Nguyen

I. FACTUAL AND PROCEDURAL BACKGROUND1

A. The underlying loan and notice of default In April 2007, Nguyen entered into a residential mortgage loan transaction with Washington Mutual Bank, FA, consisting of a promissory note for $2,500,000, secured by a deed of trust against the property (loan). U.S. Bank is a successor in interest to previous lenders who have held the promissory note. In March 2009, U.S. Bank and its loan servicer Select Portfolio Servicing Inc. (SPS) caused a notice of default on the loan to be recorded in the Santa Clara County Recorder’s office. B. Plaintiffs’ requests for payoff or reinstatement amount Following the recording of the notice of default, plaintiffs made numerous requests for defendants to provide a payoff or reinstatement statement, to which defendants either failed to respond or provided inaccurate information, in violation of Civil Code sections 2924c and 2943. For example, on October 15, 2019, defendants provided plaintiffs with a notice that the reinstatement amount was $1,350,123.86 and the interest rate on the loan was 4.875 percent. On October 21, 2019, defendants provided plaintiffs with a notice that the reinstatement amount was…