Jump to content

Countrywide originated loan going to foreclosure with Nationstar


Recommended Posts

Hi All, 

I have a rental in WA state that we bought in 2007 with Countrywide as the lender. They sold the loan to BofA then now Nationstar is the servicer. I'm doing a strategic default on this and my last payment was Jan 2014. Looks like they are finally getting around to the foreclosure and I'm posting to see if anyone can recommend a method to challenge the integrity of the note/deed of trust. 

According to a reply from Certified Forensic Loan Auditors, I may have a case since the deed of trust was never assigned to anyone, ever. I just checked my county recorded records and the only filing  (after the original DOT in 2007 for the loan) is the successor trustee mentioned below. So does anyone have any thoughts as to whether I should fight this? @shellieh98 any comments are welcome, thanks in advance!


From Certified Forensic Loan Auditors:


The loan has been securitized into the Lehman XS Trust 2007-7N.  No Assignment of the Deed of Trust was made into this trust by the closing date as required by SEC governing documents.  In fact, no Assignment of Deed of Trust has been recorded at all regarding this loan.


e.g. Trust Agreement (the term Lehman Brothers used that is equivalent to Pooling and Servicing Agreement).

Section 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans.
(a) Concurrently with the execution and delivery of this Agreement, the Depositor does hereby transfer, assign, set over, deposit with and otherwise convey to the Trustee, without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust, all the right, title and interest of the Depositor in and to the Mortgage Loans. 


The trust agreement was dated 5/1/07 and Depositor Structured Assets Securities Corporation did NOT make any recorded Assignment of Deed of Trust.

Instead, a Substitution of Trustee was recorded on 11/13/15 by one Carol Davis of Nationstar Mortgage for the above trust, which has NOT been Assigned a security interest in the Note.  She also stated the trust was Attorney-in-Fact and failed to state the party for whom they are Attorney-in-Fact.  The trust is an unauthorized party and the document is invalid.  Bank of America only acted as a servicing agent followed its acquisition of the operations of Countrywide.  Countrywide was one of the primary originators for this trust.  

But because of the securitization, Bank of America has only acted as a debt collector, and not as a principal, and as a sub-servicer for the trust.   Nationstar Mortgage took over the master servicer role for Aurora Loan Services (a Lehman Brothers company) after purchase of their servicing operations.


Link to comment
Share on other sites

This is a very tricky situation, many courts have the ugly habit of ruling against the evidence that no assignments were done.  Also, the moment you question that to them, they will simply use a company like LPS to simply create them out of thin air.  Happens every day.  The tide is turning, but not quickly enough.  My best suggestion would be to get a Pacer Online account and start researching case law in your state.  Google Scholar can also help.

Do any of your documents mention MERS?  And how do you know that your loan was put into that one trust?  Establishing that link could prove to be vital.  Many trusts from 2006 and 2007 no longer exist, so if you can prove that your loan ended up in a specific trust, you can examine that trust and see where it goes.

  • Like 1
Link to comment
Share on other sites

  • 7 months later...

Hello Y'all from California. In similar circumstances, we were foreclosed using Lehman XS Trust 2007-15 N/ can anyone advise me if this trust still exists or when was the cut off date for their pooling and servicing agreement?  Besides taking Bank of America to court the other players are RECONTRUST,  NATIONSTAR, US Bank National Association. Attorney quit when we found out he was part of the fraud so we are going it alone. MERS is of course involved, Loan(s) Originated with Country Wide but were only partially funded. $19,000.00-  Where did $647,000.00 Go?    Please help. Referrals are welcome. Thanks.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.