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THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

Banks’ sloppiness makes foreclosure a stolen property

By Paul McMorrow
Globe Columnist / October 25, 2011

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The state’s Supreme Judicial Court sent shock waves through the real estate industry last week, when it ruled that an investor who had bought a foreclosed property in Haverhill five years ago doesn’t actually hold title to the property. The investor, Francis Bevilacqua, doesn’t own the foreclosure he bought from US Bank back in 2006 because the bank had illegally seized the property from its former owner. Thousands of other Massachusetts homeowners could be in the same situation, with a cloud hanging over their title, all because big banks have had to be cajoled into following the most basic, common-sense aspects of the law.

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