburban Chicago, Illinois, The Tracy Firm, Ltd represents clients throughout the United States through its network of associate attorneys.