I appears that your situation is quite unique and we all hope you are now on the road to a positive resolutiion. Once you have determined whether the foreclosure was, in fact, legal or not, you can begin the process of repairing your credit (assuming you were not treated properly on the non-judicial foreclosure).
We offer assistance 24/7 on our website, where Ventura County homeowners can find foreclosure help online. I hope this can be a useful resource for you as well.
I will read it more in detail later today.
I do know (more I do have a good faith) that I will whin this situation.
I do know it is very odd and strange.
But I dont give up at all.
And since it is has been going on for so long. I started to talk to the bank way back in the summer off 2007.
I do think that the banks /investors involved) dont know any more who owns the house, where it went wrong and/or what to do. And somebody ( probably more than one person) do know something that this has been handled very poorly and not legal.
Other weise I would not be in the house any more.
Thank you for your input. However my house was foreclosed on in 2008. And i am still in the house.
I am not going anywere til this is done.I did get one unlawful detainer over a year ago. Challanged it and filled out my objcetions in the court house. Then nothing til the summer about the same week as TB&W got raided.
After that nothing.
My lawyer has called around and talked to a lot of people. And every time he asks who ows the house they hang up.
This whole think is very odd and strange.
I have had houses for the last 30 years and never run into something like this.
Good Luck to you Martha, I'm afraid it sounds like you will probably be continuing your legal action from another residence. Don't be surprised if even your lawyer is not able to stall the foreclosure proceeding.
Good inforomation. Here is about as far as I can help you.
I can't find my contacts and sources for this information so I have to go from memory, which is hopelessly error prone. Last year seveal buyers in Washinton and Oregon (I beleive) sued their lenders after foreclosure. They won and were able to unwind the foreclosure!
The court cases were related to the CDO/CMO contracts and foreclosure while the sellers tried to short sale or loan mod so your lawyer is going to have to compare your situation to those court cases, but there is precedent. The owners went on the offensive and won.
I hope that helps. If in the enxt day orso I can find my source. Ill repost.
The last bank that had the mortgage before foreclosure was TB&W.
My lawyer did try to commuincate with (at the times they did have a lawyer ) their lawyer.
But their lawyer ignored him totally.
Meaning that their lawyer did respond or answered any calls, faxes or emails.
I do still have a lawyer.
And after over a year I am still in the home.
And yes I do have a whole paper trail with proof that all about this loan had a lot of wrong doing in it.
I have had it audited plus all my paper work have been read.
And I have been told (by lawyers) that I do have a big case. Since it all proofs that the banks lied and tried to use their power.
The lawyer is already prepaid my family so I dont have to worry about that.
Here is the link to the purchase announcemet of Indy Mac to One West.
Here is the link to the Wiki on George Soros who owns the fund that was one of the buyers.
Good luck you may be fighting an uphill battle.
My adivce is that she should ultimately wait until her loan is settled wherever its going to settle. The investor who ends up with the loan may be willing work something out. I don't know what sort of legal bills are being racked up but Martha has to do a cost benefit analysis of a sort here and execute a decision. I think that a little research and some phone calls by the attorney are within the realm of reasonable.
I do know know what price point of home or mortgage we are talking about here but I know a short sale attorney who gets results by suing the bank and bypassing bank systems via their in house attorneys. Instead of trying to work within the system, another option is to go on the offensive.
This is jsut speculation but I would be willing to bet that your "note" is being passed around by investment banks were were acting as insurers. Unlike a loan servicer, as the others described, what you may be seeing is the unwinding of a CDO/CMO contract.
This works this way. YOu took out a mortgage and the bank packaged it up with 100 others and then cut the pie who knows how many times. Each slice was sold to an investor who took a portion of your interest in return for a commitment that the investor would pay a claim or buy the rest of the interest in the property from the bank in the event of default. That investor could addtionally cut his share into smaller pieces and resell them (like a stock).
(This is why many short sales and loan mods do not get approved. When the request for loan mod or short sale is filed the insurer or investor starts to drag his heels trying to delay payment as long as possible. As long as possible is foreclosure, for most people.)
