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.
Seven states have enacted the 2010 Amendments to Article 9 of the UCC
June 15, 2011 – Seven states – Indiana, Minnesota, Nebraska, Nevada, North Dakota, Texas, and Washington – are the first states to adopt important amendments to the Uniform Commercial Code (UCC) Article 9. The 2010 Amendments are designed to go into effect simultaneously on July 1, 2013; many more states are expected to enact the amendments next year.
UNITED STATES BANKRUPTCY COURT
WESTERN DISTRICT OF WASHINGTON
FOR PUBLICATION In re:
PETER A. JACOBSON and
MARIA E. JACOBSON,
Debtors.
No. 08-45120
DECISION ON RELIEF FROM STAY
Excerpts:
Before the court is a motion for relief from the automatic stay of § 362(a)2 to enforce a deed of trust on the Debtors’ residence. As it was neither brought in the name of the real party in interest, nor by anyone with standing, the motion for relief from stay will be DENIED.
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Assuming the exhibits to the motion are authentic and are the same as those intended to have been attached to the declaration, the note is indorsed in blank. Without more, that and possession (rather than mere custody) suggests that Wells Fargo is the holder of the note. RCW 62A.3-20114 and 3-30115. Nothing in the record establishes on whose behalf (if other than its own) Wells Fargo Document Custody possesses the note; that (and verification of current possession and present ability to produce the original, if required) would have to come from Wells Fargo.
Nor does anything in the record establish UBS AG’s authority to enforce the Debtors’ note, for whomever holds it; and thus to foreclose the deed of trust. The declaration states that UBS AG is “servicing agent,” a term with no uniform meaning, and no definition cited. At a minimum, there must be an unambiguous representation or declaration setting forth the servicer’s authority from the present holder of the note to collect on the note and enforce the deed of trust. If questioned, the servicer must be able to produce and authenticate that authority.
UBS AG has not shown that it has standing to bring the motion for relief from stay or authority to act for whomever does.
The Court quiets title in favor of the plaintiff and against Diversified U.S. Holdings of Washington, LLC, Diversified Financial, Inc. and Northwest Commercial Bank […]
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JUDGMENT
Based upon the findings and conclusions , Plaintiff is granted a net JUDGMENT for $110, 923, plus interest thereonof judgment at the rate of the loan documents of 18.9%. from the date
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