Since the first loans and mortgages changed hands with cloaks and stone in Israel1 and Greece2 thousands of years ago,3 never previously had mortgages caused a worldwide economic collapse of financial markets. Unfortunately, as the federal and state government as well as some judges place barriers and hurdles breaking contracts and preventing lenders from collecting monies owed to them, or foreclosing on the homes pledged as collateral, lenders may eventually run away from traditional lending, leading to a new world of lending where cash and goods are king, bartered in exchange for property. This would destroy most of the equity acquired in an owner’s home. Strange judicial decisions have come down and played their part in slowing down the foreclosure process or simply eviscerating the foreclosure action.
Fortunately, our appellate courts have come to the rescue and brought the essentials for any government: law and order and predictability of law so that business people and consumers alike can prepare contracts without uncertainty. One of the worst fears of every real estate and dirt lawyer is the unknown of what a court will do if a problem arises with a contract.
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