JP Morgan Chase Bank, tried to introduce the original “wet ink” promissory note in a foreclosure trial pending in Boca Raton, Florida. The Bank previously said that the original note had been lost before the foreclosure filing. Because the Bank did not seek to amend its pleadings before the trial or notify the borrower or the Court that the note had been located, and because the homeowner was not provided with an advance opportunity to inspect and evaluate the note, the Court found that the Bank violated the rules of civil procedure, and the case was dismissed in favor of the homeowner.
JP Morgan Chase Bank may not be able to reinstitute a foreclosure action in this case because of Statute of Limitation issues. Lawyers for JP Morgan Chase Bank have declined the opportunity to comment.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “JP Morgan Chase Bank did not follow established rules. They tried to gain an advantage by withholding the document until the time of trial. Judges do not tolerate ‘trials by ambush,’ and the Bank was therefore unable to avoid complying with the rules of civil procedure.“
Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com