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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11876
Experience:  I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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Hello Wonderful Just Answers Team, Thanks in advance for

Customer Question

Hello Wonderful Just Answers Team,

Thanks in advance for your help. :)

A foreclosure occurred....the most current title report states the following:

Owner: CITIBANK, N.A. AS TRUSTEE FOR BEAR-STEARNS ALT-A TRUST II, MORTGAGE PASS-THROUGH CERTIFICATE 2007-1

Please let me know who the actual owner is ---- is it Citibank or Chase or another company? Why Chase....because I believe Chase bought out Bear Stearns some time ago.....so it feels like a full circle loop, but then again I am not the expert....you are.....please advise.....this is a VERY important question to me.

If you don't mind, I would appreciate a crash course or links to how these "arrangements" were made.....please help in any way possible.....THANK YOU!!!!

Is there any other way aside from public records from finding out who exactly the owner is? I don't mind spending a bit of money for accurate information.

Thanks a whole bunch!

Take Care,
Customer
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Andrea, Esq. replied 1 year ago.

Hello and Welcome to JustAnswer, My name is XXXXX XXXXX my goal is to provided you with Excellent Service,


In Answer to your question,

 

1. If that is the way that the title report reads, then the true owner is JP Morgan Chase as successor in interest and assignee of the interests of Bear Stearns by virtue of the purchase by JP Morgan Chase; Citibank, N.A. is holding it only as Trustee and for the benefit of the true owner.

 

You stated that the title report was current, but you did not state how current. If it is a few weeks old or even a few months old, then it is inaccurate, and the title should include the language I have included in Bold Type:


"CITIBANK, N.A. AS TRUSTEE FOR JP Morgan Chase, successor in interest and assignee of all the right, title, and interest of BEAR-STEARNS ALT-A TRUST II, MORTGAGE PASS-THROUGH


 

Here's the Bonus round [ LOL ] :)

 

As to how and why this happened and how the purchase was accomplished -

 

2. JP Morgan Chase bought Bear Stearns in March, 2008 for $236 million which amounts to about $2.00 per share. This is extremely low considering that the Friday before the purchase, Bear Stearn's stock was trading at $30 per share. You get an even better persepective as to how low the purchase price was if you consider that the building alone in which the company's headquarters were located in New York was valued at $1 billion.

 

The Federal Reserve stepped in and negotiated the price of $2.00 and induced JP Morgan Chase to buy Bear Stearns by extending to it a $30 Billion line of credit. As to why they had to be bought out, there were many rumors that Bear Stearns had suffered significant losses in the mortgage industry and had major liquidity problems making bankruptcy imminent. Bear Stearns not only held its own assets, but acted as a "middleman" for billions of dollars in transactions. Additionally, it held billions of dollars in retirement funds for others and if the Federal Reserve had allowed Bear Stearns to file bankruptcy, these funds would be tied up for years. The Federal Reserve also feared that if a giant firm such as Bear Stearns filed bankruptcy, it might have caused a run on other smaller securities and brokerage firms and banks, causing the financial market to crash.

 

 

Please be kind enough to rate my service to you as "Excellent Service",

 

Bonus and Positive Feedback are greatly appreciated,

 

Thank you for allowing me the opportunity to assist you,



ANDREA

 

 

 

 

Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11876
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
Andrea, Esq. and 2 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

OUCH! Thank you so much for the extremely detailed reply and educating me on what happened. What an ugly mess, but in the end I do understand the "unhealthy logic."


 


The title report is just one week old. The foreclosure occurred 12 months ago. Someone is not doing their work "over there."


 


WaMu handled to original loan....WaMu was bought by Chase....do I understand this correctly if I say that the original loan was securitized as part of a deal through Bear Stearns.....all the while Citibank was the trustee for Bear Stearns?


 


Interestingly, when the foreclosure was going through....the trustee was California Reconveyance and when calling customer service at Chase, we were told to contact CalRecon to try and delay the foreclosure.....Chase said they were the owners (which sounds correct based on your reply....right?).....they took our home that was not underwater and had $75K equity through their lies and lies and more lies.....oh what to say?


 


The executive office had told us that we could rescind the sale....of course we found out later that there is no such thing in California as rescinding a sale......or do you know otherwise please?


 


By the way, below I will paste the county's grantee / grantor info that is one week old.....meaning current....please see if that may be of any help.....we would like to figure out a way to get our home back......but where do we start please?


 


Was the paperwork even done correctly? If not and the chain of title was broken or defective.....can an experience real estate attorney help us out? The home is currently held by the bank as REO and NOT for sale.


 


Thank you so much for your time.......I don't think I will have follow questions after your next reply....thanks a bunch!!!!


 


Please note, we are not looking to punish anyone or make millions off some mistake by inexperienced collection professionals....we would just like to get our home back and make the payments we were promised which Chase took for several months and then stopped accepting because they claimed we did not live at the home.....even after repeated faxes of our bills, etc etc.....oh the story is much much much more complicated, but we did everything possible......they just would not keep their end of the bargain.....sad truth, but thankfully we have our health. :) Now if we could just reverse this home going back to the lender and we can get our loan modified payments again..........that would be the win....thank you for our time and help.


