Foreclosure in New Brunswick>Question Details

Peterzon74, Other/Just Looking in New Brunswick, NJ

Chase have sold my 2fam. house to FannieMea 2 days ago. Can I get it back? Do I have option?

Asked by Peterzon74, New Brunswick, NJ Fri Jul 23, 2010

I am in NJ and was suppose to get a workout plan. I have more properties with Chase and wanted to work out all properties. I have income coming in. Can I get back the house that was sold? Can Bankrupcy save my home?

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Answers

5
Leah Henderson’s answer
You should immediately reach out to a short sale specialist for your other properties. I will defer to the area agents for advice as to where you are in the foreclosure process. It sounds as though the loan was sold to Chase. You may be near the pre-foreclosure stage. I would call the bank to determine exactly where my note stands. In the alternative locate a short sale NJ agent who can do the leg work for you.
0 votes Thank Flag Link Tue Aug 9, 2011
To clarify, if your home was foreclosed, in NJ there is a 10 day redemption period to buy it back. I have bought homes from sellers during that period which is how I know. In your case though, it seems that just the investor on your note has changed. In other words, your loan payments now are basically being made to fanniemae, not Chase. That is actually a good thing. While it may mean that Chase can no longer do a modification on that home. You may find whoever is the new servicer accommodating as Fanniemae is making an effort to keep loans current and out of default. You may want to also consider some other option as I have not seen many successful results with loan modifications and they require a lot of expertise, time, and as you are discovering the bank often disrupts the process. If you want, email me, and I'll send you a great list of resources for all your potential options. It is something I put together so that homeowners can have everything they need in one place. http://www.fanniemae.com may also provide you with some great information and guidance. Hope that helps.
0 votes Thank Flag Link Sat Jul 24, 2010
Unless the home was foreclosed on it is still yours, they just sold the note, but I have to say over the last 2 weeks I have seen 3 foreclosed notes sold to other banks, not sure what the banks are doing here.

Good Luck
Bob Patrick
Buy a home after foreclosure expert
0 votes Thank Flag Link Sat Jul 24, 2010
In New Jersey, I believe the law is if your house is taken by forecloseure, you have 6 months to get it back. I would suggest getting a lawyer.

Good Luck,
Jason Wilde
Pinnacle Mortgage
0 votes Thank Flag Link Fri Jul 23, 2010
Your home was not sold to fnma, chase was the servicer of the loan and fnma was the investor. A bankrutpcy would do little but stall the process. IF you have documentation inidcating a workout was approved then you might be able to get your property back, but if no paper trail it is unlikley FNMA will entertain a workout. In NJ the foreclosure time frame is long and fnma will think you had a long enough time to reslove the issue.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

Http://www.milwaukeebailout.com
0 votes Thank Flag Link Fri Jul 23, 2010
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