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October 14, 2010
  Foreclosure Crisis
Posted By David Traywick
It seems Rogers Townsend and Thomas, the law firm based in Columbia, S.C. handles the vast majority of the caseload for Bank of America foreclosures in the state of South Carolina.

This is a reputable law firm, but they are doing the devil's work - or were, since Bank of America announced a nationwide foreclosure moratorium last week.

What this means for folks facing foreclosure in South Carolina is that they have a second bite at the apple. If you are a South Carolina homeowner, especially if you live in Mt. Pleasant, Charleston, or Charleston County and you are facing a foreclosure action being brought by Bank of America, or any other bank, you should hire Traywick Law Offices, LLC to defend you in court.

The banks have been getting away with murder for years now - foreclosing on South Carolina residents where in many instances they likely did not have the legal standing to do so. Without a lawyer sticking up for you, and putting a stop to the shennanigans visited upon the courts by bankers and their lawyers, you are likely to get steamrolled just like the millions who have been foreclosed on who had no idea how to even begin defending themselves.

David Traywick has a background in securities and finance. Here at Traywick Law Offices, we are familiar with the process these banks used to securitize their loans. Essentially, the banks pooled their mortgages into special purpose entities (SPEs). These SPE vehicles are Trusts, or Master Trusts, owned by an Owner Trustee, and more often than not, administered by an Indenture Trustee. These Master Trusts are hundreds of pages long and are available for your viewing horror on the SEC website. Like any entity issuing securities, they are themselves registered with the Securities and Exchange Commission (SEC).

These Master Trusts are extremely complex and difficult to read. But their complexity is why banks are simply unable to produce a chain of title if asked. When the bank acquired a new mortgage note, they transferred the note to the Master Trust. The terms of the Master Trust (having been drawn up by armies of lawyers) require detailed and very specific actions on the part of the originating bank in order to ensure that clear title to the mortgage note transfers successfully to the Trust.


Translation: chain of title was broken somewhere between the bank and the Master Trust. Hire a lawyer right now and start attacking this fatal flaw in that chain of title.  Call us and let's get to work saving your house.
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