a. See the Secretary of Treasuries limitations or releasing lender of liability under the Troubled Asset Relief Program
2. We moved out of the property and it is now starting for closure proceedings.
a. In many states, abandoning the property allows the lender an advantage; i.e. acceleration, lockout..
3. In the document it stated that the lender is requesting that paperwork be filled out for deed in lieu of foreclosure.
a. Deed in lieu means your surrendering the statutory foreclosure process
4. Papers were signed and we put a letter attached explaining the whole story, however there is no response
a. Sound like TMI
5. My Mom just received a summons, and my brothers just received a copy of the letters that I sent along with notice of filing and I myself received a summons.
a. The ownerâ€™s rights are separate in foreclosure from tenantâ€™s rights. You may have claimed to be in the property 60 days after the home goes to sale. Your served with advance notice as a "holdover" tenant
6. Do my Mom and I have to respond to the summons? My Mom and I are not on the title or deed. Is this typical?
* Again - my gut says itâ€™s to avoid a holdover if you were still in the property. I donâ€™t see where a deed in lieu would include a deficiency judgment.
I believe in doing your homework before seeing an attorney. But you are all over the board here and its difficult to say what the issues and remedies are absent seeing documents you was served. Moving out and singing a deed in lieu tells me your throwing away any rights you may have had here.
Get an attorney N* O* W
Ps. First answer - very impressed. Good job
Web Reference: http://www.borrowerhotline.com
I am not sure what you signed. If you signed the wrong papers *perhaps* you signed something that said you took posession of his debt. I would doubt it.
The other issue that could possibly mean your mom is able to be held liable for this debt is marriage. With marriage comes legal rights and responsibilities. It is possible she kept his part of the debt unless state law does not allow this.
To be safe, to be sure I would strongly suggest talking to a lawyer and losing a few hundred$$$ while doing it. It may be a lot cheaper to pay a lawyer than to be unrepresented.
If you are low income you may be able to find low income legal assistance ( for free). Check with the department of human services in your area. Also, you can ask your local and state representatives. They will know where to send you for help. Their phone number is listed in the book.
IF the summons says you need to appear at this date and time, yes, you need to appear at that day and time. It could be nothing more than an informal meeting to take care of this situation in a legally binding way under oath.