"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.