Sunday, January 29, 2012

Assignments for defunct companies

Check this out:

We have found assignments by defunct companies in Illinois. So far, Carrington Mortgage (signed by Tom Croft and Greg Scheppy) and Ocwen (we are getting copies to ascertain who signed these assignments) are using an expired power of attorney to execute mortgage assignments for New Century Mortgage which went out of business 8/1/08. MERS (these are being signed by one of the lawyers representing the trust as an officer of MERS in IL) is currently executing mortgage assignments as the agent of the following defunct companies:

1.    Countrywide (11/14/07)

2.    American Home Mortgage (8/2/07)

3.    American Brokers Conduit (8/2/07)

4.    Ameriquest (8/31/08)

5.    MILA (4/20/2007)

6.    First Franklin (3/5/08)

7.    People's Choice (3/20/07); and

8.    Greenpoint (10/5/07)

Because MERS is legally the "agent" of the owner of the mortgage, they can only act to the extent the "principal" can act. If the "principal" is dead (so to speak) then MERS' ability to act on behalf of the "principal" is also dead. Be sure to check the date of the mortgage assignment against the date the company went out of business. Based on the law, any assignment executed after MERS' "principal" went out of business would constitute fraud and is therefore void.

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