Two different plaintiffs claim to own the same mortgage, imagine the surprise of hearing this for one such foreclosure victim. Joanne Fredenbury, a widowed homeowner in Lehigh Acres, Florida was served, last month with not one but two foreclosure lawsuits from two different plaintiffs that both claimed to own her promissory note and mortgage and said she owed them each more than $276,000. That, of course, is impossible. (Click here and here for the two complaints.)

One lawsuit seems to make sense. The plaintiff is a unit of Deutsche Bank that acts as a guardian or “trustee” for investors of mortgage-backed securities. Those investors collectively own loans such as Fredenburg’s. But the other lawsuit was filed by a mortgage-servicing company that collects borrower payments on behalf of investors. Surely that is a mistake, as servicers don’t typically own loans. Indeed, following an inquiry by the Law Blog, we’re told that the servicer, American Home Mortgage Servicing, will withdraw its lawsuit, which was filed by Miami-based Adorno and Yoss LLP.


Read More Here:
http://blogs.wsj.com/law/2008/11/14/foreclosure-mess-two-different-plaintiffs-claim-to-own-same-mortgage/

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