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Contracts
Breach of Oral Contract
Violation of the Security First Rule

David Barry Toneman, Kelly Kristene Toneman v. U.S. Bank, National Association as Trustee for Bear Stearns Asset Backed Securities Trust 2004-AC7, Asset Backed Certificates, Series 2004-AC7 America’s Servicing Company Wells Fargo Bank, N.A.; All Persons Unknown Claiming Any Legal or Equitable Right, Title, Estate, Lien or Interest in the Property D

Published: Aug. 2, 2014 | Result Date: Oct. 21, 2013 | Filing Date: Jan. 1, 1900 |

Case number: 2:12-cv-09369-MMM-MRW Bench Decision –  Defense

Court

USDC Central


Attorneys

Plaintiff

Mark T. Young


Defendant

Tanya C. McCullah

Nicholas G. Hood

Arsineh Aghakhani

T. Robert Finlay
(Wright Finlay & Zak)


Facts

David and Kelly Toneman sued U.S. Bank National Association and others.

Contentions

PLAINTIFF'S CONTENTIONS:
In 2004, the Tonemans entered into a mortgage loan transaction with Union Federal Bank of Indianapolis. The Tonemans used the loan to purchase property in Santa Clarita. As part of the transaction, the Tonemans executed a promissory note.

In 2008, America's Serving Co. caused a notice of default to be recorded against the property. The default declaration attached to the notice was false and defective. America's Serving Co., was a division of Wells Fargo, and therefore Wells Fargo authorized the notice to be recorded. The Tonemans then entered into a loan modification process with Wells Fargo. However, during the negotiations, a notice of trustee's sale was recorded against the property, again supported by false documents. A trustee's sale was eventually conducted without notice to the Tonemans.

Result

The court dismissed the Tonemans' complaint.

Other Information

FILING DATE: Oct. 31, 2012.


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