Central District Consumer Bankruptcy Attorney's Association

Susan:
There is a lot of chatter about objecting to the claim
and making the creditor prove up ownership. Bankrupty
courts around the country are denying claims if the
banks cannot prove up ownership. Since homeloans are
packaged in groups and sold to the world in hedge
funds, the ownership issues and management issues are
complex and the banks sometimes have difficulty
proving any ownership whatsoever.
If there is no claim, the banks are in trouble.
dennis
> Client filed Ch 13. Has a 1st and 2nd mortgage with
> Countrywide. Countrywide files POC for the second
> (with note and deed of trust attached in favor of
> another lender-presumably loan was sold). MERS, not
> Countrywide, files POC for the 1st (again the note
> and deed of trust in favor of another lender-same as
> orginal 2nd), BUT Countrywide files objection to
> plan (issue of objection has been resolved) and
> attaches the POC filed by MERS to its objection.
>
> My question. What's wrong with this picture? I see
> no document showing that MERS is the servicer nor
> that Countrywide has the loans. What grounds should
> I be objection on as to both claims?
>
> Thanks for the input.
>
> Susana B. Tolchard
>
>
> ---------------------------------
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Client filed Ch 13. Has a 1st and 2nd mortgage with Countrywide. Countrywide files POC for the second (with note and deed of trust attached in favor of another lender-presumably loan was sold). MERS, not Countrywide, files POC for the 1st (again the note and deed of trust in favor of another lender-same as orginal 2nd), BUT Countrywide files objection to plan (issue of objection has been resolved) and attaches the POC filed by MERS to its objection.

My question. What's wrong with this picture? I see no document showing that MERS is the servicer nor that Countrywide has the loans. What grounds should I be objection on as to both claims?

Thanks for the input.

Susana B. Tolchard
Never miss a thing. Make Yahoo your homepage.
Client filed Ch 13. Has a 1st and 2nd mortgage with Countrywide. Countrywide files POC for the second (with note and deed of trust attached in favor of another lender-presumably loan was sold). MERS, not Countrywide, files POC for the 1st (again the note and deed of trust in favor of another lender-same as orginal 2nd), BUT Countrywide files objection to plan (issue of objection has been resolved) and attaches the POC filed by MERS to its objection. My question. What's wrong with this picture? I see no document showing that MERS is the servicer nor that Countrywide has the loans. What grounds should I be objection on as to both claims? Thanks for the input. Susana B. Tolchard
Never miss a thing. Make Yahoo your homepage.

The post was migrated from Yahoo.