COURTS IGNORE THE EQUITIES TO BENEFIT CREDITOR
This is a redo of my last blog. The reason I am re-writing it is because the link at the bottom is an order from the United States Bankruptcy Court or the District Of Maryland (Baltimore Division) approving SPS purchase of the servicing rights I flew to Salt Lake City to take the deposition of the only witness Select Portfolio Servicing (SPS) intends to call at trial in an upcoming judicial foreclosure case in King County, Washington. The witness did not seem to know much about the facts. For example, the SPS witness (a lawyer) did not know SPS had purchased the “servicing rights” for my clients alleged “home loan” from a bankruptcy trustee for .077 of the unpaid principal plus all accounts receivable owe the note holder. That’s right the witness did not know SPS bought the servicing rights for less than a penny on the dollar or the terms regarding that purchase agreement. I have attached a link to the document below. Pay particular attention to paragraph 3.01 at page 5 of the agreement. If SPS, allegedly suing on behalf of the trust and its certificate holders, wins the case against this borrower the trust and the certificate holders likely will get little, if anything, out of the lawsuit. SPS will have paid less than $15,000 in order to go after a once middle class American to collect a $1,500,000 + “judicial jackpot”. SPS’ low cost stake in pursuing this once middle class citizen, and others like him, … Continue Reading