13 December 2010

Remember this Merrimack Mortgage lawyer who couldn't answer KingCast questions about the Sand Canyon and Wells Fargo Mortgage Assignments in Judge Robert Lynn's foreclosure hearing?

Well here's why:
Nobody can. Watch the video at 3:21 and you will see Assignments made from Sand Canyon Corporation to Wells Fargo Bank on 25 August, 2010. But According to this Affidavit from Sand Canyon boss man Dale Sugimoto, they sold their mortgage servicing arm on 30 April, 2008, nice trick. More interesting yet is Gretchen Morgenson's 3 October 2010 New York Times story, 

"Flawed Paperwork Aggravates a Foreclosure Crisis"
Another problematic case involves a foreclosure action taken by Deutsche Bank against a borrower in the Bronx in New York. The bank says it has the right to foreclose because the mortgage was assigned to it on Oct. 15, 2009.  But according to court filings made by David B. Shaev, a lawyer at Shaev & Fleischman who represents the borrower, the assignment to Deutsche Bank is riddled with problems. First, the company that Deutsche said had assigned it the mortgage, the Sand Canyon Corporation, no longer had any rights to the underlying property when the transfer was supposed to have occurred.
I'll bet you 10:1 that's the problem in this case and you can see it all in the lawyer's face when I asked him a couple of simple questions as I explained that I've closed a couple hundred residential purchases and refi transactions as a licensed Title Insurance Producer. Rut-ro.

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