[WSBAPT] Determining ownership of loan

[Rob Wilson-Hoss]

This can be ridiculously hard, because of course, MERS, and the assignment
of rights without creating records. Some thoughts: in a lawsuit, you just
sue who has record title. That is all that matters, from one perspective.
Possessing the note means nothing. That is the purpose of the Recording Act
and the statutes of frauds. I just won this on summary judgment. Not only
that, the bank that says it has an interest has no standing in the lawsuit.
You have to sue them to clear them from title but they cannot answer if they
don't record an assignment to themselves quickly.

 

We always search the internet. There are clues everywhere but rarely really
clear statements of which assets an acquiring bank actually acquires.
Sometimes all you can do is sue everyone who may have an interest and let
the lawsuit play out. This can also mean service by publication on unknown
parties. 

 

All this is complicated by the third party contact limitation in the FDCPA.

 

Banks caused this and they continue to bedevil title litigation. 

 

Once in a while the MERS site has let us know who it thinks owns a loan, but
that is spotty and I haven't tried it for years. 

 

Title companies aren't in a position to do anything but guarantee title.
They know what they see on the record. Even when the record includes a
notice of trustee's sale on behalf of a lender that is nowhere in the
record. Deeds of trust can be nonjudicially foreclosed just by possessing,
or by saying you possess, the note. Not so with lawsuits. 

 

Rob

 

 

Robert D. Wilson-Hoss 
Hoss & Wilson-Hoss, LLP 
236 West Birch Street 
Shelton, WA 98584 
360 426-2999

www.hossandwilson-hoss.com
 <mailto:rob at hctc.com> rob at hctc.com

 

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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of JOYCE SCHWENSEN
Sent: Monday, October 28, 2019 12:20 PM
To: WSBA Probate & Trust Listserv; Solo and Small Practice Section
Subject: [WSBAPT] Determining ownership of loan

 

Do any of you have any experience with or information about how to determine
the current ownership of a loan that was made years ago by a financial
institution that is apparently no longer in existence?

 

Thank you, Joyce

 

Law Office of Joyce S. Schwensen

Joyce S. Schwensen, PS

12055 15th Ave NE
Seattle, WA  98125 
Tel: (206) 367-1065

Fax: (206) 899-1674
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