OfflineReal estate related, but personal. As some of you already know, my condo was about to go into foreclosure after I had to take early retirement in 2010. I made payments as long as I could, but I knew eventually I would lose my home. The first mortgage company I had was Chase. Then it was sold to another company and another company. This last mortgage company has been working with me to do a deed in lieu. I thought this was my best option because it will only hurt your credit for 2 years as opposed to 10 years for a foreclosure. They told me it would be April before they would have all the paperwork ready. That was over 6 months ago. They were even going to give me $3000 cash to start over. That's not much, but better than nothing. Okay, so I have been living here rent/mortgage free and I can't complain about that! But a few weeks ago, I got a call from my present mortgage company's deed in lieu rep. He told me that there was a problem with the title and they were trying to get it straightened out. He said it was not anything I did, but the former owner. He said something about a POA and that they were getting it resolved. Then last week I got another call from him and he stated that they were about to get the title issue straightened out. I thought okay, now it will be a matter of time. However, today I received a letter from the law firm that is handling this and they informed me that due to a title issue, I was not eligible for any kind of modification including Deed in Lieu.
They're giving me 30 days to appeal or file an answer. I cannot afford an attorney so that's out of the question. Does anyone know what I should do now? Do I have any recourse at all against them?
Oh, and I also received a postcard last week about a class action settlement against Chase because of the robo signing issue. This is in addition to the current issue with the current mortgage holder, but just thought I'd tack it on. Maybe someone knows something I don't about what I need to do next.
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
all about people that I know....
1) Had a friend that tried to get a loan mod and it took two years because they sold the loan and they lost her paperwork NUMEROUS times and claimed she didn't sent it in. Good thing she kept every document. They had someone new calling all the time. It was a mess! She had some company help with this process, too. (In the end she didn't like the settlement offer and let it go to foreclosure.)
2) An agent that I work with is in the process of suing the bank because of the robo signing, making the bank prove the trail of title paperwork and the right to foreclose. I've heard a few stories of successful lawsuits and the owner getting to keep the house. You definitely need a lawyer experienced in real estate if you go this route. It will probably delay everything until the law suit is settled, whether you win or not.
3) My cousin is a broker in Calif. and I had a conversation with him about title insurance companies. He said that even though that's their job to insure against title issues, they rarely pay up. And interesting fact that I had never heard before.
Good luck with everything.
Mine has been a mess too ever since this thing started with Chase over 2 years ago. I've had to send in documents numerous times too that I had already sent. I'm wondering if LegalShield has attorneys that are just dedicated to real estate and could help. Otherwise, I might be better off getting another attorney. If I sue, maybe they wouldn't want a fee unless I win! I don't like the sound of suing anybody, but this is ridiculous!!
Thanks for the well wishes!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
One has to wonder why they would choose not to wrap it up with a deed in lieu and incur the expense of a foreclosure instead. So basically they are saying that you can't sign the deed over to them legally for some reason. You are in a judicial foreclosure state. If it were me, I'd appeal and ask for the specifics of the problem in question and why it disqualifies you from a loan mod or deed in lieu of foreclosure. Maybe it's not your problem, but actually their problem.
I'm inclined to believe you're right about that. It's definitely their problem because they told me it had nothing to do with me. It was a problem with the previous owner. And I couldn't understand either why they would forego a DIL for a foreclosure.
The letter from the law firm states: "Your loan has been reviewed for the foreclosure intervention options you requested pursuant to the Notice of Foreclosure Intervention you returned to us. Unfortunately, you are ineligible for the following reasons:" Then they check Deed in Lieu and Reason for Ineligibility - Title is not currently clear.
Then below that, they state: "Accordingly, this letter shall serve as Fannie Mae ("Federal national Mortgage Association")'s denial of your eligibility for foreclosure intervention pursuant to the May 2, 2011 Administrative Order 2011-05-02-01 of the South Carolina Supreme Court. Please be advised that you have thirty (30 days from the date of this letter to file and serve an answer or other response." So I have until May 19th. Go figure!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Of both over the phone, email, online, and faxing. They will let you know if and when you need to goto court, and you'll actully have someone represent you. One of the HOA presidencyhere signed up for the service, and uses it for his evictions.
Just gather all the information you can about all your options. I know you'll make the right decision.