MARIA AND JOSE PEREZ
BAC HOME LOANS SERVICING LP, RECONTRUST, NA
From the complaint…
PLAINTIFF’S VERIFIED ORIGINAL PETITION
APPLICATION FOR TEMPORARY RESTRAINING ORDER,
REQUESTS FOR DISCLOSURES AND ADMISSIONS
TO THE HONORABLE JUDGE PRESIDING:
Plaintiffs Maria and Jose Perez, husband and wife, residents of Seguin, Guadalupe County, Texas (“Plaintiff”) complain of BAC Home Loans Servicing LP., (“BAC”) and RECONTRUST, N.A. (“Recon”) collectively referred to as ( “Defendants”) and for cause of action state:
This action is governed by TRCP 190.3 (Level 2). Corporate Disclosure – Public Company
Bank of America Corp., the direct or indirect parent of Bank of BAC Home Loans Servicing LP., and RECONTRUST, NA, is a publicly traded, NYSE (symbol BAC) company. Jurisdiction and Venue
This action seeks damages within the jurisdiction of the District Court. The District Court may quiet title and enter declaratory relief. See Tex .Civ. Prac. & Rem. Code §37.0041
Venue is proper under the mandatory venue rules, C.P.R.C. § 15.011(a) (5)2 as this action seeks to determine that Defendants have no present right to foreclose on Plaintiffs’ home and to quiet title, remove encumbrances and obtain damages arising from Defendants’ wrongful efforts to collect a previously paid note and deed of trust covering Plaintiffs’ home, property located in Seguin, Guadalupe County.
At the risk of oversimplification, Wall Street’s interest in “securitizing” mortgages by creating mortgage backed securities to be sold without specific reference to the underlying mortgage loans resulted in efforts to free up transfer of interests in the loans (notes secured by deeds of trust) by eliminating traditional elements of transactions in notes secured by deeds of trust covering real property, specific endorsement of the note and recorded assignment of the deed of trust in the county real property records. The “mortgage backed securities industry” did so by avoiding that paper work and even the nominal fees for recording of the assignment of the mortgages by using a “straw lender” or “nominee” to be the named beneficiary of the recorded original deed of trust when the loan was made. Using this short cut, assignments of notes secured by deeds of trust (mortgages) were no longer recorded in the real property records where the property securing the loan was located.
Mortgage Electronic Registration Systems, Inc. (“MERS”) entered into the business of being the recorded entity as “nominee” for the true lender. According to MERS’ statements about its history, MERS has “saved” lenders “billions in recording fees.” But at the price that there is no open public record to inspection of who was or is the actual assignee of the loans secured by real property.
In 2007 Maria and Jose Perez purchased the property and improvements commonly called 148 Tonto Trails, Sequin, Texas and legally described as: LOT: 107 BLK: ADDN: GERONIMO’S HAVEN (the “Property”). This purchase was financed in part by a note payable to Mortgage Electronic Registration Systems, Inc., as nominee for Morgan Financial d/b/a Morgan Funding and secured by a deed of trust covering the Property recorded at Real Property Records Book 2559 at page 512 (the “Morgan Loan”). There are, on information and inspection of the real property record of Guadalupe County, no recorded assignments or transfers of the Morgan Loan to BAC.
In August 2009 Plaintiff’s paid the Morgan Loan in full with the proceeds of a refinancing loan. This payment is shown by the records of Orange County Title Company of Texas (see Business Record Affidavit attached and incorporated herein) documenting payoff of the Morgan Loan by the title company’s wire transfer of funds effected on August 5, 2009. The payoff was made to the Mortgage Servicer of the Morgan Loan, Taylor Bean & Whitaker.
BAC attempts to collect the Perez’s “Morgan Loan”
BAC claims to have received rights in the Morgan Loan from Taylor Bean & Whitaker as of September 1, 2009.6 Notwithstanding that by then the Morgan Loan was fully paid BAC has attempted repeatedly to collect the paid off Morgan Loan.
Since September 2009 BAC has sent collection letters, dunning statements and threatening letters to Plaintiff demanding payment of the Morgan Loan. Among the letters sent to Plaintiff after the Morgan Loan was paid off were two sets of notices that the Morgan Loan shortly would be transferred to HUD and that Plaintiff were going to lose their home.
Had enough yet America?
This is happening at an alarming rate.The property records are so screwed up that the “banks” don’t even know who owns what…
And you’re paying your mortgage because???