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What does "Assignment of Deed of Trust" mean

Discussion in 'Wells Fargo Home Mortgage' started by calgirl67, Jun 27, 2011.

  1. calgirl67

    calgirl67 LoanSafe Member

    We have not paid since Dec 2009. Mortgage serviced by Wells Fargo, was told all along Citigroup was the investor.

    Today I looked up the county recorder's website and see this:

    June 27, 2010
    Assignment of Deed of Trust
    US BANK NATL ASSN TR

    What does this mean?

    Ps. have never received an NOD, just a notice of intent about a year ago. Mortgages discharged in Ch 7 Bankruptcy. We are in California.
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    The transfer/sale of a Deed of Trust (loan or debt) from the current lender (beneficiary) to a new beneficiary, which gives them the right to collect the payment of the debt.
  3. calgirl67

    calgirl67 LoanSafe Member

    Thanks for the reply :)

    So does that mean they sold the loan or sold the servicing rights?

    ps.... they won't be collecting a single penny from us.. loan was discharged in BK!
  4. Cat Damiano

    Cat Damiano Mortgage Wars

    It is for a new servicer so they can collect payments. When loans are bought and sold from investor pools, a borrower wouldn't know that was happening.
  5. GAmom

    GAmom LoanSafe Member

    how would this work if the original owner of loan BOA then "forgave" the debt?
    I found that BOA assigned the loan to Bank of New York Mellon in on 4/2012 (we were 2 months late at that point), THen BOA sent us a letter of total forgiveness of this loan on 7/23/2012? I am very confused.... how can BOA pay off a loan that they just "sold"
  6. StuckInSeattle

    StuckInSeattle LoanSafe Member

    I have the same question. We have/had a HELOC with BofA that was discharged in BK7 in 2010. Recently BofA sent us a letter saying that our HELOC was going to be part of the DOJ Principal Forgiveness plan and that we no longer owed. It was a little odd that they were forgiving a debt that had been discharged but reading a lot on these forums it looks like BofA will get some kick back for forgiving principle, regardless if there is actually a debt of not.

    I checked the county records last weekend and found an assignment of Deed of Trust from MERS to BofA on this particular HELOC in July 2012. Is this BofA acting as if they forgave a discharged debt so they can receive a 'bonus' from the govt?
  7. GAmom

    GAmom LoanSafe Member

    Well i finally got some answers on BOA of what they were doing for my situation. Apparantly the county records didn't even have my HELOC recorded. SO they had to record the HELOC 1st before they could forgive/release it. BUt I did not have any discharged debt from Bankruptcy like you do, so not sure if the same situation applies.

    It was an act of god trying to get info from BOA on this on my phone calls with them. but i finally felt good about their answer, and have gotten the release of lien/debt from the county records now!
  8. StuckInSeattle

    StuckInSeattle LoanSafe Member

    Interesting, I haven't seen a release of lien/debt in the county records for us. I'll keep an eye out for that.

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