Last week, Corona Law Firm was able to win two cases on appeal because of “standing.” Standing, when used in a legal sense, refers to the person or entity that has the legal right to sue. This has been a highly litigated issue especially in foreclosure cases such as these and is often a reason used to defend these cases. The appellate court in the cases that we won ultimately agreed with our arguments at trial, that the bank trying to collect and take our client’s home, could not prove that they were the party that could enforce the note and mortgage.
Banks and other lenders often sell the loans that they make. Which means if you took a mortgage from Bank of America five years ago and signed a Note naming Bank of America as the lender, it could have been sold various times to other banks or investors. In that case Bank of America no longer owns your Note and does not have the right to sue you on it. Only the person who owns the note at the time of the initiation of the suit AND at the time of judgment has legal standing.
The banks have had problems in the past few years being able to establish who is the rightful owner because they have sold these mortgages in huge bundles and have been sloppy in their transfers. This is where research, preparation, knowledge of the law and experience can help you if you are at risk of foreclosure. Last week, the appellate court agreed with trial lawyer, Ricky Corona, and dismissed two cases against our clients after they had lost at the trial level.
These decisions are an important win for our firm and a valuable lesson for those looking for the assistance of an attorney. It shows that these cases must be looked at with a magnifying glass and that we, at Corona Law Firm, do that for our clients. It also proves that the case is not necessarily over after a loss at trial. We keep fighting when we know our position is correct.