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HARMON LAW OFFICES, P.C.

I50 CALIFORNIA STREET
NEWTON, MASSACHUSETTS 02458

MAILING ADDRESS:
P.O. BOX 6r0389
NEW'TON HIGHLANDS, MA 0246I.0389

TEL (6r7) s58-8400

FAX (617)244-7304
SERT|ING MASSACHUSETTS, NEW H.4MPSHIRE AND RITODE ISLAND

NATHALIE K. SALOMON

ili1ltr1i-lltrlracsimite
nsal omon@harmonl aw. com

Via ovemight mail and first class mail.

'-\

q:T1{:013}
Tim A. Bryant
80 Bradford Drive
Feeding Hills (Agawam), MA 01030-2728

Re:

Specialized Loan Servicing - Loan no.1006509386.

Property: 80 Bradford Drive, Feeding Hills (Agawam), MA 01030-2728

Dear Mr. Bryant:

Please be advised that this office has been retained by Specialized,Loan Servicing
("SLS"), to respond to your three communications sent by e-mail, respectively dated
November 75,20l2,November 20,2012 and November 27,2012 regarding the abovereferenced loan. SLS is the servicer of the Loan on behalf of HSBC Bank USA, National
Association, as Trustee for the Holders of the GSAA Home Equity Trust 2005-15
("HSBC Bank").

I.

The communication dated November 15r20t2,

In your e-mail dated November 15,2012, you contend that HSBC Bank lacks
standing to foreclose on the mortgage. While not clearly articulated, and in support of
your contention, you seem to suggest that HSBC Bank did not comply with the terms of
the PSA ("Pooling and Servicing Agreemeni") and that MERS had no authority to assign
the mortgage. You also contend that HSBC Bank has never held the mortgage. Your
allegations fail as a matter of law because (l) the record clearly shows that HSBC Bank is
the current holder of the mortgage, (2) you have no standing to raise any issue regarding
the PSA, (3) the courts in Massachusetts have unanimously held that MERS has authority
to assign, and (4) the assignments of mortgage are valid and binding.

First, the public record at the Registry of Deeds clearly shows that the HSBC
Bank is the current holder of mortgage by assignment, as a result of two successive
assignments of the mortgage as follows:

1.

On September 23,2005,you granted a mortgage to MERS to secure the

paymcnt of the note given to Countrywide Home Loans, Inc. ("Countrywide',). See
mortgage, p. 1 defining MERS "the mortgagee under this Security Agreement." See also
p. 2 where you agreed to "hereby mortgage, grant and convey to MERS ... and to the
successors and assigns of MERS, with power of sale" the property. lrue and acgEgtr
copies of the note and recorded mortsase are attached hereto ar

E*hifiia]-

2. On May L6,2A11, MERS assigned the mortgage to BAC Home Loans

Servicing, LP fka Countrywide Home Loans Servicing, LP ("BAC") and recorded on
May 19, 2011. A true and acer-rrate eopy of the recorded assignment is attached hereto as
Exhibit B.
3.

On April 10,2A12, BAC assigned the niortgagc to HSBC Bank. A true

and accurate copy of the recorded assignment is attached hereto as Exhibit C.

In Massachusetts, a foreclosing entity can foreclose if it is the holder by

assignment of the mortgage. US Bank National Association v. Ibanez,458 Mass. 637,
648 (2011). Here, HSBC Bank is the holder of the mortgage. As a result, HSBC has
standing to exercise the statutory power of sale and foreclose under the mortgage.
Second, your claim that HSBC Bank lacks standing due to defests and/or noncompliance with the PSA fails as a matter of law. In Springer v. Deutsche Bank National
Trust company,the court (Grossman, J.) (Mass. Land ct.) (Jan. 1l,zar3),the Land
Court reeently explained the well-established principle that rncrtgagors, r,vho claim that
an assignment was not executed in compliance with the PSA, do not have standing to
challenge an assignment, based on the following grounds:

