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Exploring_PostForclosure_Options

Forclosure with New Century / Countrywide in 2008

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Dear FindLaw Forum

 

I had a property foreclosed on in 2008 that I had refinanced in 2006 with the notorious New Century mortgage. They were bought out by Countrywide which was bought out by Bank of America. I didn't address the issue at the time, and it was foreclosed on in default. I had a lot going on in my life right then, divorce, business issues, etc.

 

So, now, years later, I'm wondering if I have any chance of taking the current designees to court to get some damages based on the fact that I never saw any clear chain-of-title. I certainly didn't see a "Master Agreement" (or series there of) to make it clear that there was a valid transfer of title through each of the parties.

 

Right during my foreclosure in 2008, New Century was under investigation, and they did not disclose any of that investigation to me. Lisa Madigan (our IL Attorney General) got me about $1000 because of the poor business practices of my mortgage holders (in a group settlement) but accepting that agreement specifically said that I did NOT give up my right to sue BoA directly at a later date. So, that part of the settlement has rolled around in my brain for these years, and I know any statute of limitations will run out soon. If I will sue them, it should be now.

 

Has anyone had any success in pursuing chain-of-title issues against a debt company, or defunct mortgage company?

 

Am i crazy to even suggest it?

 

Are there any prior successes in this kind of thing in any state that I can reference on this.

 

Thanks for the opportunity to ask this question.

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Contact an Illinois civil litigation attorney about it. In your case you are saying that the debt originated with New Century and then passed to Countrywide when it bought New Century and then next to BoA when it bought Countrywide. I think you’ll very likely have no success arguing that BoA did not get ownership of the mortgage in that series of corporate acquisitions. There was no requirement that they provide you a copy of the merger agreements as proof that the mortgage was taken over in each of the mergers at the time they occurred. Unless you have some real basis to believe that your mortgage did not get acquired in each merger I think you’d simply waste time and money chasing something on this theory.

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Hi @Exploring_PostForclosure_Options

 

Welcome to the Answer forums! Thanks for posting your question. If there are members of the Answers community who have litigatedthe sort of case you mention in your post, they will certainly chime in. Concurring with TaxCounsel, you may want to consult with a local attorney to discuss your case and your likelihood of success. You can use our Lawyer Directory to find an attorney, and many offer free consultations.

 

Best of luck!

The Findlaw.com Team

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