HELP Wells Fargo Dismissal due to SOL NY...Next Steps???

[roman123]

Hi all,

 

Id appreciate any/all help on this.

 

I recently received a ruling in my favor in NY against Wells Fargo based on 2 things:

(Exact Wording)

 

1) Plaintiff has no standing because the mortgage was never assigned to Wells Fargo Bank NA as successor by merger to Wells Fargo Bank Minnesota NA, as Trustee F/K/A Norwest Bank Minnesota NA as Trustee for the Registered Holders of Structured Asset Securities Corporation, Structured Asset Investment Loan Trust, Mortgage Pass Through Certificates.

 

Plaintiff in Original Complaint as as a matter of law, as it was not the holder and assignee of the note or mortgage prior to the commencement of this action in 2011.

 

2) Furthermore inasmuch as the Defendant defaulted in March 2007, the statute of limitations expired prior to the Amended Summons and Amended Complaint being filed.

 

Ordered: Plaintiff's motion is denied and it is further ordered Defendent's motion to dismiss is granted without prejudice.

 

My attorney suggested that I file a "Notice of Quiet Title" next.

He also said I should consider making an offer to the bank to settle this by agreeing to take out a smaller mortgage so they don't tie up this case in court with appeals and bleed me dry in legal fees.

 

IS THIS GOOD ADVICE? Do they have any recourse at this point?

 

 

SECOND QUESTION:

 

I have another rental property in a different county in New York State with the exact same set of circumstances (Last Payment Date, CH 7 BK, etc) but with different lender. That judge has ordered the bank to go to settlement conferences with us. The bank has offered us $40K for deed/walk away. I might add, this figure keeps going up which makes me suspicious.

 

Should we file to get this dismissed based on NY SOL as well?

 

 

 

 

 

[ICANHASMUNY?]

sounds like good advice to me , sure others will be along

[breeze]

On the second question, absolutely. I can't imagine the judge telling you to settle. Sheesh. There must be some unusual stuff involved with the SOL defense in NY. Did you file for dismissal? Maybe he's waiting for the motion?

[roman123]

Thank you for your replies.

 

Ive been doing lots of research and cant seem to figure out the timeline for SOL defense in NY.

 

Does the 6 years start after the first missed payment?

or Does the 6 years start after acceleration by the bank (summons and complaint)

 

In my case, for the second property, last missed payment was Dec 2008

They filed Summons and Complaint Dec 2013

 

Any help would be appreciated.

[breeze]

I believe it's the first missed payment, if you never got caught up again. But it could be different for a mortgage. I know we have people on here who are more familiar with NY laws. Perhaps I can edit the title of this thread to get someone's attention.

 

OK, I think it's because you tacked on "second question" but your title indicates a dismissal. Start another topic for the second question.

[roman123]

That would be very helpful to change the title of the thread.

 

THANK YOU SO MUCH BREEZE

[breeze]

No, I looked at the title, and then at what you wrote. You need to start a new thread about the second question.

[roman123]

ok