"The PSA constitutes a contract between IndyMac and Deustche Bank. It

is the view of this court that the plaintiff is without standing to either
directly or collaterally challenge the validity of the assignment of the Note
and Mortgage into the Trust even if that assignment somehow contravened
with the terms of the PSA . . . Plaintiff is not a third-party beneficiary with
enforceable rights under the PSA. "It is the investors who are the irrtenried
beneficiaries of the ...Trust." US BankNationalAssoc., es Trusteefor
SABR 2006-NC2 v. Orla, et al. Summary Process No. 10H84SP004564,
Boston Housing Court (June 7, 2012, Winik, J.). Limitations that may be
placed on the timing of the assignments of notes and mortgages into the
Trust under the terms of the PSA are intended to protect the financial
interests of these investors. Id. Theplaintiff is not an investor in the
Trust, and has not identified an enforceable benefit, right or protections
that strangers to the Trust, such as himself, may hold."

4. ADJUSTABLD INTEREST RATE AND MoF THLY PAYIVENT ctIANGEs

r,oAN *

t ta4126037

(A) Ctrange Dates

The initial fixed interest rate I witl pay will change ro an adjustable inbrcst rato on the f irst
day of
ocroBER' 2 010 ' and the adjusabie interesl rate I will pay may changc an ftat day every l2rh month thereafrer.. The
date cn which rny initial frxcd inlcrcst rate changcs to an adjustablc iRtere.st rate, and each date on which rny adjustablc inlere.st
rate could change, is called a "Change Date.,,
@) The fndex
Beginning with tho first Chang-e Dare, my adjuetable inferest rate will be based on an Index, The ,,Index" is the average of
interbank offered fates for one-year IJ.s, dollar-denominsted deposiLs in the London market (IJBoR), as pul:Iished in The-wall
Street Joumal' T'he most rccent Index figuro availablc as of thl dato 45 days beforc oach it *g" brt" is catted thc
"Current
Index."
If thc Index is no longer available, the Note Holder will choose a new index rhat is bascd upon compar.able information.
Thc Note Holder will give me notice of this choice.

CI)CnlNntimd[hnnuns

Beforo each Change Date, the Notc Holder will catculgte my new interest rate by adding
percenhgppoints( z.zso %) to the Curront Index. The Note llolder will thcn
Two & oNE-QUARTER
round the result of this addition to tre nearest one-cighrh of ono perccntage point (O.1?5?o), Subject to the limits statcd in
Section 4(D) bolow, this roundcd amount wilt be my now inrrestrate until the next Chango Date.
The Note Holder will then determine lhe amount of the monthly payment that woutd be sufficient to rcpay the unpaib
principal that l am expccted to owe at the Change Datc in full on tbo Manrrity Date at my new interest rate in substantiatly equal
paymenta- The result of this calculadon will be *le new amount of my monahly paymenl
(D) Limtts on fnterest Rate Changes
The interest rate I am required !o pay at thg first Change Date will no! be'grBater than 10 . 625 % or lees than
2 .25O 96, Thereafter, my adjustable intcfcst rate will nevcr be lncrca.sed or derrcascd on any singlo Change Datc by more
than t$ro percenhge points from the rate of interest I have been paying for the preceding L2 months. My intergsr rate will never

bogreatcrthan 10.625

9o.

@) Effective Da(o of Cbanges

My new interest rate lyill become effective on cach Change Date. I wili poy the amount of my now rnonftly paymcnt
bcginning on the first monthly payment dato after the Chango Datc until the amount of my monthly payment changes again.
(F) lYottce of Clrango6
Beforc the effective dare of any change in my intere^st rate and/or monthly fraymcnt, thc Note Eoldcr wiII doliver or mail to
rne a nodce of such change. The rtoticc will include information required by law to be given to me and also the title and
telephone number of o person who will answer any question I may have regarding the norice.
(G) Dats of First Pclndpat and fntcrrest Paymcnt
Tho date of my frrst paymcnt consisting of bodr principal afld intcrsst on dris Notc (the "Firsr Principal and Intcrsst
Payment Due Date") shall ba the Iirst monrhly payment datc, after the frrst Change Date.

