creamy2u

If I file BK Chp 13 one year after my house was foreclosed on can I claim the house in the BK if I had found out over the months that the lender that foreclosed on my house never had any legal title or rights to foreclose on the house. (1 year ago as of next month) Can a BK trustee get it back if the title is clouded because when the lender placed the lien when they had no legal right to do so. They basically placed a lien on August 31, 2008 and then tried to cover up the fact that they didn't own the house by having the original lender transfer all their rights to them (new lender) 13 days later. I ask this because it has disturb me all these months when I found out the truth and I feel that some how I should fight back. I want to file BK and have the judge look at the order which in turn would give me a way to get it back into court to fight. If I can I will claim it on my BK as an asset and explain that I really do still own the home. I have copies from the courthouse showing the improper lien, them requesting the rights to ownership from the original lender 13 days later after they had already filed a lien and started the foreclosure process.

I have been helped on here so much for myself, now I need help for my brother. If my brother has an (80/20 loan) sold to two different lenders and he's in the process of selling it through a short sale, do both lenders have to agree to the amount of sale? According to him he received info that says that he should only ask and receive the ok from the lender who owns the 20%. He was told not to ask for approval from the lender who has 80% interest. I told him I thought that he needed the ok from both lenders who have interest in the loans. He paid $210k, he's selling it for $190k. Why would a realtor tell him to get approval from just the lender who has the smallest amount of interest in the loan? Thanks

I found out that the mortgage company was in the process of foreclosing on my home. They had a default judgment entered by the clerk of court after no response from me. (I never was served, but thats another story for another time). I go to search online and low and behold I notice something that peaked my attention. The second mortgage company had just received an assignment of mortgage from my previous lender. (Dated 1 day before the default/foreclosure hearing before a judge and 53 days later after submitting foreclosure papers to the clerk of courts office.) WTF???? 1) How in the h*ll did they have the right to start foreclosure proceedings against me when they never had the loan properly assigned to them? 2) How do you obtain a default judgment against a borrower whom you yourself do not own the loan? 3) Am I to take from this that the first & second lenders dropped the ball and never proceeded thru the proper channels, which in turn allows me to have any default judment dismissed, seeing that the lender never had AUTHORITY to process any foreclosing proceedings? Would their oversight give me the chance to start over? *IF THE FIRST LENDER SOLD THE LOAN WITHOUT THE SECOND LENDER BUYING THE LOAN, BUT ALLOWING THE SECOND LENDER TO MAKE DECISIONS, TAKE PAYMENTS W/O THE PROPER STEPS, THEN WHAT ARE MY REAL RIGHTS? I tried so hard to work with the second lender since they were indicating that they were over my loan. They refused to budge. If I had know all along they really never owned my loan, I could have maybe with the lender who actually still owned my loan. Thanks for any replies.

DTI is all of your debt plus your PITI.......on an 80/20 it would be both payments.......plus any HOA fee's

Thanks Cedski, but what I'm trying to figure out is does the DTI have to be under 50 for both or will they combine 1 DTI to the 2nd DTI. If my 80 is 48.25 & my 20 is 25. something will this keep me from getting a loan bcz I would be over the required DTI of 50?

DTI is all of your debt plus your PITI.......on an 80/20 it would be both payments.......plus any HOA fee's

Please explain how this works: If your DTI has to be under 50 and you get an 80/20 combo is the DTI combined w/both the 80 & 20 or is it a seperate DTI under 50 for each example: 80=48.25 20=23 Total= 71.25 DTI do they total both or as long as your DTI is under 50 under each you're ok? 80=48.25 seperate 20=23 seperate No combining DTI (this way your DTI is under 50 for both qualifying you for a 100 LTV. I hope this makes sense because I'm confusing myself. Thanks in advance!

Sorry I forgot to post, but I've been extremely busy (painting, packing, etc.). Without a doubt I would have not made it through the process w/o the advice that I read under the mortgage & credit forums. As I stated earlier the closing happened on 8/31 (seller signed day before). Thank you to everyone who read my post while I babbled. It has been one of the most stressful times in my life and being able to vent on CB helped. Once again thanks. I feel really good today and wanted to let others who maybe reading the various post on here know that yes if It can happen for me it can happen for you.

thanks mamiof3. Today I spent so much time screaming over the phone that she has scheduled the house inspector to come out tomorrow and verify the work has not only been done, but that its been done properly. It really bothers me that someone would take the time to place putty over rotten wood, paint it and call it a day. Getting down to the wire now. Again thanks

Well folks its been a little while since I've posted so here goes...... Of course if you've read my earlier post the seller refused to close early so the loan died. Low and behold the Lender said we will meet him at the end of the month. Cost to me 2% increase on my rate bcz my mid score had dropped. ok, decided I didn't want the house that bad so sign to back out (still had time under my contingency). After broker contacted lender they agreed to a rate closer to the original rate. I said ok. Fast forward to today- 3 days away from closing and I receive a phone call from relative who lives in the area and was with me during the original house inspection. My relative wanted to let me know that the rotten wood that was listed not only on the inspection, but also noted on the termite inspection had not been replaced, just covered up with putty and white paint. The rotten wood still remains. Also noticed vent for gas flow had not been properly installed. As a matter of fact not installed at all. WTF. ok he didn't want to leave early, I got over that, but want the h*** has he been doing? Obviously not the repairs. I called my realtor and explained what we could see from the outside. No telling what hasn't been fixed inside. During the weeks that we have waited for closing I kept mentioning to my realtor "we have never received any receipts for items completed." For two weeks I was told thats ok bcz we'll get to check during walk thru. schedule for the day of closing. HUH? Shouldn't this have been checked before the walk thru? I know for a fact that he has finally packed up and moved, but what happens if the list given is not completed? Yes I'm sure that I can walk away from the contract, but what if I don't want to back out? I'm trying not to stress out and only wanted to post again when I could say I closed. Between this and hurricane Ernesto, gray strands are popping up everywhere. Instead of pushing my closing back until he fixes the items can I request the amount listed on the contract for repairs be given at closing therefore using the funds to make sure these items are really fixed. Or do I have to keep calling the house inspector to review each items he claims to have repaired. I find it difficult to believe we should have waited to the end to verify completion.

