This is BIG NEWS in the world of real estate foreclosure in California (Gloski v. Bank of America, N.A.). A GIANT case came down from the California Court of Appeals 5th District (Fresno area). This case says that it is possible to set aside a wrongful foreclosure case where a lender tries to assign the deed of trust into the securitized loan trust AFTER the loan trust has closed.
To make it simple, where you have a "securitized loan" the loans are gathered up into a pool and transferred into a securitized loan trust. The trust is set up in most cases under New York Trust law. Under the law in order to retainer REMIC tax status (tax free status) the notes and deeds of trust are normally required to be transferred into the trust PRIOR to the date set for closing of the trust, or within 90 days of a cutoff date. Where this doesn't happen (which in my experience have reviewed a bunch of loans) the tardy assignment of deed of trust can be challenged as VOID and a borrower may be able to seek to set-aside the non-judicial foreclosure sale WITHOUT TENDER.
So listen in as Attorney Steve talks about this new case that may be able to help you in your fight against foreclosure and FRAUDCLOSURE in some cases. Pass this link on to your friends and family and co-workers who may be fighting the banks that created this mess in the first place.
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