 


===============
NOTICE OF TRUSTEE SALE
===============
Grantors



CA RECON CO TR


 


and


 


XXXXXXX XXXXXXX (Name of Homeowner)


 


 


===============
ASSIGNMENT OF TRUST DEED
===============


Grantors


 


JPMORGAN CHASE BK N A


 


and


 


WASHINGTON MUTL BK FA


 


Grantees


 


CITIBANK N A TR


 


Grantor/Grantee


 


XXXXXXX XXXXXXX (Name of Homeowner)


 


===============
TRUSTEES DEED
=============


Grantors


 


XXXXXXX XXXXXXX (Name of Homeowner)


 


 


Grantees
CITIBANK N A TR

Expert:  Andrea, Esq. replied 1 year ago.

It's not a problem for me to continue to assist you and Answer your questions, but JustAnswer's Terms of Service define this as a new question because it does not ask for any clarification of anything contained in my Answer to your first question and you have not rated my service to you in the first question. If I do not adhere to the Terms of Service, I will get into trouble with the website. I hope you understand. If you are a subscription customer, you do not incur any additional charges by rating me. I also have some questions on your second question,

 

1. Was this a non-judicial foreclosure ?

2. JP Morgan Chase was the owner of the Deed of Trust (Mortgage), but which of the parties actually conducted the foreclosure (who orchestrated everything) ?

3. Are you certain that this is the way the names appeared ? For example, mormally, this is how names should appear in the respective transactions:

 

In an Assignment of any Interest:

Name of person Assigning an interest,

Assignor,

to

 

Name of entity to whom the interest is being Assigned,

Assignee

In a Transfer of Title:

 

Name of Owner (Seller)

Grantor,

 

to

 

Name of New Owner (Buyer),

Grantee

 

 

Granting a Security Interest in Property for Repayment of a Loan:

Name of owner,

Mortgagor, (Or, 'Grantor', if it is by Deed of Trust and not by a Mortgage)

to

Name of Lender,

Mortgagee (Or, Grantee)

Thank you,

ANDREA

 

Customer: replied 1 year ago.

Hello,


 


I am sorry for not following the terms. Thank you for pointing out that I needed to confirm the first question as approved / paid. We will start the second part fresh and I will reply to you either here or just start a brand new question. Is there a way to get a brand new question to you DIRECTLY?


 


Thank You,


 


Customer/p>
Expert:  Andrea, Esq. replied 1 year ago.

Hi, Thank you for the Excellent Service Rating, I appreciate it greatly,

 

Yes, there is, You may request me simply by typing my name at the beginning of your question, like this,


"For Andrea only ..." and I will be notified that you have requested me,

 

 

I will transpose my questions onto your new question page because I need that information,

 

ANDREA


Customer: replied 1 year ago.

You're the best! My pleasure ma'am and thank you for your wisdom and desire to assist us with this situation.



> Yes, there is, You may request me simply
> by typing my name at the beginning of your
> question, like this,
> "For Andrea only ..."
> and I will be notified that you have requested me


 


Ah, got it - perfecto, thanks for letting me know. I will work on this next question and get back to you. Thank You!

Expert:  Andrea, Esq. replied 1 year ago.

You can just take your new question from here if you like, and start a new thread, not a problem, Just let me know, I am at your disposal,

 

 

ANDREA

Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11876
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
Andrea, Esq. and 2 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

Hello Andrea - thank you for being patient and sorry for the late reply. Again, I appreciate you setting up the second question in the existing question - are you sure you will be compensated this way? If not, we can still break it up and I will be happy to email JA support to let them know.


 


To answer the questions you typed in bold:


 


1. Was this a non-judicial foreclosure ?


 


Yes, non judicial in the State of California



2. JP Morgan Chase was the owner of the Deed of Trust (Mortgage), but which of the parties actually conducted the foreclosure (who orchestrated everything) ?


 


California Reconveyance was in charge of orchestrating everything towards the final foreclosure. I was told that this organization also had the power to delay the sale by way of an internal email from Chase.....that this group was the "lawyer" for Chase and they make the decisions.....was told that Chase owns the law firm of California Reconveyance which was also the trustee....then California Reconveyance would flip that around and blame Chase as being the decision maker.....it was a complete circus....truly sad.....we had solid equity, been in our home for 20 years, had financial problems....asked for help.....got the run around like everyone else....finally a nice lady at Chase Executive Office stopped the madness and offered us a payment that was affordable for our situation.....they took the payment for 8 months and then suddenly started sending our payments back to our account......then one day BAM....foreclosed.....stating that we did not live here as our primary residence..sorry there I go again thinking and typing as if I am speaking with you.


 


3. Are you certain that this is the way the names appeared ?



Yes, 100% ---- even right now at the county records the info is as I provided....that is where I copy/pasted the info from in the original post.


