Land Tycoon, Inc. v. Wells Fargo Bank, N.A.

ZULICK, J.,

This matter comes before the court on Wells Fargo Bank, N.A.’s petition to open default judgment (the petition). In July, 2006, Faye James purchased property located at 28 Eagle Drive, East Stroudsburg, Pennsylvania (the property). To finance the purchase, Ms. James acquired a first and second mortgage from New Century Mortgage Corporation. The first mortgage was thereafter assigned to Wells Fargo. The second mortgage was assigned to Credit Based Asset Servicing and Securitization, LLC (Credit Based).

In September 2008, Credit Based, holder of the second mortgage, instituted a…