Angela Brock borrowed $544,000 and signed a note payable to Amerifund Mortgage Services, LLC, to buy a house in Silver Spring, Maryland. The note was endorsed in blank and transferred several times "without recourse" before Brock fell behind on the payments. On behalf of Deutsche Bank National Trust Co., BAC Home Loans Servicing LP initiated foreclosure. Brock filed an action in a Maryland state court to block it, arguing that BAC could not foreclose because Deutsche Bank, not BAC, owned the note. Can BAC enforce the note

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17-04-2020
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Angela Brock borrowed $544,000 and signed a note payable to Amerifund Mortgage Services, LLC, to buy a house in Silver Spring, Maryland. The note was endorsed in blank and transferred several times "without recourse" before Brock fell behind on the payments. On behalf of Deutsche Bank National Trust Co., BAC Home Loans Servicing LP initiated foreclosure. Brock filed an action in a Maryland state court to block it, arguing that BAC could not foreclose because Deutsche Bank, not BAC, owned the note. Can BAC enforce the note

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cjester96 cjester96 · Answer 1 · 2020-04-17T08:16:49+02:00

BAC does not have the right to enforce this foreclosure action against Angela Brock. The loan was not properly transferred, based on the blank indorsements and the number of them that existed on this note. This was a very complex case, which Angela had to appeal in order to win her case. According to the ruling at the Appeals Court, the focus was placed on the rights of BAC. It is clearly established that BAC was a non holder of the note, but the subsequent transfers and blank indorsements did not show the rights to enforce the note were included in the sales. Therefore, while BAC was the nonholder of the note, the company had no right to enforce the foreclosure action against Angela Brock

topeadeniran2 topeadeniran2 · Answer 2 · 2021-09-17T19:46:01+02:00

BAC Home loans cannot enforce the note.

In this case, the note was transferred without recourse and was also endorsed in blank. This simply shows that the loan wasn't transferred properly.

In such case, BAC homes isn't a holder of the note. Therefore, Brock can block the foreclosure that was initiated by BAC Home Loans. It should be noted that if this was a scenario where the note was not endorsed in blank, and it was not without recourse, then, BAC Home loans will be able to enforce the loan but they can't based on the information given.

In conclusion, BAC Home loans cannot enforce the note.

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