Attention: If you have New Century Mortgage anywhere in your documents you might want to act quickly and obtain your New Century file. The information contained in your file may help you discover critical information about your “loan”. Even if you aren’t in Foreclosure we advise you to obtain your file because it may contain data that may help you ascertain what happened to your Note. Once the files are destroyed by the bankruptcy court, your “servicer” might utilize a document “restoration” service to “fill in the blanks”, if you know what we mean- an indorsement here, and an assignment there.
The Website DeadlyClear sounded the warning. Apparently New Century Mortgage has been in financial trouble since 2008 when a bankruptcy court examiner discovered a number of “improper and imprudent practices related to its loan originations, operations, accounting and financial reporting processes.” Not that New Century Mortgage wasn’t doing anything the big banks weren’t doing- their misfortune was not being too big to fail- but too small to bail (out).
“The New Century Liquidating Trust….authorizes Trustee, in his discretion, to abandon and destroy all records in the Trust’s possession, including all hard copy files and electronic files, online databases, and other books and records (collectively, the “Records”) that are not necessary to complete the liquidation of the Debtors’ estates and the retention of which is the only remaining significant issue that requires resolution before filing a motion for a final decree” states the order.”
Why not shred the evidence while you have the opportunity? Files will be available until June 30,2016.
“There are 12,991 boxes containing approximately 190,000 loan files, of which approximately 5,800 boxes contain funded loan files and 7,200 boxes contain cancelled/denied, withdrawn loan files.”
And guess how many of these documents are lawful records that the loan was properly delivered to the trust? My guess would be less than zero.
Thank you for the heads-up DeadlyClear.com.
Filed under: foreclosure