ReconTrust is a Bank of America company that pretends to be an independent trustee under deeds of trust serviced and sometimes owned by other Bank of America affiliates.
The AG for the State of Washington took Recon to task for failing to meet the obligations of a trustee under Washington’s non-judicial foreclosure statute.
The parties reached a Consent Decree filed August 14th (Tuesday). Of interest, on p. 5 it states that Recontrust must maintain a physical presence in the state, must not “misidentify the owner of the promissory note or other obligation, identifies in the notice of default the name and contact information of both the owner and the servicer; provides, upon borrower request, “copies of documentation sufficient to show the note owner has an enforceable interest in the mortgage or deed of trust and/or copies of documentation sufficient to show that the entity claiming to be the beneficiary is the owner of the promissory note . . .”
It also requires of the BoA controlled trustee ReconTrust that it engages in “Acts consistent with its statutory of good faith toward the borrower, beneficiary and grantor and its duty to act independently when enforcing the deed of trust. For purposes of this Consent Judgment only, it is a breach of the duty of good faith to enter into an agreement with a note owner, beneficiary or its agent wherein Defendant agrees to stop or postpone a foreclosure only when approved by the noteowner, beneficiary or agent, or to otherwise defer solely to a single party when acting as a trustee.”