Migdal

I. FACTUAL AND PROCEDURAL BACKGROUND1

In 2002, Migdal obtained a residential loan in connection with real property

1 Because this matter comes to us following a judgment sustaining a demurrer without leave to amend, we assume the truth of the material facts properly pleaded in Migdal’s complaints. (Blank v. Kirwan (1985) 39 Cal.3d 311, 318.) located in Mountain View, California. The loan was secured by a deed of trust encumbering the property, which was recorded with the Santa Clara County Recorder’s Office on May 28, 2002. The deed of trust identifies Washington Mutual Bank (WaMu) as the lender and beneficiary, CRC as the trustee, and Migdal as the borrower. On September 25, 2008, JPMorgan entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC), acting as receiver for WaMu (“the P & A Agreement”). Pursuant to the P & A Agreement, JPMorgan purchased “all right, title, and interest of the [FDIC] in and to all of [WaMu’s] assets.” As discussed below, the parties’ dispute whether Migdal’s deed of trust was among the assets JPMorgan purchased. Migdal “made the regularly scheduled payments on the loan[] until December of 2008.” CRC…