On October 21, 1998, the Clouses granted a Deed of Trust against their home originally to Homecomings Financial, later assigned to Deutsche Bank and serviced by GMAC. On June 22, 2012, Turnip Investments, following its suit against the Clouses, purchased the property at a judgment execution sale for $1,000. Subsequently, Deutsche Bank commenced foreclosure against the property and Turnip Investments appealed the foreclosure authorization by the Clerk first to the Superior Court, where Turnip Investments raised no objections to any evidence, and then a further appeal to the Court of Appeals.
There Turnip Investment argued that the Superior Court failed to conduct a proper de novo hearing and had insufficient evidence to show that Deutsche Bank was the holder of the Note.… Read More
The Scheiders refinanced their South Carolina home in 2006 with a $1.178 million adjustable rate note payable to Mortgage Network, granting a mortgage securing the note, which provided that MERS would act as the nominee for Mortgage Network. Mortgage Network subsequently transferred the note, with an endorsement that read “Pay to the order of ______ Without Recourse.” , with the blank later being filled with “IndyMac Bank F.S.B.” Indy Mac later endorsed the note in blank, without recourse, and it is currently held by Deutsche Bank. Some of these transfers occurred during the securitization of the note, which was effectuated by a Pooling and Servicing Agreement (“PSA”), governed by New York law, and provided that Indy Mac would deliver to Deutsche Bank an endorsement in blank.… Read More
Ms. Bass signed a promissory note and Deed of Trust with Mortgage Lenders Network USA, Inc. (“MLN”) in 2004. After several purported assignment, Ms. Bass default in 2008 on her payments and U.S Bank, as Trustee for Wells Fargo, commenced foreclosure. After the Clerk of Court allowed the foreclosure to proceed, Ms. Bass appealed to Superior Court, asserting the U.S. Bank was not the holder of the note.
The Superior Court found that the note was originally made to MLN. The first purported indorsement was a stamp that read “PAY TO THE ORDER OF EMAX FINANCIAL GROUP, LLC WITHOUT RECOURSE By: MORTGAGE LENDERS NETWORK USA, INC” and had not handwritten signature. … Read More
Debtor executed a promissory note and Deed of Trust in favor of First Citizens in 2004, but since the loans inception made payments to (or through) Cenlar. After the Debtor filed Chapter 13 in 2007, Cenlar filed a proof of claim, including a copy of the note, but without any indorsement. In 2008, the Debtor fell behind on payments and a consent order resolving such delinquency was entered, stating, among other things, that Cellar was the holder or servicer of the note. In March of 2011, Residential Credit Solutions (“RCS”) filed a transfer of claim for other than security to notify the Debtor, Trustee and Court that Cenlar had transferred its claim to RCS.… Read More