Scare of My Life!

[Venus]

My mortgage is in the middle of a loan modification but it has been almost at a standstill the last few months. Well, yesterday I came home to find a business card in my door. Some realtors/property investors. It scared the life out of me! I called first thing this morning and told him off for dropping off the card in my doorway. He said well we t hought we could perhaps help you if you lost your home to foreclosure. I told him I had not lost my home and that the bank has my mortgage. He said, well I was under the impression it had already been to foreclosure but if you worked something out with the bank, that's fine. I hardly slept!

 

Now I am trying to get hold of NACA to check the status of the loan modification. I did receive a foreclosure notice in February but it was stalled because of the loan mod.

 

What are these clowns doing dropping off these cards to people's home? Are these the vulture investors who want you to sell your home to them, I wonder? Has anyone else had this happen?

Edited November 13, 2009 by Venus

[US Loan Modifier]

Hi Venus,

 

The first thing is to contact NACA to check the status of the loan modification, which you said you are doing. I'm not sure what you meant by saying "trying" which to me says you are having difficulty.

 

I usually recommend contacting the company who is working on your behalf every week, or two at the most. If you are not using a service and have gone direct to your lender then you need to contact them directly every week or two.

 

Back to your situation, in most states, if they have already filed a foreclosure notice then subsequently put the sale date on hold they are not required to "re-notify" you once again. Typically they need to have a good reason to postpone a sale date, which means in your case a possible loan modification that NACA might have filed on your behalf.

 

Unfortunately, if they are not required to "re-notify" they could have sold the property without any further contact with you.

 

I have seen cases where the only information homeowners have gotten is when the new owners are knocking on the door wanting into their new property.

 

Good Luck

[researchnerd]

Yes, it sounds like vultures. No reason to be afraid, they probably just got your name from a list of foreclosures back in February. In some places this info is publicly available online. Did you ask the guy where he got his information?

[Venus]

Yes, it sounds like vultures. No reason to be afraid, they probably just got your name from a list of foreclosures back in February. In some places this info is publicly available online. Did you ask the guy where he got his information?

 

 

No, I didn't ask him. I was too angry. I hates these people - and why leave a card for me? What does he think they can do if someone has lost their home!

 

I did get hold of NACA - finally, and what a struggle it was. They are just NO good at returning calls and their voice mail system doesn't work properly. You dial an extension at the prompt and you get disconnected.

 

NACA has no notification of it having been sold but they said that the bank may not feel they have to notify them. Next thing is to contact the bank.

 

As the previous responder said, though, the bank may have sold it from under my feet and I don't know about it.

 

I am beside myself, though!

[tommyleo]

Before you freak out too much, there is another possibility that you may be missing. The person who left you the card might be able to buy your loan from the bank that is foreclosing on you -- AND keep you in your home.

 

It works like this. Suppose your loan balance is $400K, and the bank would be lucky to get $300K if they foreclose on the home. The investor (the guy who left his card) goes to the bank and says: "Look, you're lucky to get $300K if you foreclosure on this home. Plus you're going to spend $40K going through the foreclosure. I'll buy the loan right now from you for $250K."

 

So now the investor owns your $400K loan, but he only paid $250K. He goes to you and tells you that your loan balance is now only $300K and offers you manageable repayment terms. The investor can they service your loan (collect the monthly payments) or sell the loan to someone who wants to own the loan for about $300K -- making the investor a profit of $50K.

 

And you now have only a $300K loan, with manageable repayment terms. So it's a win-win for you and the investor.

 

So the guy who left you a card may not be a vulture. (Well, the bank thinks he's a vulture!)

[Venus]

Before you freak out too much, there is another possibility that you may be missing. The person who left you the card might be able to buy your loan from the bank that is foreclosing on you -- AND keep you in your home.

 

It works like this. Suppose your loan balance is $400K, and the bank would be lucky to get $300K if they foreclose on the home. The investor (the guy who left his card) goes to the bank and says: "Look, you're lucky to get $300K if you foreclosure on this home. Plus you're going to spend $40K going through the foreclosure. I'll buy the loan right now from you for $250K."

 

So now the investor owns your $400K loan, but he only paid $250K. He goes to you and tells you that your loan balance is now only $300K and offers you manageable repayment terms. The investor can they service your loan (collect the monthly payments) or sell the loan to someone who wants to own the loan for about $300K -- making the investor a profit of $50K.

