Legal Question in Real Estate Law in Georgia
Is it legal in the state of georgia for a dissolved mortgage co to assign its rights to another mortgage co such as Countrywide has BOA over a year later?
2 Answers from Attorneys
Mortgages, notes, security deeds are routinely sold and assigned every day, just like other property. Sometimes a note and security deed are sold multiple times over several years. Obviously, they don't disappear because a lender fails or goes out of business.
In addition to what Scott said, you appear to be very misinformed about a major news story.
On January 11, 2008, Bank of America announced that it planned to purchase Countrywide Financial for $4.1 billion in stock. On June 5, 2008, Bank of America Corporation announced it had received approval from the Board of Governors of the Federal Reserve System to purchase Countrywide Financial Corporation. Then, on June 25, 2008, Countrywide announced it had received the approval of 69% of its shareholders to planned merger with Bank of America. On July 1, 2008, Bank of America Corporation completed its purchase of Countrywide Financial Corporation. In 1997, Countrywide had spun off Countrywide Mortgage Investment as an independent company called IndyMac Bank. Federal regulators seized IndyMac on July 11, 2008, after a week-long bank run.
In other words, Countrywide wasn't dissolved.
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