First go file chapter7 not chapter13 bankruptcy. Then you can email me for a club that if you become a member($300 one time) and $495 for the process they will save your home. You can email me at email@example.com .
I would borrow the money from a friend or a relative. If they are concerned about security offer them a position on the property as collateral until and pay them off once you've settled with your Trustee and have possession of the property. This is not a difficult situation and you certainly shouldn't let it threaten your position on the property unless it is upside down or underwater.... more
The lender put a minimum bid on the sale equal to the amonunt of your remaining obligation to protect their interest. No bidders elected to go higher so the property reverts to the bank. They will now sell it as an REO sale.
Jack Dalton / firstname.lastname@example.org
916 425 6555... more
Professional, knowledgeable and experienced local Realtors are available in your neighborhood to assist!
For example check "Find a Pro" at the trulia real estate search for a Broker in your area who offers FREE help.... more
The "bank" is likely undercontract as the loans servicer and paid a fee to administer a mortgage they underwrote and/or originated. The 3rd party is the investor which can run from fannie mae or freddie mac to any number of private institutions nationwide (a hedge fund, a contract holder for a CDO/CMO obligation, an individual).
They use a private title-like system to track this ownership and it is not connected to the public title system we use for title insurance and fee simple ownership rights. There is some legal challenges as to whether or not this is legal and whether or not the rights assigned to these third party investors are valid based on real estate law. These, lets call them obligations, are using federal contracts law to push aside state and local real estate law in order to defend the systems they have put in place to insure mortages from default. Some people feel this is what has crippled owners attempting loan modifications and short sales.
The fact you can not determine who the 3rd party is, is not surprising. As enterprising attorneys with deep pocketed clients begin to chip away at this profitable system (that is made billionaires of some and bankrupted AIG and Lehman Brothers, in the secodary CDO/CMO market), clarity will increase. While this won't help you in the short term, what you might try is to find a real estate attorney informed on the CDO/CMO secondary market and see if your home comes up an a search.... more
Your daughter needs to be careful about renting a property if she is not sure who owns it. When a house is taken back by the beneficiary at the trustee's sale, that change in title will show up in the county records after a few days. If BofA sold the house to someone else since December, the buyers name should be on record. There are some dishonest people out there pretending to be landlords renting houses they don't own. They take over vacant houses that are owned by the bank, represent themselves as the owner / landlord, put them on Craigslist and rent them to unsuspecting tenants. They collect the deposit and the rent then disappear. If you aren't sure the "landlord" really owns the house, it may be a safer bet to find another house to rent.... more