Calub

INTRODUCTION

Plaintiffs and appellants Isidro Taon Calub and Myrna Vicente Calub (Calub)

appeal from a judgment of dismissal entered after the trial court sustained without leave

to amend defendants’ demurrers to the first amended complaint (FAC). There are three

sets of defendants and respondents: 1) Bank of New York Mellon Trust Company, NA,

Bank of America, NA, and Mortgage Electronic Registration Systems, Inc. (MERS)

(collectively, BOA); 2) Ocwen Loan Servicing, LLC (Ocwen); and 3) Bruce Kelly and

Julie Kelly (Kelly).

The Calubs borrowed $393,000 to buy a house in 2001. In March 2007, they

refinanced with a $651,000 adjustable rate mortgage (ARM), based on an appraisal of

$813,750, and extracting about $250,000 in equity. In March 2009, the Calubs asked for

a loan modification and they stopped making mortgage payments after November 2009.

The property was sold for $490,000 at a trustee’s sale in September 2011. The property

was purchased by the Kelly defendants in May 2012. The Calubs contend defendants

misrepresented the appraised value of the property and misled them about the possible

future appreciated value of the property.

2 We affirm the trial court’s…