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Forclosure!!

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Hey to all my friends on this wonderful site! Well heres the gist of my tale, got begind on my mortgage paymets, contacted Chase immediatley , was told I didnt qualify for a forebearance, didnt qualify for loan modification because it was too new. This process took three months after which they would accept no less than 3 months payments ...get ready folks ..my payments are $1,849.00/month(yeah, I'm in Jersey) . I explained that I could may a partial payment and then the rest...no go, they basically said oh well, youll be sent to forclosure. I then contacted a legit intermediary for loss mitigation and perhaps some sort of workout. Last Sat I come home to find a note from a realtor saying to contact him, hes been assigned the sale of the home and he needs to change the lock!!! What!!?? Needless to say panic set in, I called my attorney, the co-op attorney(its a co-op) and my advisor, all of whom knew nothing of a judgement or sale date. The advisor contacted Chase and inquired as to why they hadnt informed anyone of the sale date even though we were trying to negotiate and they simply said, talk to legal... So here I am now with an apparent judgemtn against me and the house up for sale. My two lawers already entered a cease and desist to stop any sale as it really is a proprietary lease of shares and not actual real estate...the bank has no actual right to the physical land or house( thank god!). To all who have gone through forclosure..what am I in for financially, if I show the court that I was actively trying for a work out, can they force Chase to cover the court costs as they chose to go forward without notice?? Any advice or help would be appreciated...

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Hi, sorry to hear about your situation. I work loss mitigation for a bank and I dont want to sound like your a bill collector but it sounds like you ignore correspondence from the bank which would have warn you of your foreclosure and sale date, in any event, as a last resort bank attorney's would use the newspaper to serve you and publish your sale date. I doubt that your attorney's will be successful at forcing Chase to cover the court cost usually this cost are charge to the defendant, of course the bank's attorney will not send you a bill, it will become an advance charge on your mortgage balance.

In the state of NJ foreclosure are legthly and drag out process if your attorney can show just cause then the sale will be dalay for a later date. Try to negotiate a forebearance plan with the bank. How is that intermidiary working for you? I never liked intermidiaries in my opinion they are nothing but vampires sucking the blood of desperate homeowners. The make all sort of promises and charge you a large fee or some large percentage, this is money you could use as a bargaining chip for a forbearance plan. Try to get your reinstatement amount, this is the total amount that is past due including advances and legal fees, see if your bank would accept about 50% of that amount as a good faith payment to enter into a forbearance plan. The other half is than divided over several months ie 6,12,24 months. This means you will have increase mortgage pmts for the duration of the forebearace plan. If you cannot afford to pay 50% of the total reinstatement try 30% but your mortgage pmts for the duration of the forbearance will be higher than if you pay 50%. Another option is a short sale which is a sale of the property for less than full pay off. The option of last resort is bankruptcy, it will definitely stop the sale of your property but consult with your attorney because this will definitly ruin your credit and it will stay with you for 10 years. Bankruptcy are temporary way to stop sales they do little unless you go in to a chapter 13 in which case you will have to make payment to your bank and a trustee. Do consult with your attorney before filing for bankrupcy.

As far as showing up for court, it never hurts to go to court and confront the plaintiff with your attorney present. Good luck

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Thanks for the responses, but one thing Bob. No Im not one of those people that puts their head in the sand at the sign of trouble and ignores bills and notices from banks. On the contrary, I contacted Chase first when I knew I was in trouble and have kept impeccable records of every letter, phone conversation, fax or email concerning the mortgage. I know every person at the homeowners assistance office at Chase and also have about 10 names at the collection department. That is the crux of the problem, I have been in contact with them from day one, but Chase did not follow what appears to be due process, as there is no record of a judgement filed , no letter from a sherriff, nothing. Both my attorney and the co-op attorney have had no luck with getting answers from the Chase council, so no I was fully aware that the foreclosure process had started ( which was why I was in loss mitigation, mind you), but to have someone at the Chase office tell my loss mitigator that the loan had been sold to Fannie Mae and the forclosure was done doesnt make any sense. It is interesting to note that since the attorneys have become involved, that realtor has beaten a hasty retreat...

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If the mortgage was sold, that means that Chase is servicing your loan. In other words, they are a debt collector and have to operate under the FDCPA rules like any other debt collector. Why not demand a validation of the debt?

Can't hurt. With all the selling, reselling, packaging, securitizing going on in the mortgage and bond markets, they may not be able to put their hands on your original loan documents, record of payments, all the late fees, penalties, etc and prove that they are correct in time to validate the debt.

By the way who owns your mortgage now? Fannie or Freddie probably sold it and it is now probably laying in a dusty vault in Hong Kong or Budapest. Did the current owner own the mortgage when the foreclosure was initiated? If not, they are out of luck according to the Federal Judge who threw out 14 foreclosures in Ohio because the bank that brought the foreclosure did not own the mortgage at the time they brought the foreclosure suit, even though they got the actual assignment 6 days later!

Worth a try!

Good Luck!

Bill

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Hi,

The lender does not want to foreclose (it costs a ton of money and puts real estate carrying costs on the monthly books), but if you cannot make the payments, they may choose to cut their losses and repossess. They have a right to recover the court costs against you as well.

Is there a judgment against you already? If you don't know, you need to find out when and where. Can't evict without a judgment.

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I do not want to jack your Thread but I have a few questions about foreclosures. EX is reporting a different closed date and so is TU. I have disputed the dates on the CR and they both come back as correct. Contacted the OC and they ignore me. What should I do next? I have the loan history from the OC which reflects the foreclosed date, which is not the one reflecting on CR. Thanks!

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I would suggest that instead of disputing the dates, that you send your documentation to the 3 bureaus, then they will change the date.

If you go to the other forums of this board, there are people that can help you with getting the OC to treat you better. I don't know much about that, but think that they can not ignore you

Charles

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