DSNews The homepage of the servicing industry
In a ruling handed down Friday afternoon, Judge Clark Waddoups of the U.S. District Court for the District of Utah sided with ""Bank of America"":http://www.bankofamerica.com and overturned a Utah county judge's earlier decision that barred the nation's largest mortgage servicer from carrying out foreclosure sales in the state.
[IMAGE] [COLUMN_BREAK]Waddoups issued a court order that stated: ""The preliminary injunction of May 22, 2010 issued by the Utah state court is hereby DISSOLVED in its entirety.""
The ""temporary foreclosure injunction"":http://dsnews.comarticles/judge-orders-bofa-to-halt-all-foreclosure-sales-in-utah-2010-06-08 granted by the Utah court was based on the grounds that Bank of America and its related companies, namely its foreclosure subsidiary ""ReconTrust"":http://www.recontrustco.com, are not registered to do business in Utah.
Bank of America argued that it is governed by â€" and operates in compliance with â€" federal laws and regulations. And Waddoups agreed that the financial institution’s national charter trumps Utah law, which stipulates that mortgage lenders must be registered and have offices in the state of Utah to give struggling homeowners the opportunity to negotiate face-to-face with their lenders.
The ""ReconTrust Web site"":http://www.recontrustco.com/upcoming_counties.aspx?state=Utah currently lists 879 foreclosed Utah properties for trustee sale.
