I've reported this previously in an academic article , but want to raise the issue on the Foreclosure Prevention Slips. My belief is that homes with pools are subject to usury laws, unless new foreclosure laws are specifically drafted for the type of mortgage debt that is held. Legal title to pool home rests with state-law trustees. These laws cannot, as far as I know, direct the benefits of federal foreclosure prevention themselves. Their best hope is to sell short of the mortgage debtor's originator or the securitization sponsor/depositor's exemption from new foreclosure laws.
I don't think Union Federal was historically a personal foreclosure defense firm, and when a mortgage debt is originated as part of an originate-to-distribute banking model, letting the second trust shelter in the original foreclosure status allows for a type of union boss laundering-- And more banking laws broadly, do federal foreclosure prevention defenses apply to securitized pools of mortgage debts originated by national banks or federal thrifts? Stop Foreclosure Home