Tag Archives: New Century Mortgage

Yvanova v New Century Loses Appeal

August 8, 2016

Despite expounding on the issues for 30 pages, the Yvanova opinion simply stands for the unremarkable (and, largely, undisputed) proposition that a borrower can sue for wrongful foreclosure where the transaction by which the beneficiary acquired the loan was void to begin with. That narrow holding has been misconstrued by borrowers’ counsel, and by some in the financial industry, who read much more into the Court’s decision than is actually in there.

As framed by the Supreme Court in its order, the sole issue up for review in Yvanova was whether, in a lawsuit for wrongful foreclosure on a deed of trust securing a home loan, the borrower has standing to challenge an assignment of the note and deed of trust by the original lender, or its agent, to a successor entity on the basis of defects allegedly rendering the assignment void.

Read more: http://www.certifiedforensicloanauditors.com/articles/08.16/hot-foreclosure-info-yvanova-v-new-century-loses-appeal.html#ixzz4GoG8oQ9g

Yvanova v New Century Loses Appeal (PDF)

California Supreme Court’s decision on old foreclosure may cost future borrowers

SAN FRANCISCO — The cost to obtain a home loan may go up due to a recent California Supreme Court decision that paves the way for homeowners in default to challenge the validity of their foreclosure, according to a financial industry attorney specializing in lending disputes and real estate.

The California Supreme Court ruled earlier this year in Yvanova v. New Century Mortgage Corporation that “a home loan borrower has standing to claim a non-judicial foreclosure was wrongful” if the foreclosing party does not have the authority to order a trustee‘s sale.

 

In 2006, New Century granted Tsvetana Yvanova a $483,000 mortgage. The lender went bankrupt the following year. New Century is said to have pooled, securitized and transferred Yvanova’s mortgage to trustee Western Progressive in 2011. Yvanova subsequently defaulted on her loan, and Western Progressive auctioned her home in 2012.

Yvanova’s lawsuit argues the foreclosure was illegal and void because New Century’s transfer of the deed of trust would have had to have occurred prior to January 2007, not four years later. An appeals court concluded that since she was not a direct party to the deed transfer, she could not challenge the foreclosure; however, seven Supreme Court justices unanimously rejected that reasoning.

Read on.

Here we go again!! New Century wants the destruction of all records!! Fwd: In re New Century TRS Holdings, Inc. Case No. 07-10416

An email message from Virginia from Deadly Clear website:

Blast this out to everyone you know – it might be the last time to obtain their New Century file. There is valuable information in these files –and since they are files that deal with the homeowner and where their collateral may be located – even if you are not in foreclosure it maybe imperative that you know in the future what happened to your file.  I did a post the last time – See: http://wp.me/p1H9BR-TN and it has all of the pertinent information. I’ll try to get another one up but in the meantime please share this with your email lists so that we can get the alert out!  Thanks to Anita Carr for keeping us briefed.

And here is the recently filed in the bankruptcy proceedings of New Century TRS Holdings, Inc, Jointly Administered under Case No. 07-10416 (District of Delaware):

 

Class Certification against New Century Mortgage and Wells Fargo Mortgage as trustee for Carrrington Mortgage Loan Trust and Tom Croft – May 2013

New Century Mortgage and Home123 Corporation filed for bankruptcy in Delaware on 4-2-2007. Now the bankruptcy case is called New Century Liquidating Trust and the case number is 07-10416 KJC. As of 5/2/2013 there are still a handful of homeowner-borrowers litigating up in that bankruptcy. At least two pro se homeowner-borrower’s negotiated cash settlements between 60K and 80K. 

This is also a brand new class action case filed.

IN NEW CENTURY BK….JUDGE QUICKLY SIGNED ORDER TO DESTROY AND ABANDON LOAN DOCUMENTS

Oh, New Century…What a wicked web you weave…

The new word in the securities fraud cover-up banter is “ministerial” –  and so very far from the truth.

On April 2, 2007, New Century Financial Corporation and its related entities filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, District of Delaware and is currently heard and administered by the Honorable Kevin J. Carey.

With the filing of bankruptcy, New Century took down a list of affiliate / entities including New Century Mortgage Corporation, Home123 Corporation, New Century Mortgage Ventures, Midwest Home Mortgage, among a host of others. New Century was one of the largest subprime lenders in the boom times.  It grew from only $357 million in loan originations in 1996 to over $56 billion in 2005. New Century Financial Corporation listed liabilities of more than $100 million. On May 25, 2007, they filed their form 8-K, a day after stating that they “…probably overstated 2005 earnings.”  Ya think?

On March 26, 2008, an unsealed report by bankruptcy court examiner Michael J. 

Missal outlined a number of “significant improper and imprudent practices related to its loan originations, operations, accounting and financial reporting processes,” and accused auditor KPMG with helping the company conceal the problems during 2005 and 2006. The full report is strangely missing, but you may click here for a partial report

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