There are many fatal problems with my loan documents. The final, deadly one is the undeniable missing of a deadline.
My loan was securitized, that is, packaged into a trust, in New York State, with Deutsche Bank National Trust Company as a trustee. The trust has the catchy name of Indymac 2007-FLX1. But, and here’s the kicker, 2007-FLX1 has a deadline for inclusion of January 31, 2007. (I got the loan on Nov. 17, 2006, so this makes sense.)
But the records clearly show that the house was transferred to the trust in September, 2009. Now New York State trust law is very particular about the accuracy and verification of all aspects of the trust. This is a violation that anyone can understand.
The reason for this, of course, is that they didn’t even think about the issue until I stopped paying the mortgage in 2009, and then, presumably, it was a mad scramble.