 

And you now have only a $300K loan, with manageable repayment terms. So it's a win-win for you and the investor.

 

So the guy who left you a card may not be a vulture. (Well, the bank thinks he's a vulture!)

 

So they make foreclosing look attractive to the BANK and thereby encourage the bank to sell to them! VULTURES!!!!!!!!!

 

Should I take it that my home HAS been sold?

 

I just received a letter from Chase saying I do not qualify for a remod under the MHA program because I did not make the trial payments. WHAT trial payments? No one asked me for trial payments. Gees! We haven't even got to the point where I agree on the modification yet.

 

I am SO confused and it looks as though I will have to go through the entire weekend worrying. I am trying to get through to NACA now.

[Venus]

I just found out that Chase sold my home out from under my feet on November 4. They never told me. They didn't tell NACA. I had no notice whatsoever. Last I heard they were working on a modification.

 

The business card from that property company alerted me and I contacted NACA. They contacted the bank and they just informed me of the bank's response.

 

What can I do????????

Edited November 14, 2009 by Venus

[Venus]

What is the law on rescinding (Michigan) a foreclosure?

[Linx04]

Michigan is pretty strict in its foreclosure laws. If chase was going to foreclose in Feb and adjourned the sale then they needed to file a Notice of adjournment among other things. This is not easy to learn but it is a must. I would start researching the foreclosure laws.

 

I had the same thing happen to me. I spent a good solid 8+ hours at the ROD and found all the violations and inconsistencies. DW and I ended up suing the law firm who handled the foreclosure (who was the law firm for you?) Trott n Trott, Potestivo, Orleans?

 

We got the foreclosure off the records, TL off DW's credit reports and a huge settlement. I am not saying that is going to happen in your case but you need to research the laws.

[Venus]

Michigan is pretty strict in its foreclosure laws. If chase was going to foreclose in Feb and adjourned the sale then they needed to file a Notice of adjournment among other things. This is not easy to learn but it is a must. I would start researching the foreclosure laws.

 

I had the same thing happen to me. I spent a good solid 8+ hours at the ROD and found all the violations and inconsistencies. DW and I ended up suing the law firm who handled the foreclosure (who was the law firm for you?) Trott n Trott, Potestivo, Orleans?

 

We got the foreclosure off the records, TL off DW's credit reports and a huge settlement. I am not saying that is going to happen in your case but you need to research the laws.

 

Where do I start? Where do I go to learn the foreclosure laws? Would NACA, the ones who were handling the loan mod with Chase know the laws for my state?

 

The F/C attorneys are Trott & Trott.

 

Should I have received a copy of the Notice of adjournment? How much did it cost you, may I ask, to fight it?

[tommyleo]

Before you freak out too much, there is another possibility that you may be missing. The person who left you the card might be able to buy your loan from the bank that is foreclosing on you -- AND keep you in your home.

 

It works like this. Suppose your loan balance is $400K, and the bank would be lucky to get $300K if they foreclose on the home. The investor (the guy who left his card) goes to the bank and says: "Look, you're lucky to get $300K if you foreclosure on this home. Plus you're going to spend $40K going through the foreclosure. I'll buy the loan right now from you for $250K."

 

So now the investor owns your $400K loan, but he only paid $250K. He goes to you and tells you that your loan balance is now only $300K and offers you manageable repayment terms. The investor can they service your loan (collect the monthly payments) or sell the loan to someone who wants to own the loan for about $300K -- making the investor a profit of $50K.

 

And you now have only a $300K loan, with manageable repayment terms. So it's a win-win for you and the investor.

 

So the guy who left you a card may not be a vulture. (Well, the bank thinks he's a vulture!)

 

So they make foreclosing look attractive to the BANK and thereby encourage the bank to sell to them! VULTURES!!!!!!!!!

 

 

 

No....

 

Read my post again. The investor lets the bank know that foreclosing is NOT attractive to the bank (depending on the circumstances). The investor then prevents the foreclosure and keeps the owner in the house -- and the owner gets a manageable payment schedule.

 

Unfortunately, in your case, the bank has already sold your home, so the investor who could have helped you is out of the loop.

[Venus]

No....

