Washington state invalidates common mortgage provision

Now, as long as the banks, servicers, Fannie and Freddie don’t thumb their noses at the statute and the courts – this will be a good thing. Wonder who their trying to buy off now?

Justice League

HIGHLIGHTS

Laura Jordan came home from work one day to find herself locked out.

She had missed two mortgage payments, and the company servicing her loan had changed the locks without warning.

Laura Jordan came home from work one day to find herself locked out. She had missed two mortgage payments, and the company servicing her loan had changed the locks without warning.

In a ruling this month, the Washington Supreme Court found that action illegal — a decision that clears the way for a federal class-action case that Jordan brought on behalf of at least 3,600 borrowers in the state, and one that could have broad ramifications on how some lenders respond when homeowners miss payments.

“This is criminal trespass and theft, and it should be treated as such,” said Sheila O’Sullivan, executive director of the Northwest Consumer Law Center. “There’s no basis for them to walk in…

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