Fed. Home Loan Mtge. Corp. v. Schwartzwald
Slip Opinion No. 2012-Ohio-5017
What does this opinion mean to thousands of Homeowners!
The legal process that banks seeking to foreclose on homeowners in Ohio changed dramatically on October 31, 2012 when the Ohio Supreme Court released the much anticipated decision in Federal Home Loan Mortgage Corporation v. Schwartzwald 2012 Ohio 5017. The Supreme Court ruled that a party foreclosing on a mortgage must demonstrate that it is the owner or holder of the note and mortgage on the date the foreclosure case is filed. No longer may a party foreclose on a home and acquire the legal right to do so after the fact. The court ruled that standing, or the right to sue is a jurisdictional requirement and thereby voided thousands of foreclosures in Ohio. Homeowners who have been the victims of “robo-signers” and…
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