Who owns recontrust

Unless your home happens to be in foreclosure. ReconTrust is a subsidiary of Bank of America BOA and is supposed to be an impartial foreclosure trustee when a mortgage goes into default. ReconTrust is a foreclosure trustee that is legally required to act as a neutral party on behalf of both the lender and the borrower while conducting foreclosure proceedings in good faith and in accordance with the law.

McKenna discussed the suit at a news conference held in front of a foreclosed Seattle home. Foreclosed homeowners and a number of private attorneys also voiced their concerns.

Her loan servicer was reviewing her Spanaway, Wash. We are trying to save our homes. During a time of financial hardship, their loan servicer promised not to foreclose while they worked out a loan modification. We had never heard of them. McKenna said an essential requirement of the Deed of Trust statute is that a trustee maintains an office in the state where homeowners can go to ask questions, make last-minute payments and request a foreclosure be postponed for a legitimate reason.

McKenna's suit contains a laundry list of allegations against the firm, claiming it failed to identify the actual owner of the promissory notes being foreclosed, provided confusing information regarding how borrowers defaulted and how they can cure that default. In Washington state, foreclosure trustees are legally required to be neutral parties with local offices, available to borrowers during the foreclosure process, and willing to postpone a foreclosure when they deem it appropriate.

Trustees must provide accurate information about how homeowners can stop their foreclosure, how much they need to pay to reinstate the loan, and to whom the money is owed. However, when trustees ignore requirements such as identifying the actual owner of the loan, providing a local address and phone number for the trustee, and accurately listing the amount of money needed to stop the foreclosure, then the chances of saving the home are even further reduced.

ReconTrust is no longer doing business in Washington state. District Court in Seattle, it may only resume foreclosures here if it satisfies a long list of conditions imposed to protect borrowers.

ReconTrust will not be involved in foreclosures in Washington state unless it provides local offices where borrowers may go to resolve loan foreclosure problems. The settlement, the largest multistate consumer financial protection settlement in U. Aug 15 News Release Search. Advanced Search. Topics: AGO. Since acquiring Countrywide, Bank of America has continued to make millions of dollars by servicing loans.

Securities and Exchange Commission filing. More than 15, Bank of America customers have filed mortgage-related complaints with the federal Consumer Financial Protection Bureau since That is 7, more than the next closest competitor, Wells Fargo. Amy Julia Harris is a reporter for Reveal, covering vulnerable communities.

She and Reveal reporter Shoshana Walter exposed how courts across the country are sending defendants to rehabs that are little more than lucrative work camps for private industry.

Their work was a finalist for the Pulitzer Prize in national reporting and won a Sigma Delta Chi Award for investigative reporting from the Society of Professional Journalists. It also led to four government investigations, including two criminal probes and four federal class-action lawsuits alleging slavery and fraud.

Harris was a Livingston Award for Young Journalists finalist for her investigation into the lack of government oversight of religious-based day cares, which led to tragedies for children in Alabama and elsewhere. In a previous project for Reveal, she uncovered widespread squalor in a public housing complex in the San Francisco Bay Area and traced it back to mismanagement and fraud in the troubled public housing agency.

Matt Drange is a reporter for Reveal, covering the business of guns.