 

Read my post again. The investor lets the bank know that foreclosing is NOT attractive to the bank (depending on the circumstances). The investor then prevents the foreclosure and keeps the owner in the house -- and the owner gets a manageable payment schedule.

 

Unfortunately, in your case, the bank has already sold your home, so the investor who could have helped you is out of the loop.

 

Okay, but perhaps it is the property investor who dropped off his card who bought the home.

[Linx04]

My case was a little different than yours in the aspect I am a very litigious consumer. I also have a law library built into the library in the city where I live.

 

You need to google Michigan foreclosure laws and start from there. It is going to take a lot of reading for you to determine where the violations, and discrepancies are. You can then go to the ROD and start looking at the paperwork they filed and critique it with a fine tooth comb.

 

In my case it cost me nothing to fight because I filed the case in Federal, took it all the way through discovery, did depositions and filed MSJ on my own as a Pro Se litigant. The judge who was very nice to me would not allow me to argue on my wife's behalf (UPL) so I brought in my consumer atty I used in previous cases. He kind of took over and took 35% of the settlement.

 

If you had a previous "sale' scheduled and they adjourned it, they were supposed to file notice with the courthouse and give you notice. And if I am correct prior to the new sale date they were supposed to advertise it again for 4 consecutive weeks in the paper and provide you with a new notice.

 

Now I am not certain on the above. It has been 3 yrs since my case and I have not read up on the laws but I would surmise they are close to what they used to be, even though I know MI amended them in 2008

[Linx04]

No....

 

Read my post again. The investor lets the bank know that foreclosing is NOT attractive to the bank (depending on the circumstances). The investor then prevents the foreclosure and keeps the owner in the house -- and the owner gets a manageable payment schedule.

 

Unfortunately, in your case, the bank has already sold your home, so the investor who could have helped you is out of the loop.

 

Okay, but perhaps it is the property investor who dropped off his card who bought the home.

 

 

You will only find this out, either by contacting TnT or by going to the ROD and look at the Sheriffs Deed.

[Venus]

No....

 

Read my post again. The investor lets the bank know that foreclosing is NOT attractive to the bank (depending on the circumstances). The investor then prevents the foreclosure and keeps the owner in the house -- and the owner gets a manageable payment schedule.

 

Unfortunately, in your case, the bank has already sold your home, so the investor who could have helped you is out of the loop.

 

Okay, but perhaps it is the property investor who dropped off his card who bought the home.

 

 

You will only find this out, either by contacting TnT or by going to the ROD and look at the Sheriffs Deed.

 

What is TnT?

[MannyLNJ]

No....

 

Read my post again. The investor lets the bank know that foreclosing is NOT attractive to the bank (depending on the circumstances). The investor then prevents the foreclosure and keeps the owner in the house -- and the owner gets a manageable payment schedule.

 

Unfortunately, in your case, the bank has already sold your home, so the investor who could have helped you is out of the loop.

 

Okay, but perhaps it is the property investor who dropped off his card who bought the home.

 

 

You will only find this out, either by contacting TnT or by going to the ROD and look at the Sheriffs Deed.

 

What is TnT?

 

I assume they are Trott & Trott.

[tommyleo]

No....

 

Read my post again. The investor lets the bank know that foreclosing is NOT attractive to the bank (depending on the circumstances). The investor then prevents the foreclosure and keeps the owner in the house -- and the owner gets a manageable payment schedule.

 

Unfortunately, in your case, the bank has already sold your home, so the investor who could have helped you is out of the loop.

 

Okay, but perhaps it is the property investor who dropped off his card who bought the home.

 

 

That is also a possibility. Maybe he sells it back to you at less than what you owed but more than he paid), and he sets up the financing? Maybe he rents it to you at fair market value so that you don't have to leave?

 

Many possibilities, of course. But be careful calling this guy a "vulture" when he could be a savior. You never know until you find out for sure.

[Venus]

No....

 

Read my post again. The investor lets the bank know that foreclosing is NOT attractive to the bank (depending on the circumstances). The investor then prevents the foreclosure and keeps the owner in the house -- and the owner gets a manageable payment schedule.

 

Unfortunately, in your case, the bank has already sold your home, so the investor who could have helped you is out of the loop.

 

Okay, but perhaps it is the property investor who dropped off his card who bought the home.

