Is it legal for REMIC to accept/include non performing mortgage(in court foreclosure) in the pool? In chapter 13 NYS

Asked about 1 year ago - New York, NY

IRS rules clearly state that if non-performing mortgage is accepted into the pool the penalty is 100% of the face value of that mortgage.Also any inclusion of non performing mortgage(or mortgages which become non-performing while in the pool) has to be reported to IRS each year.Such inclusion is also violation of fudiciary duty on the part of the trustee..Why any REMIC would include a mortgage which has been in court foreclosure for a year into the pool ? Chapter 13 NYS.

Attorney answers (1)

  1. James Portman Webster

    Pro

    Contributor Level 15

    Answered . I would be surprised if anyone will be willing to take on this question in this forum.

    Furthermore, it is not clear where you are going with this question. what I mean is, If the answer is yes or no, then what? If the duty is violated, then what?

    Are you hoping to sue? Do you think they should go to jail?

    Without the context, this question will probably not be addressed directly. More importantly, you should set an appointment with a local attorney who understands the issues you are raising. They will probably be far and few between.

    Good luck.

    If you live in Arizona, please contact me for actual advice; this is just speculation. It certainly is not legal... more

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