Fighting Foreclosure

[firecapt13]

I am trying to fight a forecloseur on my home. I looked at my County Registar Office and the lender listed on my deed is not the one I have been making payments to and that is trying to foreclose. I believe this loan was sold immediately after I purchase the house.

What are some options or defenses that I could utilize.

[nascar]

North Carolina is a nonjudical foreclosure state. It also recognizes allonges. In a nutshell, what that means is that anyone who comes into possession of your note, even if they found it laying in the sidewalk, can staple an addendum to it (an allonge) saying "pay to the order of me" and guess what, they can foreclose.

If you want to contest it you have to file an action yourself. I believe you must also put up a pretty substantial bond. I would advise you to consult an attorney in your area who specializes in foreclosure defense.

[2ndTimeAround]

Originally Posted by firecapt13

I am trying to fight a foreclosure on my home. I looked at my County Registrar Office and the lender listed on my deed is not the one I have been making payments to and that is trying to foreclose. I believe this loan was sold immediately after I purchase the house.

What are some options or defenses that I could utilize.

Hey firecap

Nascar is correct about your state being a non-judicial foreclosure state. What that means is the servicing mortgage bank doesn't have to go through the court system to foreclose on your home. The bad thing concerning you - it doesn't give you a lot time, meaning they can foreclose in 4 to 6 months of non payment. Compared to judicial states, it can be over a year to foreclose. The bad thing to that, is missed payments get added to the loan amount, adding a year of payments on to the loan, inflates the loan so it becomes unaffordable.

The first thing I am going to recommend - you need to be focused on what will save your home. The problem is not at the court house, it is with the mortgage bank. As for what your options you have, need more information. What are your loan terms, is it a conforming or FHA loan? Who is the mortgage bank? Is there affordability?

What information have you given your bank? Is there only one or both you and your spouse on the loan? You need really analyze what financial information you give them. Your probably getting information in Bold letters, they want to help you. However at the bottom of the page - in small letters, there is a written statement saying. "This is an attempt to collect a debt". Like a toe-tum pole - your banks on top, the loan is in the middle, and guess where you are?

Mortgage banks such as Wells Fargo, BoA, Chase, Citi - if your a level one situation, you can successfully do a loan modification on your own. It depends on the details of your hardship which level modification your have. Having a level 2 or higher, if you don't get professional help, there is a very strong chance of being denied.



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[firecapt13]

I tried a modification and was denied. I am in the process of a refi with my Credit Union. If I was just denied the modification and have been in contact with the attorney how soon or eager are they to foreclose.

The mortgage is with Chase and it is 6 months behind. My CU will have my refi completed near end of December or first week in Jan.

the good thing about the CU is that it is a Local Government Employee Credit Union and the branch manager has the final say and has been my banker for 15+ years. He has helped me put alot of things behind me in prep of doing this refi. They hold all loans and do not sell them. If it is sold it only gets sold from the Local CU to the State CU.

Is there any options on getting Chase to waive some of the BS fees if I am paying off loan.

[bmc100]

You want to find out if your mortgage is part of a trust or master pooling trust. If so, then the servicer is not allowed to foreclose. It has to be the trust. Or is it MERS trying to foreclose?

Get your attorney to call Chase or their attorney to push back any scheduled foreclosure sale. Chase does not want the house and if you can refi, then they should work with you.

[2ndTimeAround]

Originally Posted by firecapt13

.....was denied. .... in the process of a refi with my Credit Union..... mortgage is with Chase and it is 6 months behind.

CU will have my refi completed near end of December or first week in Jan?

Is there any options on getting Chase to waive some of the BS fees if I am paying off loan.

firecap

"In my opinion think you setting yourself up for failure".

Saying your trying to work with your credit union bewilders me. On a new loan when qualifying - three things are looked at, your equity, your debt ratio, and most importantly your credit. Being late on your mortgage is the worst kind of late affecting your credit. Being 6 months late on your mortgage - imagine jumping off a high drive into a dry pool, your credit score is tanked.

A CU is the toughest lender to refinance with. If any issues come up the application is dead. Conventional leaders have different options when issues come up during a loan application. Credit Unions are owned by members, and you might know a few employees. In my view - think this is unrealistic.

Also noting the time constraint being in a non judicial state, 6 months down, and the CU is not giving you an answer till next year. You house could be already gone on by then. Your state doesn't have a redemption period, once it's foreclosed, it no longer yours.

Chase - they were one of the lenders that received part of the gov bailout a couple of years ago. The way they review modifications are through HAMP guidelines. Just had a modification completed with them, only took eight weeks. This afternoon stopped by their house, made me lunch for helping them...

Bottom line - if you show affordability, it is worth fighting it out.

What is the interest rate and mortgage balance? Is it a FHA or conventional loan? What is your weekly or bi-weekly income? Have you checked if it is Fanny or Freddy held loan?

You mentioned you had an attorney - what are they doing? At this point I hope your not talking to a bankruptcy attorney - they could be steering you right in BK. Having a BK on your credit - you will suffer many years financially!!!

As long as your show affordability - what should be happening right now is filing a moratorium with Chase postponing your foreclosure. So that another modification can be worked on. Just because you get denied once (or twice), doesn't mean you not going to qualify for another program.

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[collen]

Chances are one of them may work for you, rescuing your home for you to live on in it.If foreclosure proceedings have just begun for you, or even if it has proceeded to an intermediate point, Forbearance may be the action of choice for you.

[firecapt13]

Got a successful refinance at my CU. They were great to work with and very understanding on circumstances and agreed that Chase was being very difficult in modification process. We closed last week and payoff should reach them tomorrow or wednesday.

[LearningasIgo]

Originally Posted by 2ndTimeAround

firecap

You mentioned you had an attorney - what are they doing? At this point I hope your not talking to a bankruptcy attorney - they could be steering you right in BK. Having a BK on your credit - you will suffer many years financially!!!



.

"Having a BK on record" is relative. "Suffer" is a bit strong.

[2ndTimeAround]

Originally Posted by firecapt13

Got a successful refinance at my CU. They were great to work with and very understanding on circumstances and agreed that Chase was being very difficult in modification process. We closed last week and payoff should reach them tomorrow or Wednesday.

Firecapt -

Congrats on successfully saving your home. As mention above CU's are hard to deal with because of the approval process.

Being 6 months behind on Chase mortgage? Four months to refinance? I willing to bet there is more to the story.

Good Luck

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