John Aromando Quoted in Maine Lawyers Review: "Work in Progress: Next Steps After Bank of America v Greenleaf"
In Bank of America v Greenleaf , a far-reaching 2014 Law Court decision that essentially separates the mortgage from the note for the purpose of analyzing standing to foreclose, Pierce Atwood litigation partner John Aromando has noted that the decision could have “serious consequences” that creates “obvious problems for lenders and a windfall for borrowers.”
In discussing the problems that arise when an original lender is truly dissolved, Aromando has no doubt that the banks will be willing to do whatever they need to do, as soon as it becomes clear what that is. “They will have to do their title research, and they will have to do their corporate law research regarding predecessor entities,” but if they “follow the breadcrumbs,” he believes it will still be possible to overcome the Greenleaf standing issue through a declaratory judgment action.
Please click here to read “Work in Progress: Next Steps after Bank of America v Greenleaf” that appeared in the October 6, 2016 issue of Maine Lawyers Review.