WHen your home went into forclosure the bank went to the investors who had a piece of your loan and said pay up and it in turn set off a chain of claims. In some cases the investors were already broke and when such a dead end is hit, no one knows what to do.
Like I said earlier, this is speculation but it explains things very well.
These obligations are tracked via a private title like service called "erisa" or some such thing. If you still have an attorney have them contact the bank and see if they can get educated on this "erisa" thing and let me know what your find out.
So I had to banks who both said they had the mortgage.
And then either one had it for some months.
Their words when i called in.
Then it was back to TB&W.
Believe me that my story nobody gets or/and understand.
And i am still here in my house after over a year.
Also, lost documents are not as unusual as you would think. Here in NY, we are more likely to see it happen because we deal with 2 different things where original loan files are needed. When someone refinances or sells a co-op, they need to get the original stock certificate and proprietary lease from the bank. Sometimes these are lost, and the bank gives an affadavit. Also, New York has a mortgage tax. There is a way to re-assign the mortgage tax by obtaining the original mortgage document from the bank. Sometimes these are lost as well. It's more rare to have the need to find these in other areas of the country, because they really serve no purpose after closing.
But it seems that we are the only ones that do have them.
If the banks still had them and think that they are correct.
Why am I still here?
It has been over a year since the forclosure.
I dont know how to look into records for this.
The lawyer does and he cant find out anything.
We all think there is a lot of if not all the paper work lost.
Their lawyer left the picture after the last bank (before) the forclosure went under.
Lawyer also says they cant sell the note like they do. In fact nothing can happen till we have been in court.
Yes I was was served a summon for evection.
A long time ago. We filed objections in court that it was wrongfully done. We also filed proof of that.
Then nothing has happened. Except months after ward the first bank tried a second forclosure (?). And that was just before they went under.
Lawyer filed again in court paper work.
He has talked to people that has come to the house. nobody seems to know that this is a court case.
And i am still here.
In the beging it was a paying mortgage.
Not in the end.
All this could have been avoided if the banks had known what they were doing and have had their papers in order.
Even tried to move. But the house got under water really fast. And since it needed to be up dated it didnt even have a chance to be sold. People didnt want homes that needed to be fixed up if they could get a nice up dated home for the same price.
Yes I have a great lawyer. And i do listen to him . He is also very suprised and a questionmark to what has happened and not happenend. And he has never heard of anything like this.
That is why I am writing this. To see what others think about it and/or have experinced it.
When it all started the mortgage went back and fourt between 2 banks.
First they both were down as holding the note. One loan , no second.
Then suddenly no one had the note for 3-4 months.
Both banks blammed each other.
It finally got so weird, confusing, and no way to solve it that my lawyer rescinded the loan.
Since the forclosure happened , many months ago, the note has been sold to at least 3 different banks.
Nobody seems to know anything at all.Except that it keeps being sold.
Lawyer cant find out anything. Cause nobody knows what is going on. And what has happened.
I am still in the house.
Wishing you the best of luck.
DRE # 01326917
Ferdig Real Estate Solutions
This is a matter of law and not real estate. I understand generally what has occurred since it has happened more than once. It is uncommon. Recently attorneys in Washington and Oregon that have ruled in favor of owners in situations where the bank "wrongfully" foreclosed on a property. Those transactions were unwound or the prior owners were compensated.
It's a mess so trust your lawyer.
This is unconventional but the rules have changed. When the governement put in place guidelines for loan mod's the banking industry lobbied for regulations that bypass state notification requirements. If an owner received a loan mod and re-defaulted the bank can simply foreclose without notifications or reporting.
Is this what occurred?
The loan I had with bank A was (had) a lot wrong with it. I had it auditid by a lawfirm.
The law firm tried to negoiate with the bank for about 6 months.
They didnt get anywere at all since they totally said different things every time the law firm talked to them.
So we decided to rescind the loan and then go to court .
There was a lot of wrong doings by the bank.
Lawyer rescinded the loan and the bank ignored it and just foreclosed.
By doing this they broke the law and sued me before we sued them.
Three day notice came . Then five day notice and paper work was filled by us in court. And then really no legal things have happened.
No court day . Nothing.
The bank was taken over by the FBI.