Wells Fargo Bank, N.A. v Gallo | NYSC "GAP NOTE", "GAP MORTGAGE", "CONSOLIDATED NOTE"

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Wells Fargo Bank, N.A. v Gallo | NYSC “GAP NOTE”, “GAP MORTGAGE”, “CONSOLIDATED NOTE”

Wells Fargo Bank, N.A. v Gallo | NYSC “GAP NOTE”, “GAP MORTGAGE”, “CONSOLIDATED NOTE”

NEW YORK SUPREME COURT – QUEENS COUNTY

WELLS FARGO BANK, N.A., as Trustee for
the Certificateholders of Soundview
Home Loan Trust 2007-OPT5, etc.

Plaintiff,

-against-

JOHN A. GALLO; ET AL.,

 

EXCERPTS:

A copy of a “GAP NOTE”, which John A. Gallo obtained from Option
One Mortgage Corporation, in the sum $24,654.98, dated August 13,
2007.

A copy of a “GAP MORTGAGE” dated August 13, 2007, on the subject
real property given by John A. Gallo to Option One Mortgage
Corporation, which refers to the note of August 13, 2007 in the sum
of $27,555.49. The gap mortgage was recorded on October 18, 2007.

A copy of an allonge, which refers to the note dated August 13,
2007, made by John A. Gallo, and states that the loan amount of
$335,000.00.

A consolidated note dated August 13, 2007 given by John A. Gallo to
Option One Mortgage Corporation, in the sum of $335,000.00. Said
note recites that it “AMENDS AND RESTATES IN THEIR ENTIRETY, AND IS
GIVEN IN SUBSTITUTION FOR THE NOTES DESCRIBED IN EXHIBIT A OF THE
NEW YORK CONSOLIDATION, EXTENSION, AND MODIFICATION AGREEMENT
[CEMA] DATED THE SAME DATE AS THIS NOTE”.

A copy of the CEMA, dated August 13, 2007, between John A. Gallo,
and the lender One Option Mortgage Corporation, which recites that
the total unpaid principal balance of the notes is $335,000.00, and
that $27,555.49 was advanced to the borrower or on his account,
immediately prior to the consolidation.

An assignment dated November 17, 2007, and recorded on January 31,
2008, by H & R Block Mortgage Corporation to Option One Mortgage
Corporation, of the mortgage pertaining to the subject property
dated and recorded on August 3, 2006 given by John A. Gallo to H &
R Block Mortgage Corporation.

An assignment of the mortgage on the subject property by Sand
Canyon Corporation, formerly known as Option One Mortgage
Corporation to Wells Fargo, dated December 18, 2009, and recorded
on January 11, 2010.

Plaintiff has also submitted an affidavit from Michelle
Halyard, a vice president of American Home Mortgage Servicing Inc.,
who states that this entity is the loan servicing agent and
attorney in fact for Wells Fargo. She states that Mr. Gallo failed
to make all of the monthly payments of due as required by the note
and mortgage, and sets forth the date of default as April 1, 2009
and recites that amounts due for principal, interest, late charges
and advances for taxes, hazard insurance, appraisal and inspections
for a total of $370,428.92. Plaintiff has also submitted a copy of
the May 16, 2008 limited power of attorney appointing Option One
issued in connection with the servicing of certain mortgage loans.

 […]

Therefore, as plaintiff may not rely upon the consolidated
note and as it has not established that it was in possession of
the original note at the time it commenced the within action, it
lacks standing to maintain this foreclosure action.

[ipaper docId=76277397 access_key=key-g2rjreovpt33g9od1y0 height=600 width=600 /]

 

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One Response to “Wells Fargo Bank, N.A. v Gallo | NYSC “GAP NOTE”, “GAP MORTGAGE”, “CONSOLIDATED NOTE””

  1. lies is all they tell says:

    wells fargo is owned by bad people whom are dead set against making everyone they gave a mortgage to homeless. they must have bought vry high credit default swap insurance on every home. they also were lied to by the sellers of the cds insurance they were told this fraud will never be unfoled because the american people are basically obedient and respect the banks they do business with. the next law suit is going to be wells fargo sueing the cds insurance coompanies for false representation. that will be so funny but so true. if we all were obedient and could not afford our mortgage nd just left our homes the foreclosure will have gone through the courts undefended. the judges in florida already made a comment that its not their job to find the faud. so if the homeowner has no counsel present because they left their home the bank wins by forfeit. do not forfeit your rights saty in your homes and fight.

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