DEFAULT JUDGMENTS AGAINST ORIGINATORS, BANKS AND SERVICERS

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EDITOR’S NOTE: Reynaldo Reyes VP of DeutschBank Asset Management (he manages the “trusts”) said it best when he said that the truth is all very “counter-intuitive.” You would think that getting a default in a quiet title action (lawsuit) against the Banks and servicers is virtually impossible and unsupportable — especially when they come back into court and explain their “excusable neglect.”

Not so fast. You would think that once entered, the Judgment would be recorded and once recorded the Banks and servicers would AGAIN get notice, along with original summons, and notices of hearing. Once realizing their error, they would come to court, right? Not so much. There are many cases where for reasons that I have detailed elsewhere on this blog, in which the decision is to let the case go and allow the homeowner to have his house free and clear without any Bank or any servicer coming in to claim otherwise. Some do come in after default and some get the default set aside. But many defaults simply stand.

Here the homeowner got the ultimate nuclear option — free and clear title to a home that is reportedly worth over $1 million dollars even in today’s  market. Whether the obligation or note is still considered to be outstanding is another story, but the implication is that whatever was alleged in the complaint, if it included that the obligation had been paid off in its entirety by third parties to the original closing, then that is the end of the obligation and note if the party who was the creditor was served.

This is why you need the COMBO Title and Securitization report. If you were to conclude on the advice of counsel who was licensed in the jurisdiction in which your property is located that the creditor was still nominally the party with whom you closed the loan, then you wouldn’t need to sue or serve anyone else except by publication perhaps to John Does 1-1000, would you? (Check with lawyer). So the right allegations in a complaint against the party on record as the creditor might suffice……

Posted by reader:

Has anyone seen this? http://www.scribd.com/doc/74420941/Virginia-Circuit-Court-Order-nullifying-a-first-mortgage-Deed-of-Trust

I heard that the property involved was worth over a million. Can anyone confirm this? Maybe the courts will stop failing us and prevent the final stages of the huge transfer of wealth from citizens to investment banks and their cronies.

Tags: bankruptcy, borrower, countrywide, default, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |