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Stop Foreclosure Process, Brooklyn Judge Schack Often Says



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By : John Cutts    99 or more times read
Stop foreclosure process has been the motto of New York Judge Arthur M. Schack, whose chambers are located in the State Supreme Court in Brooklyn.

Every week, Schack's court processes foreclosure motions, but he has been rejecting many of them. He argues that he does not want to force out families from their homes into the streets if the reasons are not valid.

If he sees one key error in the filings, he rejects them. One of the cases he has rejected is a foreclosure filing signed by a Deutsche Bank officer claiming to be second in command in two different banks. According to the foreclosure papers filed, the bank executive works in Kansas City, Missouri, but his signature was authenticated by a notary public in Texas.

More significantly, Deutsche Bank did not own the mortgage when it foreclosed on the homeowner. Schack said he is just a little guy, but he said fairness should be exercised.

In the past two years that he had processed foreclosure motions, he has rejected 46 out of 102 cases. Along with his decisions are his criticisms of the lifestyles of bank presidents, their atrociously high salaries and the high interest rates imposed on loans.

Because of his decisions, Schack has attracted the attention of lawyers and judges across the U.S. In recent judicial meetings in Arizona and Illinois, several speakers lauded his court decisions as possible models for foreclosure rulings.

On the other hand, Schack has also earned the ire of bank officials, complaining that the judge blocks them from getting back what they rightfully own. One HSBC official appealed some of his rulings and remarked that the judge was setting dangerous precedents by rejecting motions even when the defaulting homeowners had not replied to the foreclosure notices.

In response to criticisms, Schack said that he is looking at foreclosure motions in a straightforward manner. He explained that if the banks cannot prove they own the mortgages, they cannot foreclose. Taking a family’s house must be done in a correct and legal manner, according to the judge.

Schack also reiterated that the multinational banks should also go through what small banks, credit unions and thrifts go through when filing foreclosure cases.

In 2007, Judge Schack started seeing foreclosure motions were particularly concentrated in the working-class black districts in Brooklyn. He said he studied the cases and found out that the banks made home loans bound to fail.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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