Oh what a stupid threat. Technical error? Is that like ministerial clean up? Get a grip dude, the only reason loans were not timely assigned is because they are merely pledged “nemo dat” to the trust until default. Meanwhile, the big boys are using the collateral in rehypothecation deals to beef up their miserable bottom lines. It ain’t no “technicality” – just like these aren’t traditional mortgage loans. These are securities transactions from the onset with no disclosure to the homeowner.
SAN FRANCISCO — The cost to obtain a home loan may go up due to a recent California Supreme Court decision that paves the way for homeowners in default to challenge the validity of their foreclosure, according to a financial industry attorney specializing in lending disputes and real estate.
The California Supreme Court ruled earlier this year in Yvanova v. New Century Mortgage Corporation that “a home loan borrower has standing to claim a non-judicial foreclosure was wrongful” if the foreclosing party does not have the authority to order a trustee‘s sale.
In 2006, New Century granted Tsvetana Yvanova a $483,000 mortgage. The lender went bankrupt the following year. New Century is said to have pooled, securitized and transferred Yvanova’s mortgage to trustee Western Progressive in 2011. Yvanova subsequently defaulted on her loan, and Western Progressive auctioned her home in 2012.
Yvanova’s lawsuit argues the foreclosure was illegal and void…
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