phoenix bk lawyer files adversary proceeding to challenge the validity of a lien……who owns your loan if anyone?

So our Client is filing Chapter 7 bankruptcy in Arizona.  We are trying to re-affirm the house debt and figure out exactly who we should be talking to.  Of course, this is almost impossible to figure out.

GMAC is acting as the loan servicer on one hand, but then the Attorney for GMAC sends us an email with the Note attached informing us that GMAC owns the loan.  Okay, sounds simple enough.  Then, we look up my Clients Deed of Trust, and that says “MERS is the Beneficiary” of the loan and so we can only assume they claim to be the owner as well.  Then, to add more confusion to the mix, we punch in my Clients address on the fannie mae loan lookup tool and low and behold that tells us “Fannie Mae owns your loan.”  What is a reasonable borrower supposed to believe?  Because of the conflict and confusion and competing rights being asserted we were forced to file an adversary proceeding in bankruptcy court to try to get to the bottom of this.   We will keep you posted as to the outcome of the case.

YOU CAN FIND MORE VALUABLE BANKRUPTCY INFORMATION AT WWW.ADVERSARYPROCEEDING.COM or WWW.ULTIMATEBK.COM