The homeowners contested the foreclosure, arguing that their mortgage was defective because it contained a provision that used a method of calculating interest that violated Wisconsin law. Lawyers defending the foreclosure submitted a number of discovery questions to Deutsche Bank to determine who actually owned the mortgage, in order to see if the bank had standing to pursue the foreclosure at all. ” If you want to foreclose on the house, you have to own the mortgage,” says Justin Wallace, an attorney for Nash, Spindler, Grimstad & McCracken, the firm defending the foreclosure.
” Vague and Undefined”
The response was perplexing, to say the least. The bank responded to requests on whether Deutsche Bank National Trust Company or GSAMP Trust 2006-FM1 c/o American’s Servicing Company owned or held legal title to the mortgage with a series of objections”“ that the terms ” owner,” ” ownership” and ” legal title” are ” vague and undefined.”
defective mortgage
