Tag: Statute of Frauds

Wells Fargo Servicer-Driven Foreclosure: Is Stumpfs Company Vicious and Incompetent or Vicious and Greedy?

 

 

Wells Fargo Servicer-Driven Foreclosure: Is Stumpfs Company Vicious and Incompetent or Vicious and Greedy?

By Abigail Caplovitz Field
Reality Check: Confronting the Naked Emperors

Reposted from http://abigailcfield.com/?p=992

Well DOERs, John Stumpf, CEO of Wells Fargo, is a schmuck.

CEO Stumpf knew (because DOERs told him) that the only reason grandma Patricia Martin faced foreclosure was because a Wells Fargo employee–Stumpf’s employee–lied to her daughter about late fees, and then rejected her for the loan modification it told her to apply for. Why did Wells reject Grandma Martin’s modification application? Well, given the facts, I see two possibilities. Stumpf’s company is incredibly incompetent or deadly sin-level greedy. Either way Stumpf’s Wells Fargo is vicious.

Vicious, Yes. Also Incompetent and/or Greedy. Continue reading “Wells Fargo Servicer-Driven Foreclosure: Is Stumpfs Company Vicious and Incompetent or Vicious and Greedy?”

Oregon Case Survives BAC Home Loan Servicing Motion to Dismiss

Oregon Case Survives BAC Home Loan Servicing Motion to Dismiss

By Daniel Edstrom
DTC Systems, Inc.

Thanks to Charles Cox for finding this one.  This is amazing in and of itself since my information indicates that BAC Home Loans Servicing, LP ceased to exist on 7/1/2011.

Excerpt 1:

Second, Defendants argue that the loan modification agreement is subject to the statute of frauds and Plaintiff failed to plead that the loan modification agreement was subscribed by BAC. Under Oregon’s statute of frauds, an “agreement is void unless it… is in writing and subscribed by the party to be charged[.]” Or. Rev. Stat. § 41.580(1). Partial performance may, however, take a contract out of the statute of frauds. Strong v. Hall, 253 Or. 61, 70 (1969);Royer v. Gailey, 252 Or. 369, 373 (1969). Plaintiff’s allegation that BAC accepted partial payments as described under the loan modification agreement for five months is sufficient pleading at this stage to survive Defendants’ argument that the agreement failed to satisfy the statute of frauds. Continue reading “Oregon Case Survives BAC Home Loan Servicing Motion to Dismiss”

Idaho Takes a Big Bite Out of MERS

Idaho Takes a Big Bite Out of MERS

By Daniel Edstrom
DTC Systems, Inc.

Idaho takes a big bite out of MERS in this ruling.  Summary judgment for the homeowner is granted, summary judgment for the MetLife Home Loans is denied.  Check out this (rather long) excerpt:

B. Defendant Lacks Statutory Authority to Maintain a Non-Judicial Foreclosure Under I.C. 45-1505(1) the trustee may foreclose a trust deed if “The trust deed, any assignments of the trust deed by … the beneficiary … are recorded in mortgage records in counties in which the property described in the deed is situated”. The only recorded assignment of the trust deed is by Mortgage Electronic Registration Systems, Inc. (MERS) to MetLife Bank, N.A. dated February 23, 2009. That document purports to transfer all beneficial interest MERS had to MetLife. Continue reading “Idaho Takes a Big Bite Out of MERS”