2d • General discussion
P.E.T.I.T.O
P.E.T.I.T.O
Property:
Single Family in Florida
Equity:
Ranges from 500-600k (Sniff test amount)
Title:
In name of deceased owner who passed away for more than 2 years to-date.
Interested Parties:
4 heirs. Main heir is willing to rally all other siblings if there are no upfront costs on their end.
Threats:
Date: 4/12/2002
Lender: WA MUTUAL
Loan Amt: $30,000
Loan Type: fixed‑rate, closed‑end, future‑advance mortgage loan
Date: 7/15/2004
Lender: WA MUTUAL
Loan Amt: $50,000
Loan Type: Stand-alone mortgage
Date: 5/23/2008
Lender: JAMES B. NUTTER & CO
Loan Amt: $510,000
Loan Type: Reverse Mortgage ReFi
Searched for mortgages and deed of trust in the county recorder and clerk of court, but only found the 1st loan in the records.
Decedent passed away 2 years ago and the property is only behind on 2025 year taxes, and I cannot find any judgment or lis pendens action from the R.M Lender nor any assignment of mortgage.
I looked further into the Reverse Mortgage lender's name 'James B. Nutter & CO' and found this DOJ article:
If you've read the article, it's to my knowledge, when banks are falling apart or going out of business they'll usually sell the note by assigning it over to another loan servicer, but I haven't been able to find anything like that in the county recorder's and clerk of courts.
The previous lender settled for $2.4m and they have completely STOPPED originating loans since 2022.
With these pattern of facts would this be a RESOUNDING "O"PPORTUNITY??? lol
Is there a possibility that the lender has forgotten about this loan during the whole debacle? Even though reverse mortgages are U.S backed loans could there be an opportunity to quiet the title?
Thank you for your inputs!
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P.E.T.I.T.O
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