Tuesday, August 16, 2011

Bank of America owns Recontrust, which was recently sued by Washington State

It is about time --- someone, somewhere, CARES that the banks OWN the entities that act as trustee to the homeowner on a Deed of Trust.

We have been complaining of breach of fiduciary duty for 3 years - and no one has listened.  It is amazing how the trustees act like the bank's attorneys during the foreclosure process and ARE the bank's attorneys in the eviction process in court - they should be helping the homeowner at least as much as the bank, if not more, as the bank usually is NOT a party to the Deed of Trust.

Recontrust often serves as trustee in VA as well - always alongside another firm (Sam White, or recently Atlantic Law Group is their co-trustee of choice).  This is necessary because non-resident entities may not serve as trustee to a deed of trust in VA.  They seem to think that by having a co-trustee that makes it ok.  It does not make it ok.

Check out the story HERE

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