5. BORROWERTS RIGHT TO PREPAY

I have the right to make payments of Principal at any time beforo they are due. A payment of Principal only is known as a
"Prepa5rment." 'When I make a Propayment, f will tell the Notc Holdcr in writing that I am doing so. I may not dasignate a
paymcnt as a Prepa3rmont lf I have not made all thc monthly payments due under thia Note.
I may make a full Propayment or [rartial Prepayrnenlr without paying any Prepayment charge. The Note Holder wilt usc
my Pnopayments to rcduce the amount of Principat that I owe undor this Notc. Howcvcr, thc Nore Hotdcr tnay apply my
P(epayment to the accrued ard unpaid interest on the Prepa)rment amount before applying my Prepayrnont to rEduce the
Principal &mount of the Note. If I make a paltial Prepayment, thsre witt be no changes in thc due date of my monthly paymenra
unless thc Note Ilolder agrees in writing to those changes. If rhe pa{ial Prepayment is made during the period wlren my monthly
payments consist only of intcres!, the amowrt of the rnonthly paymcnt witl decreaso for tho romainder of tho torln when my
paymenB aonsist of only inbre.st. If the partial Prcpaymenr is made during the period when my payment8 consist of principal
and intcrest, my partial Prepa).ment may reduce the amount of my monthly paymenb.aftcr thc first Changc Date foltoting my
partial Prcpaymenl llowever, any reducdon duc to my parda! Prepayment rnay be offset by an ifltcrest rate increase.
6. LOAN CIIARGES

If a law, which applie"s to this loan and which sets maximum loan charges, is fi[atly interproted so that the interegt or ofier
loan charges cdleoted or to be collccted in connec[ion with this loan excecd the permitled limits, then: (a) any such loan charge
shall be rcduced by the amount nerc.ssary to reduce the charge to rhe permittd limit; and (b) any sutns already collected from
mc that cxceeded permirtcd limil.s witl be refunded. lo me. The Nore F{older may choose ro nake this refund by rcducing the
Principal I owe undcr this Note or by making a direct paymenr to me, ff & rfund rcduces Principal, the rcduction wiu be tceted
as a partial Prepayment.
7. B()RROIilER'S

tr.AILU:RE TO PAY AS REQUIRED

(A) Late Charges for Overdue Pa5rments
If the Note llolder has not received thc full amount of any monhly payment by tho end of FIFTEEN
calendar
days after the date it is due, I will pay a lal.c charge ro the Note Holder. The amount of rhe charge will be
3 . Oo o 9o oE my
overdue payment of inErest, during the period when my ptyment is interest only, and of principal and interesc hercafter. I will

pay this Iats ehargo prOmptly but only oncc on each lalc payrnBnl

(B) Default
do not pay the full amount of each monthly paymcnt on the datc it is due, I will be in dcfaulL

If I

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. MULTISTATE Inl3lct OnIy
aDSoE-XX (oil/c3)

ADJIJdTABLE RATE NOTE. ONE YEAR LIAoF INOE.X

Pr6 2 ol 4

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loAN

).L4726O37

(C) Notico of Default

If I am in defaul! thc Note Holder may send mc a writ@n notice telling me that if I do not pay the overdue amount by a
cortain date, the Note Holder may require me to pay im;nediately the fulI amount of Principal that has not been paid and all the
interest that f owe on that amount. Ttrat date must be lt least 30 days after the date on which the notice is mailed to me or
delivered by othr maans.

