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KCRA Interviews Stephen Foondos

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KCRA Interviews Stephen Foondos:

Attorney: Court ruling could help families in foreclosure

Supreme Court rules against banks in wrongful foreclosure suit

ROSEVILLE, Calif. (KCRA) —With an estimated 1.3 million California homeowners in foreclosure, a Roseville attorney says the state Supreme Court has made a decision that could ultimately keep many from losing their homes.

“This is nothing less than a huge victory for homeowners because this provides them with the legal leverage that they have when they are trying to attempt to get some recourse from their bank,” attorney Stephen Foondos said.

Foondos said a Fresno homeowner fought foreclosure in court and won in the case known as Glask v. Bank of America. In the case, the homeowner claimed the financial institution trying to take his home didn’t have the right to because the loan was improperly transferred to a securities trust.

“This trust never owned anything and therefore didn’t have the right to foreclose on Mr. Glaski, which now means Mr. Glaski has the right to sue,” Foondos said.

Five major banks asked the California Supreme Court to keep the Glaski decision from being published so that it couldn’t be used it as precedent in other foreclosure cases around the state.

Lawyers for the financial institutions claimed the decision could be catastrophic for the banking industry.

But this week, five Supreme Court justices sided against the banks and the court is allowing the decision to be used as a legal basis in other future cases.

“These are no joke,” Foondos said. “That’s why the banks have been aggressively trying to suppress this information from the public.”

Foondos said it’s not necessarily a silver bullet that will cut short all foreclosure proceedings, but it could be a legal tool for people at risk of losing their homes.

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Capital Public Radio: Insight Program

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Managing Partner Stephen Foondos was interviewed on Capital Public Radio’s Insight Program on March 25, 2014. You can download or play the segment from the player below: 


CapitalPublicRadio15:21 min

Glaski Ruling on Foreclosures The housing market may be rebounding from the recession but that doesn’t mean a lot of Californians aren’t still facing foreclosure. There’s good news though. Some underwater homeowners are gaining new tools for fighting banks trying to foreclosure on their mortgage. One such tool is the recent California Supreme Court’s denial of five major banks’ request to depublish the landmark Glaski v. Bank of America ruling. In a nutshell, the court’s decision gives power to homeowners who are facing foreclosure or who’ve already been foreclosed on, to seek damages for wrongful foreclosure. Stephen Foondos is the founder of United Law Center in Roseville and one of the attorneys who argued against depublication. He joins us to explain how the precedent-setting decision helps homeowners.

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Family Radio Interview

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