Is the Steve Nagy Signature on your Assignment, Mortgage or Note, legitimate?

On May 23, 2012, Alan Jacobs, Trustee of the New Century Liquidating Trust, testified that as of August 8, 2008 Steve Nagy had no authority to do any assignments or indorsements on any Notes!  He also testified that he did not know when Steve Nagy had left New Century’s employment so he was not sure when the Nagy signature should have stopped being used.

To date no one has seen any corporate minutes or resolutions allowing Steve Nagy authority to assign any asset of New Century Mortgage, and certainly he was dispossessed of that authority when he left New Century’s employment.  I think there is actually some discovery somewhere that states Nagy left New Century in December of 2007 – so if your foreclosure involves any documents with Nagy’s signature I would definitely be doing some discovery and fighting the validity of that signature!

Click here for an excerpt of Jacob’s testimony about the Steven Nagy Signature   Nagy Transcript comments

 

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8 Comments

  1. I believe the only information regarding Steve Nagy was hearsay answers in discovery. No documented proof of employment, no proof of authority to act in any way, shape or form.

    He, may not exist at all, as per statements made…

    Just because it is said does not make it so.

  2. Simonee

    Now that would be a definite wild ride! Can you imagine if Nagy is non existant? Your right, the only evidence i have seen of his employment was discovery answers claiming he was employed by New Century. I think someone had even asked for his examplars but not sure that was ever received. Excellent point Mary!

    • Shoukat

      What you do has nothing to do with your score. What meattrs is what the bank reports. If the bank agrees to accept the deed in full payment, then they will report the loan as “paid”. If the value of the property is below the amount of principal, then you will have to make up the difference in cash or be reported as delinquent like any other unpaid debt.References : Was this answer helpful?

  3. how do u become part of the whistle blower lawsuit against steve nagy

  4. Simonee

    I have no idea, I did not know there was a whistleblower lawsuit against him. I would think any whistleblower lawsuit would be against the companies that are using his endorsement stamp without atuhority – wells fargo, jp morgan, deutsche bank, etc.

    • they could help. I was $1,600.00 behind at the time.They have been dnpiporg the ball all over the place and still don’t have no results. Now I’m $3.000.00 behind and got a foreclosure from Ocwen. I have a double wide trailer on a acre of land.First Atlantic says that they sent a court letter to the lawyers to say that I’m being refinanced but I’m worried. They said I had a underwriter, but they kept wanting me to resend documents that they said they never relieved so I sent it over and over. One lady said she was sorry this was happening that this is a case of one hand not knowing what the other hand is doing, that she will get on top of it.What should I do. I don’t want to lose my place.

  5. It will be up to the lender, if they will aeccpt a deed in Lieu of foreclosure. It is really considered a last resort for a homeowner and they should first try to find a foreclosure workout plan that will save there home. If they have no options, a deed in lieu of foreclosure is better on homeowners’ credit reports than seeing the house lost to a sheriff sale and having a full foreclosure reflected on their history. However, it should be noted that the deed in lieu is only one step better than the foreclosure, so it will not do much to improve the credit score. It’s main benefit will be to prevent the worst of the credit damage that foreclosure can cause.There are 4 main conditions for a lender to consider a deed in lieu of foreclosure:1. Foreclosure is imminent and unavoidable2. The borrower is unable to sell the property3. There should be no other liens or attachments to the property4. The property needs to be left in broom clean conditionsReally with all the foreclosure solutions available to homeowners a deed in lieu should and can be avoided.References : Was this answer helpful?

  6. jellybeans

    one pro se got confirmation that Steve Nagy was employed by both New Century Mortgage and Home123 Corporation and New Century Capital Corporation. Steve Nagy was employed by them up until Dec. 2007.

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