(D) No WatverByNote Holder

Even if, at a time wheu I am in defaull the Note Holder does not require me to pay immediately in fuIl ae dcscribed above,
the Note Holder will still have the ridht to do so if I am in default at a later time.
@) Payment of Note flolder'e Costa and Enpeuaee
If the Note l{older has required me to pay iernediately in full as described above, fhe Note Holder will have tho right m be
paid back by me for all of its costa and oxpensos in onforcing this Notc to the extent not prohibited by applicablo law. Those
expenses includq for example, rea.gonablc attorneys' fces,

S. GWINGOFNOTICES

Ijnless applicable law rqDires a dififersdt metho4 any noticc that rnust be givcn to me undr this Note wiII be grvtu by
delivering it or by mailing it by first class mail to me at the Property Address above or at a diffierent address if I givc the {ote
Holder anotice of my diffcrent address.
IJnless the Notc I{oldor requires a different metho4 any notico that mustbe givcd to thc Noto lf,older under this Nolc will
be given by maillng ir by fir8t clbss mail to the Notc Elolder ar thc addrcss stated in Section 3(A) above or at a differcnt address
iff am given a notice of that differcnt add$sss.

9. OBLIGATIONS OI' PERSONS UNDER THI,S NOTts

If more than one pcrson sigrre thig NoE, each pereon is frrlly

and porsoaally obligEted to kep all of the promises msde in

this Note, including the promise to pay thc flrll mount owed. Any person who is a guarantor, Eurcty or endorser of thi8 Noto i8
aleo obligated to do the.so things. Any pereon who takes ovcr thcse obligations, including the obligations of a guarantor, surety
or endorser of this Notq iE also obligated to keep atl of the promises made in this Notc. Thc Notc l{older may cnforce its tights
under this Note against each per*on individuatly or against all of us together. This means that any one of us may be reguird to
pay all of the amounts owed under thie Note.

10. \trawERs

I srd any other perso-n who has obligations under this Note waive the rights of Pr-csontment and Notice of Dishonor.
"Pre.sentment" mea$s tho right to reguire thc Note Holder to de{nand payrnont of amounts due, "Notice of Dishonor' means the
right to require thc Noto IIoIder to give notice to other persons thai strnounb due have not been paid.
11. UNIF'ORM SECT'RED NOTE
Thie Note is a unifoirn instrument with iisrited variations in some judsdictions. In addition to the protections given to dre
Note Holdcr under this Note, a Mortgage, Decd of Tru6t, or Security Deed (the "Sccurity Instrumenf'), dated tho same dato aa
this Note, protects the Note Holder ftom possible losses that might result if I do nor keep the promises that f drake in this Note.
That Security Instrument describEs how and under what conditiona I may be-required to make immediate paymcnt in full of all
amounts l owe undcr thie Note. Some of thoso conditions read a.s follows:

(A) Until my initial fixed interest rate changes to an adju8tab.le interest rate undcr the tcrma statcd in Section 4 abovc,
Uniform Covgnant 18 of the Sccurity Instrument shgll read as follows:
Transfer of the Proporty or a Beneficial Interest in Borrowen As used in this Section 18, "Interest in tlte
PropcrEy" mean8 any legal or beneficial intereat in the Property, including, but not limitcd to, those beneficial
iilterests transferred in a bond for deed, contract for deed, installment salca contract or escrow agtsment, the intent of
which is the transfer of tide by Ilorrower at a future datc to a purchaser.
If all or any part of the Property or arry interest in it is sold or transferred (or if Borrower ia not a natural pereon
and a beneficial intereGt in Borrower is sold or Fansferred) without Lender's prior written con8ent, I3nder m8y, at its
option, roquirc immediata payment in fulI of all eunre sccured by ttris Sccuriry Inst ument. Ilowevcr, this oprion shall
not be exercised by Lender if exe'rcisc is prohibited by fedoral law.
If ffoder exercises this option, Lender shall give BolnDwer nodce of accelenation. The notice shall pmvide a
period of not less than 30 days fiom the dato the notice ie grvsn in accordance with Section 15 within which Borrower
must pay all sums securcd by this Security fnstrumenl If Borrower fails to pay these sums prior to lhe expiration of
this period, Lender uray invoke any rcmedics permitted by this Security Insrument without firrther notice or dcmand
on Borrower,

