Oh yes, the floodgates are open. How many people that have been foreclosed on would LOVE to sue?!!
I am by no stretch a legal mind, but I do think the court is drunk on power.
That mortgage payment I make every month? Yep, the bank agrees to let me live there as long as I make that payment. At the time I pay the principal in full, then I own the house. Until then I only am a percentage owner. I laugh every time I get the question 'are you a homeowner'. Um no not really.
So a couple questions for legal people.
How are any laws being broken here? The borrower has signed for the banks rights to preserve property in the event of nonpayment. If I own land and give you written and signed permission to be there, are you trespassing? If the borrower signs a contract with the lender spelling out what happens in the event of non payment-how is anything unlawful??!
On a side note, is home repossession any different than a car repo/impoundment? Boat? Motorcycle? Collateral on ANY loan? How is it any different? If you don't make said payment, someone will be out to secure, or take an asset. Said asset will be held until payment is made. If no payment then asset is sold and remaining balance goes to borrower.
With a home loan, the house is obviously the collateral to the loan. Why shouldn't the bank have rights to the asset they own?
Like I said, not a legal mind. Feel free to blow me up.