Posted by bobwite on May 27, 2010 at 17:40:14:
Obvious I guess to everybody but you is fact that your lawyer is the one to answer this question, not a Q&A Forum like this!
Illegal repossession / foreclosure? - Posted by Daxter999
Posted by Daxter999 on May 27, 2010 at 10:36:05:
I co-own a house with my cousin in Bay Area, California. Last year we decided to list it for short sale and then our agent quickly found a buyer. By the time bank approved the short sale (March 2010), the buyer dropped out. The agent said he can’t do anything about it.
We decided to keep the house and applied for loan modification (April 2010). Yesterday, when we called the bank (Chase), they said the loan modification has been rejected and the home went to their REO department and the bank owns the house now.
It is bizzare because we never got any foreclosure notice and now they are saying the bank owns the house. When I mentioned this to the bank, they said they can’t do anything about it now and the house is already with a broker for selling it.
We did get a foreclosure notice back in November 2009 when we initiated the short sale, but then they postponed the foreclosure because of pending short sale on the home. Now, I wonder if the bank can legally take away the home without giving us any foreclosure notice again. We want to fight this. We want to know what rights we have and how to go about dealing with the bank now.
Fight Back - Posted by Kicker@fightback.com
Posted by Kicker@fightback.com on June 03, 2010 at 14:11:50:
File a federal law suit pro se. Make them prove they were the holder of the note. Nothing to lose at this point; they already robbed you.
Nothing illegal at all that I can see - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on May 28, 2010 at 16:50:14:
There is no “re-noticing” required. When the Notice of Default was recorded, it started the clock. Your attempts to start loan modification does not stop the timeline or even stretch it out unless you were successful and have a wrttien agreement with either the lender or their servicer.
This is a common problem; borrower makes contact with someone at lender/servicer and believes that they’re making progress to mitigate the foreclosure process and perhaps modify the loan.
Also, Chase has has beem approved for the CA Dept of Corporation Commissioner Order of exemption such that CC 2923.52 does not apply. Hence, they don’t have to even wait the extra 30 days that non-approved lenders do for Owner/occ loans.
I’ve only seen a couple of completed modifications so they can’t be helping too many people as a % of the total.