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HOA forcing BOA/BONYM to take foreclosure case to trial


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In a nutshell, my house has been in FC since 2008, I am almost a year past SOL. BOA has been silent for over a year now, and has sold my mortgage to Greentree. I was assuming I would get my 2nd FC case dismissed for lack of prosecution and hence invoke res judicata and SOL if anyone else tried to sue.

 

On Friday I received in the mail a NOTICE FOR TRIAL. It was filed by my homeowner's association, and it seems they are trying to force BOA to go to trial. It states "the Defendant, XXXXX Homeowner's Assc. consents to the entry of a judgement in favor of the Plaintiff, BONYM, and does not intend to participate in the trial herein". They want a trial by court, and assume no more than 15 minutes will be needed.

 

I don't think BOA wants to go to trial, they do not have the note, have a robosigned assignment, etc. There is another case open with the HOA in which they are trying to enforce a lien, but I filed an affidavit of misconduct against them for forged document, improper service, etc. What would be my next move to A) Avoid trial B) Remind BOA why they don't want to go to trial C) get the HOA case dismissed...obviously they don't want the forged doc to come up in front of a judge so they tried this move, but I'm not really sure how to jump from uncontested affidavit to dismissal of case??

 

Any advice appreciated!!! (Kicking myself for not going to law school when I had a chance!!).

 

 

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How did the HOA become a defendant? It looks like what they filed is notice that they would not participate in trial, rather than request for trial. However I would be checking the court docket every day.

 

In Illinois the HOA is always joined. That way they received notice and any claims they have will be lower on the totem pole than the banks position.

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When foreclosure starts any body and every body that has or could have an interest in the property is notified, they can either object or state they will not participate. Your HOA stated they will not participate. they are not trying to force foreclosure, they can not do so. If they try the holder of you mortage will stop them because a mortgage is considered first lien.

 

First of all you need to see if your mortgage was securitized. If the complaint says something like BOA as trustee, in trust for the holders of so and so mortgage loan trust a series of numbers for the trust date, asset backed certificate etc etc it has been securitized. This means the note and the deed in trust have been separated and this is a problem because they cannot prove who actually OWNS the note. I hope you atty understands all of this. 

 

Make them produce the note and the service agreement. Securitization can take me months to explain, but you can google it and do your own research. You can send a written request to your servicer asking for information about the identity of the mortgage loan note holder. The servicer is obligated to provide you, to the best of its knowledge, with the name, address, and telephone number of the owner of your loan. In addition, whenever the owner of your loan transfers it to a new owner, the new owner is required to send you a notice telling you its name, address, and telephone number, along with other information.

 

You may even find out, like i did, that a private individual owned my mortgage note. And i will bet you anything that the reason you have not heard from BOA for over a year is they can figure out who really owns your note.

 

Some things you should know:

Your loan servicer is legally obligated to tell you the name, address, and telephone number of the owner of your loan as shown in their records.

 

You need to study up on mortgage backed securities (MBS) Do not think for a minute that the business that closed your loan kept your loan, it was immediate put into a pool of MBS and sold to investors. It is a complicated process to explain here in one post. If you need more info on securitization let me know and i can try to give you a short class on it.

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When foreclosure starts any body and every body that has or could have an interest in the property is notified, they can either object or state they will not participate. Your HOA stated they will not participate. they are not trying to force foreclosure, they can not do so. If they try the holder of you mortage will stop them because a mortgage is considered first lien.

 

First of all you need to see if your mortgage was securitized. If the complaint says something like BOA as trustee, in trust for the holders of so and so mortgage loan trust a series of numbers for the trust date, asset backed certificate etc etc it has been securitized. This means the note and the deed in trust have been separated and this is a problem because they cannot prove who actually OWNS the note. I hope you atty understands all of this. 

 

Make them produce the note and the service agreement. Securitization can take me months to explain, but you can google it and do your own research. You can send a written request to your servicer asking for information about the identity of the mortgage loan note holder. The servicer is obligated to provide you, to the best of its knowledge, with the name, address, and telephone number of the owner of your loan. In addition, whenever the owner of your loan transfers it to a new owner, the new owner is required to send you a notice telling you its name, address, and telephone number, along with other information.

 

You may even find out, like i did, that a private individual owned my mortgage note. And i will bet you anything that the reason you have not heard from BOA for over a year is they can figure out who really owns your note.

 

Some things you should know:

Your loan servicer is legally obligated to tell you the name, address, and telephone number of the owner of your loan as shown in their records.

 

You need to study up on mortgage backed securities (MBS) Do not think for a minute that the business that closed your loan kept your loan, it was immediate put into a pool of MBS and sold to investors. It is a complicated process to explain here in one post. If you need more info on securitization let me know and i can try to give you a short class on it.

 

Yup, it's a fairly complex topic.  A large part of that is that the jargon used is not the type of stuff that your average person understands.  You've gotta learn the lingo first.  Then you have to understand that the nuts and bolts of how, say CC securitization or auto-loan securitization differs from mortgage securitization, and the nuts and bolts really are different, despite the overall similarity in the concepts used.

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