…And The Lawyers Want It Back!

Kimberly Miller, Palm Beach Post

A suburban West Palm Beach foreclosure case has even bank employees confused, with internal emails that question whether the wrong entity is repossessing the house – but that then decide to move forward anyway.

Bank attorneys now want to purge the court file with the messages, which were filed mistakenly. The emails also mention trying to avoid mounting community association fees.

“I think the emails basically say the plaintiff doesn’t own the loan, and it belongs to a different lender,” said attorney Peter Snyder, who is representing Abby Lopez. “It may be Bank of America, or Bank of America could just be the servicer. That’s where it all gets crazy.”

Homeowner advocates say the three email exchanges exemplify one of their biggest concerns – that the wrong bank will take their home.

The concern arose when boom-time loans were repeatedly bundled or broken into pieces and sold by the original lender to trusts, investors or other lenders. As a result, a bank may be responsible for collecting payments and daily loan oversight, but not be the true owner.

The emails in Lopez’s case were filed in October with a sworn “affidavit of indebtedness” that details how much Lopez owes on the mortgage, and asserts that Bank of America is the servicer of the loan.

But Bank of America is not listed as a plaintiff in the case. HSBC Bank USA, “as trustee for the holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-Bar1 Mortgage Pass-Through Certificates,” is the party named as foreclosing on the home.

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