STOP: Before reading any further do yourself a favor and check this post from 8/26/2011 Fannie Mae Is At ALL TIMES The Owner And Holder of The Mortgage Note…. and you will see how the pattern is played throughout the country. Then again, if you recall this incident MERS and Fannie Mae sue Short Sale Seller and Buyer due to MERS’ Interest Recording Error!
In plain English… it’s WRONG!
ReconTrust Company, the foreclosure arm of Bank of America, accused of illegal foreclosures against Utah homeowners, moved a state court eviction case to federal court Friday asserting the bank’s national charter exemption from state law. (11-00801)
Utah homeowner, Alexis K. De Azevedo II, represented by St. George attorney John Christian Barlow, said in the counter claim and complaint that the Bank of America through ReconTrust Company knowingly conducted a non-judicial foreclosure sale of the property in Washington, Utah, and recorded a Trust Deed in favor of the Federal National Mortgage Association (Fannie Mae) adverse to De Azevedo. The complaint asserts that ReconTrust knew the Trustee’s Sale was fraudulent since it’s neither a member of the Utah Bar Association or a title insurance company required by Utah law.