Brent Bertrim brought to my attention that I forgot to add in yesterday’s post that when the property is refinanced or sold, (even a short-sale), the wrong party is probably being paid or at least they are being overpaid. I have several cases in the pipeline now where the party executing the satisfaction of the prior mortgage has failed to even respond to requests for the canceled note. They probably don’t have it. So there are a number of us who are planning lawsuits to recover the net proceeds of the refinancing or sale proceeds because the wrong party was paid and they are not producing any evidence of passing on the proceeds to the real creditor even when they have admitted the loan was “securitized.”
Practice Hint on Foreclosure Defense: Ask for the instruction sheet prepared by LPS. This is a document that lays out all the possibilities including the fact that more than one party might be foreclosing on the same property. In one of my cases it was accidentally produced in a Wells Fargo case. I don’t think it is subject to privilege because it was prepared by a third party.
Filed under: foreclosure