In a ruling Wednesday by the Florida 4th District Court of Appeal, banks trying to foreclose based on what they allege to be a promissory note, must first prove that the note is, in fact, a note, that it is for the property involved in the case, and that said lender actually owns it at the time of foreclosure. in the case, Robert McLean v JP Morgan Chase, the court ruled against the bank, reversing a lower court decision favoring Chase, saying that Chase had originally filed suit claiming the note was lost or stolen, and thus the bank could substitute another document for the original note. The court further said that the note not only had to be available, but it had to be endorsed and dated BEFORE the filing for foreclosure by the bank. The court then concluded that the borrower is entitled to a full hearing on the merits of the case BEFORE the foreclosure can proceed.
Should any of my readers wish to chat with an attorney on this, the plaintiff's attorney was Tom Ice, founder of Royal Palm Beach based Ice Legal.
Good luck!
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