Declining to halt a foreclosure sale, a New York judge has been left with the "unhappy result" of a loan that should not have been taken for which the homeowner is nevertheless responsible. The homeowner, who represented herself, relied on a case in which a lender was found guilty of violating anti-predatory lending laws. The case is illustrative of the national mortgage lending crisis, in which borrowers who agreed to onerous terms to finance homes they could not otherwise afford are facing foreclosure.
April 23, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Declining to halt a foreclosure sale, a Long Island, N.Y., judge has been left with the “unhappy result” of a loan that should not have been taken for which the homeowner is nevertheless responsible.
The case of Alliance v. Dobkin, 10625/06, is illustrative of the nationwide mortgage lending crisis: An increasing number of borrowers who agreed to onerous loan terms to finance homes they could not otherwise afford now are facing foreclosure.
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