SOURCE: MFI-Miami, LLC

MFI-Miami, LLC

May 31, 2012 08:00 ET

MFI-Miami Helps Property Owners Association Score Settlement From US Bank

MIAMI, FL--(Marketwire - May 31, 2012) - After being confronted with findings provided by MFI-Miami, US Bank agreed to settle its longstanding dispute with Williams Island Property Owners' Association (WIPOA) over unpaid association fees on a property owned by the late Danny Tadmore. US Bank was acting as the Trustee for Harborview 2005-10 Trust Fund, an MBS Trust that allegedly held the note when it foreclosed on Tadmore's property after his death. (U.S. Bank National Association as Trustee for the Benefit of Harborview 2005 10 Trust Fund v. Danny Tadmore, et. al.,Case No. 08-09114CA-6)

US Bank argued that Florida Statute 720.3085 limited the amount it owed WIPOA to 1% of the original mortgage principal.

WIPOA utilized MFI-Miami to review the mortgage documents. MFI-Miami determined there were multiple problems with the way the mortgage was assigned to the trust. This enabled WIPOA to argue that US Bank was not the "successor or assignee" within the meaning of the Florida Statute, and was not entitled to the 1% cap.

"We found several issues that created a problem for US Bank," explained Steve Dibert of MFI-Miami. "First, the mortgage assignment has the incorrect name of the trust listed as the assignee. The name of the trust is HarborView Mortgage Loan Trust 2005-10 not Harborview 2005-10 Trust Fund. Second, the loan was assigned into the Trust after the cutoff date as stated in the Pooling and Servicing Agreement for HarborView Mortgage Loan Trust 2005-10. These two factors would invalidate the assignment."

When confronted with MFI-Miami's findings, US Bank agreed to pay approximately half the amount which accrued since it began foreclosure proceedings in February of 2008.

"This is a significant victory for cash strapped HOAs and POAs across Florida because of the number of properties that have been improperly foreclosed on in Florida," said Steve Dibert.

About MFI-Miami

Headquartered in Boynton Beach, Florida and with an office in Milford, Michigan, MFI-Miami, LLC is an internationally recognized leader for investigating mortgage fraud, mortgage compliance, predatory lending, mortgage securitization and assignment fraud. For more information visit www.mfi-miami.com, contact Steve Dibert at 888-737-6344 ext. 701 or email steve@mfi-miami.com.

Contact Information

  • Contact:
    Stephen Dibert
    President
    MFI-Miami
    Email: Email Contact
    MFI-Miami:
    888.737.6344Ext. 701