A friend of a friend of mine was served yesterday and needs help writing. Any suggestion would be appreciated as him and his wife are struggling. Maybe we could have a running thread of an ongoing case for education purposes and get a win to boot. I don't get a dime out of this, I am not an attorney, and don't give legal advice and nothing in this thread is considered legal advice, it is for entertainment and educational purposes only.
The state is Wisconsin. The mortgagee on the mortgage is a Credit Union.
The first thing that jumped out at me was this statement found on the complaint: "That plaintiff is a lawful holder of the note and may enforce same and is the mortgagee of record. That Federal National Mortgage Association is the owner of the note and the plaintiff is the servicer of a contract with Federal National Mortgage Association."
That would appear to violate the PSA if he can get his hands on it.
A copy of a note and mortgage was attached to the complaint. The note has an assignment stamped at the bottom that says:
"PAY TO THE ORDER OF__________WITHOUT RECOURSE
Looks to me like the Credit Union assigned the note and was paid. What the hell are they doing claiming to hold the note?
12cfr § 226.39 Mortgage transfer disclosures.
(a) Scope. The disclosure requirements of this section apply to any covered person except as otherwise provided in this section. For purposes of this section:
(1) A “ covered person” means any person, as defined in §226.2(a)(22), that becomes the owner of an existing mortgage loan by acquiring legal title to the debt obligation, whether through a purchase, assignment or other transfer, and who acquires more than one mortgage loan in any twelve-month period. For purposes of this section, a servicer of a mortgage loan shall not be treated as the owner of the obligation if the servicer holds title to the loan, or title is assigned to the servicer, solely for the administrative convenience of the servicer in servicing the obligation.The plaintiff appears to lack standing as the real parties in interest and the case lacks ratification of commencement by joinder or substitution of the real parties in interest and the plaintiffs complaint fails to state a claim upon which this court may grant relief.
I am thinking my friend should do a QWR to the law firm to maybe gain some time and a FDCPA suit to follow.
In the meantime, he might want to do a motion to strike sham pleading.
Is it possible to get a FNMA PSA through discovery? Any help would be appreciated but try to limit the insults.