CA: Can a NOTE W/Deed of Trust be assigned by indorsement in blank, with a STAMPED not written, signature, and other defects?

Asked 10 months ago - Sacramento, CA

A note lacking indorsement was faxed to counsel in 2011. Later, in 2012, the note WITH indorsement appeared as an exhibit in court. The lender was defunct & divested of mortgage assets 5 years prior to 2012. The note SIGNER left the lender's employment years before her signature stamp appeared upon the allonge. Her signature is a stamp, not written, & indorsement is in blank & undated. The NOTE had room for the indorsement at the bottom of the last page, yet a page was added. It has a 2nd crossed-out indorsement stamp with a different signer's name (a "robo-signer" listed by the Essex, MA county recorder's office) is unsigned & lacks anything explaining the alteration. Is this legal bearer paper in California? Can it legally transfer the note & security (deed of trust) in CA?

Attorney answers (1)

  1. William Stanley Fitch

    Contributor Level 16

    Answered . The internet craze about securitization of deeds of trust being illegal and the resulting inability of the financial institution to foreclose has not worked. Anywhere. The fact that the bank who owned the assets went belly up simply means the FDIC appointed another bank to take the assets over. No black helicopters without tail numbers here. Whether or not the Court accepts the document (mind you, this type of occurrence has very limited application) will be up to the sound discretion of the Judge. "Robo-signers" aren't illegal, it goes to the weight of the evidence, (in other words, did they read what they signed before signing it)

    A proper response would require a thorough investigation into the history and background of this relationship.... more

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