Cocroft v. HSBC Bank USA, N.A., No. 14-1640 (7th Cir. 2015)
Annotate this CaseThe Cocrofts acquired a home in Country Club Hills, Illinois. In 2007, they refinanced their mortgage. As part of the transaction, the Cocrofts’ mortgage and loan were pooled into a mortgage loan trust. A year later, the Cocrofts ceased making payments. The lender became aware that the property was vacant and was “a mess” and entered to winterize. The Cocrofts claimed to have the right to rescission because the lender committed various unspecified disclosure violations in contravention of several federal statutes. The trustee initiated a foreclosure action. The Cocrofts filed suit, raising claims against Mortgage Electronic Registration Systems (MERS), Bank of America, BAC Home Loans Servicing, and HSBC Bank. The Seventh Circuit affirmed summary judgment for defendants on all claims. An alleged violation of the Illinois Consumer Fraud and Deceptive Business Practices Act was based HSBC Bank’s letter, in which it indicated that it was unable to locate an account for the Cocrofts; the Cocrofts offered no evidence that this was deceptive. The court rejected a wrongful possession claim; the lender was entitled to enter the property to winterize. The Colcrofts lacked standing to challenge the transfer of the property into the trust.
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