(E;) When r1r5r inttial fi;ed ifltEresr rate changes-ro an adjustable interest ratc undor the terrna Btatcd in Sccrion 4 abovc,
Uniform Covnant 18 of the Secudry Instrurpnt described in Section 11(A) abovc ghall thEn ccase to be in offcct, and.Ilniforrr
Covenant 18 of the Security Insrumcnt shall instcad rcad as follows:
Trarsfer of tbe Property or a BeneFcial Inlerest in Borrower. As used in tlris Section 18, "fntarest in the
Property" means any logal or benefrcial intcrcst in ttre Propcrty, including, but not limircd to, thosc bcncficial

interesB tmnsferred in a bond for deed, contract for deed, iostallment ssles contract or escrow agrcement, thc intent Of
which is thc transfor of titlo by.Ilorrowcr at a futurc date !o a purchaaer.

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MULTISTATE lntlrcat ody AATU6TABLE FATE NOTE - ONE YEAR LBOR INOEX
2D8O+XX (()4/06)
Fage 3 ot 4

t
Prepared by: ALICIA CBISOSTOMO

LOAN #; Lj-4726O37

InteresrOnly"* ADruSTABLE RATE NOTE

(One-Year LIBORIndex (Ae'Published in The lYali Streei ioitttia[) - Raio Caps)

TT.IIS NOTE CONTAINS PROVISIONS ALLOWING FOF A GHANGE IN MY'FIXED INTEREiT RATE

TO AN ADJUSTABLE INTEREST HATE AND FOF CHANOES IN MY MONTTILY PAYMENT. THIS

NOTE LIMITS THE AMOUNT MY ADJUSTABLE INTEREST FATE CAN CHANGE AT ANY c)NE

TIME AND'THE MAXIMUM RATE t MUST PAY.

23, 2OO5
fDrto]

SEPTEMBER

FEEDING HILI,S
tcity)

MASSACHUSETTS
[Steie]

8O BRADF'ORD DR, FEEDING HI'JLS, T.{A O].030-2728

lPreperty Addre$l

1. BORRO\ilER'S PROMISE TO PAY

In return for a loan that f have received,

J promiso to pay U.S, $ Z2S, O 0 0 . OO

(this amount is called ',principal,'),
plus intercst, tc the ordcr of Lender. Lciidei i.5
COUNTRYWIDT HOME I,OANS, INC.
I will make alt payments under this Note in the form of ca.sh, chcck or money order.
I understand that Lendef may transfer thiF Note. Londer or anyone who takes this Note by transfcr and who is entitled to
rcceive Davments under this Note is called the "Note lfolder.

2. INTERES.I

Interest will be charged on unpaid principat until the full amount of Principal ha.s been paid. I will pay intcrest at a yearly
5 . 625 %.The interest rate I will pay may chango in accordance with Seotion 4 of this Note.
The interest rate requircd by this section 2 and Section 4 of this Nore is rhe rate I will pay both beforc and after any defaulr
dcscribed in Scction 7(B) of this No!o.
rato

of

3. PAYMENTS

(A) Tlme andPlace of Payments

f,irst
dayofeverymonth,bcginningon N6vEMBER 01, 2oob
Bcforc the First Principal and Intereet Payment Due Datc as described in Scction 4 of this Noto, my payment will consist only of
the intere.st due on the unpaid principal balancc of this Note. Thereafler, I will pay principal and interest by making a payment
every rnonth a.s provided below.
I will make my monthly paymenLs of principal and intorest boginning on the First Principal and Intcrogt Payment Duo Dato
as described in Section 4 of tbis Note. I will make these paymonls every month unril I havo paid all of the principal and intcregt
and any other chargcs described bclow that f may owe under this Note. Each monthly payment will be applied as of it8
schedulcd due date, and if the payment includes both principal and interest, it will bo apptied to interest Uefore principat. If, on
ocroBER 01, 2O35 ,I still owc amoun[o undor this Ngtc, f wifi pay thos6 arnounB in full on that daE, which is called
the']vlaErriry Dare."
I urill makc rny monrhly paymcnts at
Iwillmakeapaymcnt'on*le

P.O. Box 660694, Dallas,

Tn- 15266-0694

or at a different place if requircd by the Note Ilolder.

