Tirbelsky

BACKGROUND

On August 3, 2006, Tribelsky executed a $563,000 promissory note in favor of Wells Fargo Bank to purchase a property located at 724 N. Genesee Avenue in Los Angeles. He secured the note with a deed of trust in favor of the bank. Wells Fargo recorded the deed of trust on August 10, 2006. The note provided that Tribelsky “irrevocably grants” Wells Fargo, or any subsequent purchaser of the note, the power to sell the property in the event of an uncured default. On March 19, 2012, Wells Fargo securitized the deed of trust by assigning it to U.S. Bank, the trustee of Prime Mortgage Trust, an investment trust formed by Structured Asset Mortgage Investments II Inc. on November 1, 2006. The terms of the pooling and servicing agreement (PSA) provided that Structured Asset would become the beneficiary of all deeds of trust conveyed into the trust on or before November 30, 2006, the trust’s closing date. The PSA also provided that its terms were to be construed in accordance with New York law.

2 Tribelsky defaulted on loan payments in November 2012. On September 17, 2013, Wells Fargo, as mortgage servicer, declared that more than 30 days had passed since Tribelsky had been…