How a Trust Lost Over $10 Million on Just One Loan

Here is yet another case with a Lost Note count, DocX Assignments showing the trust acquired the loan after it filed for foreclosure and years after the trust closed.  The Lost Note was found (of course) and the found version was endorsed (of course) but the case is still noteworthy because of the amount of loss to the trust – over $10 million and still growing.  Now how many retirees really wanted to invest in a $12 million dollar oceanfront spec home?

3621 S. Ocean Blvd.
Highlands Beach, FL  33487

13,244 sq ft., 5 beds, 7 baths
Oceanfront Mansion


Mortgage History

2-17-2004 Eastern Savings Bank

7-13-2004 Countrywide $999,999
7-13-2004 Countrywide $6 million

1-11-2005 (private lender) $600,000
1-11-2005 (private lender) $500,001

9-15-2005 American Home Mortgage Acceptance  $11,860,000



Purchased in April, 2001 for $5,500,000
New Home Constructed

U.S. Bank, NA, as Trustee for
American Home Mortgage Investment Trust 2005-4
Filed for foreclosure on November 3, 2008

Final judgment entered for U.S. Bank on 9-26-2013 for $17,833,673

Listed for sale 7-4-2014 for $8,500,000

Read on.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s