Merritt v. Specialized Loan Servicing CA6
In 2006 the Merritts entered into an agreement to purchase a home in Sunnyvale for $729,000. The financing for the home purchase involved two loans secured with first and second deeds of trust. The Merritts made the monthly payments on both loans until 2008, when they could no longer make the payments and defaulted on the loans. In 2009, the Merritts attempted to rescind the loan agreements and Bank of America, the loan servicer, offered to modify the loan agreements. The Merritts thereafter signed loan modification agreements acknowledging that the agreements modified and supplemented the original notes and the deeds of trust. However, the Merritts did not make any further payments on the loans.
A. First State Court Action
In 2009 the Merritts filed their first state court action arising from the financing of their 2006 home purchase. (Merritt et al. v. Countrywide Financial Corp. (Super. Ct. Santa Clara County, 2009, No. CV159993).)
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