Dec 2, 2009

LENDER & SERVICER'S likely in serious trouble

Bankruptcy Courts hold Banks to strict proof concerning the location of the original Note and Trust Deed and requiring the same be moved into evidence (or strictly accounted or) prior to proceeding with a routine Lift the Stay Motion. This includes the entire LENDER, MERS, SERVICER triad which is likely in serious trouble.

The notion of not knowing of a notes whereabouts is answered with the transformation of the securities.and who holds the extinguished Trust Deed and/or the Note.

If this question gets redundant for Lift the Stay Motions and in other ancillary court proceedings, watch for an unraveling of MERS Nominee system.
Posted by Mortgage-Mess at 5:58 PM
Foreclosure , , , ,

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TRUSTEES DEED UPON SALE 1) the grantee herein was the foreclosing beneficiary. 2) The amount of the unpaid debt was..... $2,020,589.63 3) The amount paid by the grantee was ....$1,096,500.00 4) The documentary transfer tax is .......... $0 Item 1) states the parties bringing the foreclosure are in possession of the rights of a holder in due course and selling to themselves the property. We will show this not to be the case. Item 2) can they verify the balance and how the breakdown of interest and fees are distributed? It is likely the numbers do not add and constitute grounds to rescind the sale. Item 3) how can the lender, who sold the loan into a bulk pooled asset and for due consideration upon which it has lost its rights to the asset, bring a foreclosure? It cannot! Only by first repurchasing the asset is the party foreclosing in a position first. Loans sold that were securitized into a closed end fund for which many layers of stock certificates were issued is an indication foreclosure is an impossible proposition. What stands out to me most of all is a claim of bid rigging and manipulation of a trustees sale for which a borrowers right to tender is removed. Where the trustee’s deed transfers by credit bid, the tender of the full debt is not appropriate. Credit bids are distinguished from purchase money bids. California Civil Code 2924h (b) provides: (b) At the trustee’s sale the trustee shall have the right (1) to require every bidder to show evidence of the bidder’s ability to deposit with the trustee the full amount of his or her final bid in cash, a cashier’s check drawn on a state or national bank, a check drawn by a state or federal credit union, or a check drawn by a state or federal savings and loan association, savings association, or savings bank specified in Section 5102 of the Financial Code Stay tuned