 


Thank you so much for your assistance. Please let me know what you think I can do to hopefully get our loan reinstated and/or this situation fixed.....the type of local counsel I should seek.....your ball park estimate of what I should expect to pay for the professional services.....oh how I wish JA would allow us to contact (YOU) our trusted JA advisers directly ---- I understand why they have these rules in place.....but a little bit of freedom to use the honor system will help everyone.....please TAKE YOUR TIME and DON'T FEEL RUSHED on the reply......even if you need a week or two.....hopefully this will be the magical route GOD has planned for me to contact YOU......somehow somewhere I will one day be able to find you and thank you in person and more than compensate you for your intelligence, kindness, desire to assist, and caring professional attitude you have shown.


 


Thank You So Very Much,


 


Customer/p>

 


 

Expert:  Andrea, Esq. replied 1 year ago.

Hi, again,

 

 

1. First, you would need a litigation Attorney who is experienced in California real estate law, and foreclosure law;

 

2. It is difficult to say what it would cost because there are too many variable - the Attorney's hourly rate, the amount of cooperation the Attorney would receive from JP Morgan Chase, California Recon, and Citibank, the amount of time the Attorney will have to spend reviewing all the documents and sorting everything out, amount of time the Attorney will need to draft pleadings, asking the Court to set the Foreclosure aside, and the amount of time the Attorney will spend in hearings, if it becomes necessary to your case. If the Attorney's hourly fee is $250 which is on the low side, the minimum that it might cost is $5,000;

 

3. In order to foreclose, the foreclosing party which you said was California Recon, must have in its possession the Promissory Note which you signed for the loan as well as the Deed of Trust in order to have, what the law calls, "Standing" to foreclose. If the foreclosing party has not had an assignment of both the Note and i Deed of Trust, it will not have "Standing" to foreclose. In reviewing the information which you "pasted", I do not see an Assignment to California Recon. Therefore, it is extremely important that the Attorney you retain look into this because if there was no Assignment to California Recon. and they had not Standing to foreclose, then this is a fatal flaw and the foreclosure was invalid. If Citibank was holding the Note and Deed of Trust, in Trust for JP Morgan Chase, then the Assignment of the Note and Deed of Trust you signed, would have had to have come from Citibank, as Trustee, to XXXXX in order for them to have had Standing to conduct the foreclosure. I am afraid that the site rules are pretty specific about the prohibition of communications between customers and Experts in any form other than through this Question and Answer forum, but thank you so much for the compliment.

 

 

Please be kind enough to rate my service to you as "Excellent Service", If you are a subscription member, it will not cost you anything to rate me,

 

Bonus and Positive Feedback are greatly appreciated,

 

Thank you for allowing me the opportunity to assist you,

 


ANDREA

 

Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11876
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
Andrea, Esq. and 2 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

Hello Andrea - thank you so very much again for your incredible level of support and assistance. I have been touched by an Angel and consider myself so fortunate to have had this interaction with you! I accepted your reply as Excellent Service, complete the online JA survey, and separately completed a JA Survey sent to me regarding ANDREA. I can assure you that A+++++ scores were given along with extremely positive feedback so hopefully that information will be shared with you.


 


Again, thank you for your last message and I understand what you explained.


 


In reference to the California non judicial foreclosure we have been discussing, I will send a new message to you now using the following:


 


"For Andrea only ..."


 


I would like to somehow get the personally identifiable information to you so that you can please double check my info on our county online system.


 


I have to be even more certain that I did not make a mistake or somehow not see something of importance before I take the next step locally.


 


Please note that I am not trying to violate the JA rules. I figure that if I can provide you the name, property, etc details and that can be prevented from being published online for my privacy as well then that would be perfect.....I can then point you to where I found the info I copy/pasted.


 


OK, thanks for reading all that....I will try to keep it short going forward.


 


Thank You So Much,


 


Customer/p>


Expert:  Andrea, Esq. replied 1 year ago.

Hi, I just got your message. Thank you so much for the Excellent Service rating and the positive comments on the survey, I appreciate it greatly. Actually, JA does not share the survey results, or Feedback remarks with us, so thank you for telling me so that I can thank you personally.I really do not know how you could get anything to me without having it appear here where anybody on the internet could see it. What you can do is once we are finished, you can print out everything on the page, then ask customer service to "Lock" the question and it would not be accessible to anybody. If you do not have access to a printer, you can ask customer service to lock it after I have completed Answering you,that way nobody can see it. If you need to refer to the question and Answer in the future, all you would have to do is ask customer service to open the question, and then ask them to lock it when you are finished.

 

ANDREA

 

 

Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11876
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
Andrea, Esq. and 2 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

Hello Dear Andrea,


 


Hopefully you are doing very well and life has been treating you nicely.


 


I am going to send you a new question. It is going to be related to the info we discussed above and in one other question on the same subject.


 


However, this next question will have the proper info as attachments for your review and comment BEFORE I connect with a local attorney.


 


I would like to know if there is a way for me to send you the attachments so that they come directly to you or by way of a moderator so that they don't get linked in the new question? Please let me know and I will get started right away. Also, please know that just like last time I plan on providing bonus fees for your excellent wisdom and assistance.


 


Thank You,


 


Customer

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Andrea, Esq.
Andrea, Esq.
Attorney
1168 Satisfied Customers
I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.