Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
14y
Nick J. read the article when you get a chance, but basically they were trying to foreclose on the 1st TD, and owned or represented an investor with an ownership interest on the 2nd TD. In order to do so, you need to name all parties who would have an interest in the property as a junior lien in order to wipe them out.
Instead of simply waiving their interest in the 2nd TDs, the attorneys filing the paperwork decided to name them in the suit to foreclose on the 1st. Not terribly intelligent legal work... but I can see how it happened. As Loc said... too big to fail often also means too big to know what is going on.
Investor · Los Angeles, CA · Member since 2011 · 242 posts · 61 votes
14y
"Wells Fargo sued itself in a foreclosure suit in Florida’s Hillsborough County. The bank 'owned both the first and second liens on the property and ended up hiring two separate attorneys to deal with the snafu — one to bring the lawsuit and another to defend itself.”'
Suing yourself and affording a lawyer for both sides. Talk about big business wasting money. I keep my money with these people. Makes me want to go hunt for a small bank to move my money to.