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David Weilbacher, Esq.
David Weilbacher, Esq., Attorney
Category: Business Law
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Experience:  Criminal & Civil Litigation, Estate Planning, Probate, and Bankruptcy
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I got a mortgage through Washington Mutual Bank years ago and

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I got a mortgage through Washington Mutual Bank years ago and went into default. WaMu then filed suit, then went out of business/filed for bankruptcy before receiving a judgment. From what I understand, JPMorgan Chase purchased the assets of WaMu and began servicing the debt. What strikes me odd, though, is that WaMu's original lawsuit continued in their name even after their dissolution, where a judgment was eventually attained in WaMu's name. Also, all of the post-WaMu bankruptcy court documents were signed by "officers" of the already defunct WaMu - officers that I can only assume didn't have standing at that point to sign anything.

If WaMu went out of business and then sold their assets to JPMorgan Chase, wouldn't the suit have to have been assigned to Chase before getting a judgment, thus arriving at a judgment in Chase's name instead of WaMu's?? If WaMu were around when they received their judgment, I can see how they could do an assignment of judgment, but they WEREN'T around at that time.

A debt is a debt and I accept full responsibility for it, but I'd really like to get this judgment tossed and have them start anew and follow the letter of the law.
Submitted: 3 years ago.
Category: Business Law
Expert:  David Weilbacher, Esq. replied 3 years ago.

Hello, my name isXXXXX you for allowing me to assist you. If there is a delay in my reply, I am helping others but WILL reply to you asap. Thanks for your patience.

The complexities of bankruptcy can be confusing, especially one as large as WaMu's. What you need to understand is that by filing bankruptcy WaMu did not go out of existence. More importantly, by seek protection for its creditors by filing bankruptcy, WaMu did not stop operating or loss its, or more correctly the bankruptcy trustee's ability to pursue those who owed WaMu money.

Regarding your loan, it probably was not even owned by WaMu. It was probably bundled this hundreds of other mortgages, and sold on the securities market. WaMu probably just serviced the loan, i.e. collected payments, paid real estate taxes and insurance, and distributed money to those that owned the loan.

When Chase bought WaMu's assets, it did probably did not buy your loan. It bought the mortgage servicing division of WaMu, and continued to operate that division as is regarding the existing foreclosures. The employees may not have even changed. Any foreclosures filed after the purchase will reflect what ever entity Chase has set up to operate the WaMu division.

Unless you can demonstrate that your ability to defend the case has some how been effected by this change in circumstances, it is unlikely you can get the case dismissed. The most likely scenario is that Chase would file an amended complaint to reflect that it is now the agent servicing the loan.

I hope this answers you question.

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David Weilbacher, Esq., Attorney
Category: Business Law
Satisfied Customers: 335
Experience: Criminal & Civil Litigation, Estate Planning, Probate, and Bankruptcy
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David Weilbacher, Esq.
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Criminal & Civil Litigation, Estate Planning, Probate, and Bankruptcy