Author Topic: BAC Loans, Bank of America and Country Wide Home Loans  (Read 1771 times)

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topherba2012

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BAC Loans, Bank of America and Country Wide Home Loans
« on: August 08, 2012 08:07:28 PM »
I have found that if you are being foreclosed by Bank of America, usually a challenge to the foreclosure will produce that Bank of America does not have the proper endorsement which would authorize them to foreclose on your home.

Recently a friend of mine filed to vacate a default judgement rendered against him on a foreclosure by Bank of America and the attorneys for Bank of America filed to vacate and admitted to the court that they did not have the endorsement or permission to file the foreclosure and requested to vacate everything as if it did not happen.  He was days away from the Sheriff sale confirming the sale of the house. 

They now have to start all over again.  I did not believe it when he told me about it, but then he showed me the papers the attorneys filed.  Looks like they are going to have to get their paper work in order first. 

Anyone else have any luck fighting Bank of America, BAC or Countrywide?  Although yes Bank of America has merged with them, there is a process they have to follow. 

innocentme

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Re: BAC Loans, Bank of America and Country Wide Home Loans
« Reply #1 on: August 09, 2012 12:39:23 AM »
Yes. 

They keep asking me to sign over the house voluntarily.  I keep telling them to make me a better offer, and I would be happy to. 

Last payment was in 2/2010.  Still not even in foreclosure.

To top it off, they hire 3rd party people to do a lot of the default processing.  Guess who called my cell phone last week, after I revoked consent. 

 :whackacow2:
I am not an attorney.  I just love to know my rights, and to defend them at all costs.  Even if that means going on the offensive.  I'm always nice, until I'm not.

WardOfTheCourt

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Re: BAC Loans, Bank of America and Country Wide Home Loans
« Reply #2 on: September 07, 2012 07:20:06 AM »
I have found that if you are being foreclosed by Bank of America, usually a challenge to the foreclosure will produce that Bank of America does not have the proper endorsement which would authorize them to foreclose on your home.

Recently a friend of mine filed to vacate a default judgement rendered against him on a foreclosure by Bank of America and the attorneys for Bank of America filed to vacate and admitted to the court that they did not have the endorsement or permission to file the foreclosure and requested to vacate everything as if it did not happen.  He was days away from the Sheriff sale confirming the sale of the house. 

They now have to start all over again.  I did not believe it when he told me about it, but then he showed me the papers the attorneys filed.  Looks like they are going to have to get their paper work in order first. 

Anyone else have any luck fighting Bank of America, BAC or Countrywide?  Although yes Bank of America has merged with them, there is a process they have to follow.

Interesting that they seem to be doing the same stunts in mortgage/judicial states as well as deed of trust/non-judicial states.

In Arizona, a nonjudicial foreclosure state, I have seen a similar lack of written authorization admitted by Recontrust that same bank's favorite Deed of Trust trustee. The Deed of Trust ("DoT") Form 3003 in Arizona states, in clause 22, that "If Lender invokes the power of sale, Lender shall give written notice to Trustee of the occurrence of an event of default and the Lender's election to cause the Property to be sold."

As to whether the lack of written authorization would successfully stop a trustee sale count me as skeptical. I believe the tool to stop a sale in states like Arizona is the filing for TRO relief in state court. I have not heard of much success with such requests in Arizona.

The lack of written authorization would seem to provide some quality ammo to possibly void a sale and perhaps pursue damages for an unlawful trustee sale. Such success would probably hinge on the AZ DoT statute requiring 90 days notice before a trustee sale can be held. Not sure how a trustee give proper notice of sale while failing to follow the DoT requirement for actually invoking the power of sale.

I have not seen any case law addressing this issue and most Arizona case law concerning foreclosure is depressing because that's the way the AZ legislature likes their foreclosure law. From the experience related by the OP I would not expect any case law for this issue as the bank/trustee will likely dust off the issue and start over or chose some non-case law creating avenue to pursue.
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