Ginger Luznar, who hung gigantic signs in her yard a month ago protesting her foreclosure, is not giving up the fight for her home. The Pembroke Pines woman and her family are at the apex of fraud, she says, blaming banking errors as well as dicey law firms for the murk of homeownership gone awry she's been navigating for three years.
Luznar, who started a website detailing her case, says she made all of her payments in accordance with the modification agreement she negotiated in 2008. She says the bank lost track of her payments and subsequently foreclosed on her home three times only to dismiss the proceedings each time. Now, her home is in foreclosure a fourth time. Luznar says she never received a notice before being told in March 2010 that she must leave her Pembroke Pines property. In an emergency hearing, a judge ordered that she could stay in her home until the situation is sorted out.
The media relations director of Deutch Bank emailed a statement about their involvement in cases like that of the Lunzars (pasted below). (In plain English: Deutsche Bank is the institution backing the mortgage, but the loan servicer -- American Home Mortgage Servicing Inc., in the Lunzars' case -- is responsible for processing foreclosures.)
Deutsche Bank National Trust Company acts as trustee for securitization trusts and, in some cases, as custodian for the mortgage documents. The trust company itself has no beneficial ownership stake or interest in the underlying mortgage loans of a securitization. As trustee, the trust company holds legal title to these loans for the benefit of mortgage securities investors in the securitization trusts. Pursuant to the contracts for the different securitization trusts, loan servicing companies, and not the trustee, are responsible for foreclosure activity, maintenance of foreclosed properties and resale of foreclosed properties. Loan servicing companies must fully comply with all federal, state, and local laws and regulations applicable to these activities.
Pursuant to the aforementioned contracts for securitization trusts, loan servicers, and not the trustee, are responsible for foreclosure-related legal proceedings. The attorneys and law firms who oversee foreclosure proceedings on behalf of the trusts are engaged by loan servicers rather than the trustee. Loan servicers are obligated to adhere to all legal requirements, and Deutsche Bank, as trustee, has consistently informed servicers that they are required to execute these actions in a proper and timely manner.
Below are signs that she hung at Jimbo's 84th birthday party last weekend and that she says she will post in front of her home next weekend.
Follow The Juice on Twitter: @TheJuiceBPB.