Thanks LadySuhada. Tomorrow I will check into this. Reading all of these posts are making me feel worse. Now I'm feeling like OhBoyOhBoy is right. I feel like I owe the seller some kind of apology for thinking he was in the wrong. LadySuhada you're right I should have had the contract explain to me better. Shouldn't my realtor have known this? My realtor has made it seem like this guy broke the contract. The first time I found out that he didn't have to sign until the 31st is from the posting on CB. WTF! I think I better heed the advice here and try to make a bad situation better. I don't know how I can, bcz I think that I'm not allowed to communicate w/his realtor or him, bcz I'm represented by a realtor. If anyone has an opinion on how to make this better I'm opened to listen.

orangecrush please read what I have been saying. Maybe I' writing it wrong so I will try again. When I signed the contract I never focused on any date to close knowing I had until the 31st to close. (Or so I thought)NO PROBLEM. Bcz my original credit report was pulled around the beginning of June I thought that report was no good anymore. Once again my fico scores had dropped when another lender pulled it around the beginning of July. Low and behold my Broker notified me that my original credit report with higher scores could be used by a new lender. I was excited. Catch-I had to close within 60 days of funding. That meant that I would have to close this week in order to be approved. Because I'm not familiar with the mortgage side I actually thought that everything would be done and the check would be at the Title company until the 31st. I never would have known that I needed to close so soon and not tell the seller. That would be cruel. Honestly I never meant to turn the seller's plans upside down, its just that when I was notified that we had to close early I thought the seller would be happy. Looking at your responses I really don't understand. I'm not trying to be beat down anymore than I already feel. At this point the lenders are trying to make this still happen even though the approval for tomorrow is over. Tonight I really would appreciate some understanding. After looking at the calender and seeing the dates in print this was actually a rush job. But, I assure you I didn't know it would go down this way. Just wanted a house, didn't want to disrupt the seller's life. Sorry I'm the dumb one here, but once again you overlook the fact that I would not have required him to move and allow an agreement for him to remain until the 31. Instead of tearing apart each sentence I write please understand where I'm coming from. I can't speak for him I just wanted to share my experience on here. Regardless of what I write or you write its a mute point. I won't close tomorrow. The end.

***update*** Yes we tried as much as possible to make this work. By the way he had more than 3 days to know we could have closed tomorrow since we sign the contract at the end of July. Thought I was the good guy by saying "hey you can live in my house rent free until you move". Seller spoke to an attorney (or so he says he did) and was told that he has the right to stay in home up to the 30th. He said he doesn't have to close until Aug.31 (just like most have said here on CB. My broker told lender and they have come up with a solution. Hopefully I can meet this new terms, because officially tomorrow my loan is no good. My realtor informed the seller's realtor that we are not releasing the contract and that the lender was working with me to insure I close at the later date. If he doesn't sign on the 31st he is breaking. I can't believe all of this drama for a house. "Who wouldn't want a check early", answer: my seller. Time will tell what is the real motive for not moving early. OhBoyOhBoy at this point I don't want to talk to him nor do I want to see him on the Aug. 31 closing date. If there is a way that I can sign after he leaves. I'm angry and I'm hurt, but mostly disappointed. I will ask my realtor in the morning if I have the right to request signing w/o him in the same room.

Thanks 800score-How ironic if I had your score I wouldn't be in the position. The contract states: on or before 8/31/06. Once again how is this not binding if he knew there was a possibility that this loan would close early. Whats the purpose of the word "before" if not binding. There has been some good advice here. I have been researching online to see what my position is bcz my realtor wants to hold up his home so that he can't accept another bid or up the price. I want to protect myself from paying all of those outstanding inspections out of pocket. Seller has agreed to let me out of contract of course, but if I sign a release it looks like I back out. Simple solution: Close, stay in home for few days while backing and then move. He would have his money and I would have my house. At this point I have to show up at closing. Just to be humiliated. Some websites say I could have a legal case to place a Lis Pendins on his property. At this point I don't know what I'm going to do. All that I knew is that at this moment and time I am truly sick to my stomach. But I truly appreciate all of the advice. One day left under D-day.

markmark1969, no one knew when we would close including myself. But since my report expired tuesday I don't have a choice. As for sweetening the deal, how much sweeter is FREE RENT! I have requested nothing else from him other than to allow me to close this deal and then he can move on the 31st. He is being unresonable. Why include the phase (or before) if a seller won't accept it. Then he should have requested the contract say on August 31. So now that I'm finding out I have no recourse but to have this close and the check sit at the title company. This just seems like I signed a contract that could have been written on toilet paper for what its worth. I don't understand why the lender can't wrap up everything and just let it sit until the 31st. But then I guess thats why they call it closing. OK well I have to come to terms that I'm screwed. I thought it was rough trying to sell a home, but now I feel its worse trying to be the buyer. All I want is him to SIGN the papers. UGH