 

 

That is also a possibility. Maybe he sells it back to you at less than what you owed but more than he paid), and he sets up the financing? Maybe he rents it to you at fair market value so that you don't have to leave?

 

Many possibilities, of course. But be careful calling this guy a "vulture" when he could be a savior. You never know until you find out for sure.

 

If, by chance, we worked out a deal and I bought it from him but he holds the mortgage note (taking the place of a bank), would I have the same legal rights as any other homeowner? Or, is it more like renting?

[hurricanesfans27]

No....

 

Read my post again. The investor lets the bank know that foreclosing is NOT attractive to the bank (depending on the circumstances). The investor then prevents the foreclosure and keeps the owner in the house -- and the owner gets a manageable payment schedule.

 

Unfortunately, in your case, the bank has already sold your home, so the investor who could have helped you is out of the loop.

 

Okay, but perhaps it is the property investor who dropped off his card who bought the home.

 

 

That is also a possibility. Maybe he sells it back to you at less than what you owed but more than he paid), and he sets up the financing? Maybe he rents it to you at fair market value so that you don't have to leave?

 

Many possibilities, of course. But be careful calling this guy a "vulture" when he could be a savior. You never know until you find out for sure.

 

If, by chance, we worked out a deal and I bought it from him but he holds the mortgage note (taking the place of a bank), would I have the same legal rights as any other homeowner? Or, is it more like renting?

 

 

if he sells it to you and carries the note then yes you are the homeowner just like before but most investors wont do this. some will do lease options but imho those are ripoffs.

[Venus]

if he sells it to you and carries the note then yes you are the homeowner just like before but most investors wont do this. some will do lease options but imho those are ripoffs.

 

If I can't own it I am not interested.

 

But . . . . before I even consider working with a property investor who may hold the note, I plan to find out if this foreclosure was legal. If not - watch out!!!!!!!!

Edited November 14, 2009 by Venus

[Linx04]

My first guess is that Chase bought it back from itself.

[Linx04]

I assume they are Trott & Trott.

 

Correct

[Venus]

My first guess is that Chase bought it back from itself.

 

 

Why would Chase buy it back from itself? Can I still work out a mortgage with them?

 

If Chase bought it back from itself, why would I get a property investors business card tucked in my doorway?

[Linx04]

OK I need to make this short.

 

Property investors, scammers and the like here in Michigan prey on people who are being foreclosed on. By law a foreclosure needs to be advertised for "4" consecutive weeks in a newspaper. So that is how these investors and the like get your information and from another company called realtytrak.

 

In Michigan as in other states there are three parts to this process. You have the "deed" which is in your name, you have a "loan" which bought the property to get the deed in your name and the "mortgage" secures the loan, like that of a lien on a car.

 

When the bank forecloses the house is not in their name. If no bidders bid high enough alot of time the bank will bid the exact amount you owe (or less) so "they" now own the house after 6 months when the Sheriffs deed becomes operative.

 

In MI you have 6 months to redeem your property but you must pay the WHOLE balance and interest and fees. So if you can't redeem you can live in your house for free for 6 months.

[Venus]

OK I need to make this short.

 

Property investors, scammers and the like here in Michigan prey on people who are being foreclosed on. By law a foreclosure needs to be advertised for "4" consecutive weeks in a newspaper. So that is how these investors and the like get your information and from another company called realtytrak.

 

In Michigan as in other states there are three parts to this process. You have the "deed" which is in your name, you have a "loan" which bought the property to get the deed in your name and the "mortgage" secures the loan, like that of a lien on a car.

 

When the bank forecloses the house is not in their name. If no bidders bid high enough alot of time the bank will bid the exact amount you owe (or less) so "they" now own the house after 6 months when the Sheriffs deed becomes operative.

 

In MI you have 6 months to redeem your property but you must pay the WHOLE balance and interest and fees. So if you can't redeem you can live in your house for free for 6 months.

 

I received absolutely and totally NO notification - no letter, no phone call, nothing pinned on my door. They sold it out from underneath my feet without my knowing. How they can buy it back from themselves appears to me to absolutely illegal. There was no clear title! I was the owner!

 

If I try to redeem which balance do I have to pay back? Can't I finance it from Chase if they are the "new" owner?