Wall Street is quietly shifting pieces around on a chess board that the homeowner does not know exists and cannot see. There are several examples of this. A shift from U.S. Bank to U.S. Bank Trust, alleged transfers (without payment) of alleged “accounts” from one named trust to another, the rise of “Legal Title Trustee” instead of just trustee, and the list goes on.
I recently answered a fairly simple question about whether the payments should be withheld until the actual creditor acknowledged with its own officer or employee that it did in fact acquire the subject unpaid loan account. The law requires the actual creditor to sign off on some legally recognizable event. The banks have ignored that requirement and give notice from new entities having no right, title, or justification for doing so.
The answer to the withholding question is that there is split opinion. On the one hand, you don’t want to be paying anyone who is not entitled to receive it. On the other hand, you don’t want to put yourself in a worse position than you have in the current status quo. If you are going to withhold the payments it would be wise to hold them in escrow. Either way, I highly recommend that you have a strategic plan in place before you decide one way or the other.
In reference to the latest notice of transfer, it is not accompanied by a written document transferring ownership of the alleged unpaid loan account from one owner to another. The document needs to be signed by an officer or employee of the company or other business entity that is purportedly making the transfer. Such documents normally contain a warranty of title.*Prior notices have referenced the owner of an alleged unpaid loan account due from the homeowner as Bank of New York Mellon fka Bank of New York as agent or trustee for JP Morgan Chase Bank, N.A. as Trustee for Certificate Holders of “CWHEQ Revolving Home Equity Loan Trust 2005-D” as claimed successor to U.S. Bank N.A., as Trustee for the LSF9 Master Participation Trust.*
The new notice sent under the letterhead of GS Mortgage-Backed Securities Trust 2022-RPL2 (GSM Trust) appears to assert the third transfer from one trust to another. It is unsigned and provides no guidance as to finding or communicating with anyone at Bank of New York Mellon, JP Morgan Chase Bank, N.A.,“CWHEQ Revolving Home Equity Loan Trust 2005-D”, U.S. Bank N.A., U.S. Bank Trust N.A or the LSF9 Master Participation Trust. The “GS” refers to Goldman Sachs, which is almost certainly the party with contractual control over all activities relating to the Peterson loan — even though it has no ownership interest in any payment, demand for payment, underlying obligation, legal debt, note or mortgage (deed of trust).
*The escrow agent would go on to say that having received the foregoing notice, the homeowner is in an untenable position. Having received notice of the transfer it is obvious that efforts will be made to administer, collect or enforce payments that are now claimed to be owed to GS Mortgage-Backed Securities Trust 2022-RPL2 (GSM Trust).*But the notice contains ambiguous language. It asserts that the subject alleged unpaid loan account has been “sold, assigned or transferred.” But the absence of any reference to a prior “owner” or creditor leaves the homeowner in doubt as to the existence, status, and ownership of the alleged unpaid loan account.*The notice does not assert the name of the seller (if sold), nor an attachment of a formal assignment recorded in county records. In addition, the language leaves the homeowner in doubt as to whether the Notice itself is intended to be an assignment, in which case it is missing an assignor.*“As the escrow agent for the homeowner, I request that you produce a copy of the genuine instrument in which some person or entity has conveyed ownership of an unpaid obligation due from the homeowner to U.S. Bank Trust, N.A., as trustee for the GSM Trust.”*“Upon receipt of such instrument, signed by authorized persons in the employ of U.S. Bank Trust, N.A. and the grantor of any instrument(s) transferring ownership of the security instrument and the underlying obligation, I am authorized to deliver payment.”*
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Neil F Garfield, MBA, JD, 75, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business, accounting and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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Java, I thought it was just more sloppy paperwork filed by the Mill. It never occurred to me that it is a deliberate strategical move (as Neil suggests) to protect US Bank, NA assets. As Neil says, US Bank and US Bank Trust are two separate entities. Plaintiff has not yet “amended” their case caption to the recorded AOM entity, US Bank, Trust. How does one just “amend” the name of the Plaintiff? Is that even legal? My attorney thinks they have painted themselves into a corner. Stay tuned.
So is US Bank NA worried they are the substitute Plaintiff in a Fraudclosure – US Bank NA legal Title Trustee for XYZ Trust 2016 SC6 Title Trust ?????
This exact scenario recently happened in my foreclosure case. The recorded Mortgage “Assignment” is to US Bank Trust, (alleged Plaintiff) but the case itself is captioned US Bank, NA. Two separate entities. The Court made note of it, but what happens next is anyone’s guess….Any ideas? MINUTE ORDER (VK): 10/26/2021**** THE COURT HAVING REVIEWED THE SUBJECT MOTION AND BEING DULY ADVISED OF THE RECORD AND FILE HEREIN AND FOR GOOD CAUSE APPEARING THEREFORE, HEREBY GRANTS MOVANTS NON-HEARING MOTION. U.S. BANK TRUST NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE OF NEW RESIDENTIAL MORTGAGE LOAN TRUST 2020-NPL2 SHALL BE SUBSTITUTED IN AS PLAINTIFF AN REAL PARTY IN INTEREST. COUNSEL FOR PLAINTIFF IS INSTRUCTED TO READ AND REVIEW THE ASSIGNMENT OF MORTGAGE ATTACHED AS EXHIBIT A TO THE MOTION WHICH REFLECTS THE MORTGAGEES NAME INCLUDES TRUST IN ITS FORMAL NAME AND AS SUCH, THE SUBSTITUTION IS BASED ON THE ASSIGNMENT OF MORTGAGE. THE CASE CAPTION SHALL BE AMENDED ACCORDINGLY. THE COURT MAKES NO FINDING AS TO WHETHER PLAINTIFF IS THE HOLDER OF THE SUBJECT NOTE FOR PURPOSES OF STANDING AND ENTITLEMENT TO ENFORCE THE SUBJECT NOTE.