@) A.nount of l\(y Inttlal MonUrly Paymentg

MymonthlypaymentwillbeintheamountofU.S.$ 1,068.75
beforb the First principal and Interesr
Payment Due Darc, and thereafter will be in an amount sufficient to repay the priucipal and ioterest at the rato detegnined as
doscribed in Section 4 of thie Note in substEntially equal installments by thc Maturiry Date. Thc Note llotder will notify me
prior to the date of changc in monthly payment.
(C) Monthly Palrmont Changes
Changes in my rnonthly payment will rcflect changes in the unpaid principal of my loan and in tho intersst rato that I musr
pay. The Note Holder will determine my new inbrest rate and lha changed amounr of my monthly paymcnt in accordance with
Section 4 or 5 of this Note,

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O MULTISTATE INIAT*I ONIY AD.IUSTABLE RATE NOTE - ONE YEAR UBOR INDEX
.'Pags 1 of 4
zDEO5-XX (O4lo3)(d)

tiltil|fr||ililililililfiililfi

'23991'

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If all or any palt of the Property or any

Interest ia thc Propcrty is nold or uonsfored (or

f.oAN #: 1l-4725037
if Borrower io not a

natural person and a beneficial interest in Borrower is sold or transfercd) without Lcnder's prior written consent,
Lender may rtquirc immediatc payrnont in full of all sum$ gecured by this Seculity Instrument, I{owever, this option
shall not tre excrcised by !.cnder if such exerci;e i$ Drotlibited by Applicablo Law, Londor also shall not exorciso this
oPtion if: (a) Boffowot e{u6ea to bo submitted co Lcnder information requiled by Lender to evaluate the intEndcd
trangferce as if a new loan were being made to the Eansfereo; and (b) Lcndcr reasonably determine.g that l-ender"g
secufty will not bc impated by the loan assumption and that the risk of e breacir of any covenant or agrrrment in
this Securitylnstrument is acceptable to Lender.
To rhe exrnt pcmitred by Applicable Law, Lendcr may charge a rea.sonablo.fee as a condition to Londer.s
consent to tlre loan arsurnption. Lender may also require the transfgree to sign an assumption agrEement that is
acceptable to Lender and thal obtigat$ tho transferca to keep all the promiece and agreemonts srade in the Note and
in tlds Security Instrument. Borrower \ilill oontinue to be obligated under the Nore arrd this Socurity Instrument
unle,gs Lender releases Bouower in writing
If Lendcr cxcrcissg the option to requirs immediatE paymcnt in full, Lender shall give Bonowcr notice of
ac:celoralion. The notice shall provide a pcriod of not less thon 30 days &rcm the date the notice is given in accordance
with Section 15 v/ithin which Bouower must pay all sumr secured by thia Securiry Instrumcnt. If Borrower fails ro
pay thase sutls prior to the expirution of this period, I-ender may invoke any remediec permitted by this Security
Instrur[ent without further notice or demand on borrower,

WITNESS THE I{AND(S) AND SEAL(S) OF THE UNDERSIGNED.

Christl.ne

E. Webscer
-Borrorcr

(Sesl)
-Borcrvcr

(Seal)
-Bonowcr

[Sign Original OnIyJ

t \t-nl
./-

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. MULTISTA'rE Int6r.rt Onry AD.JUSIAELE RATE NOTE - ONE YEAB LTBOR INDEX
2D8Os-XX (Olv03)
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