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  1. #1
    Hey guyz? Guyz? Wait up!! Siu Blue Wind's Avatar
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    Another bank rant!!

    .......or actually something I don't quite understand, kind of.

    My friend and I bought our houses at the same time. She got laid of in March, and has been getting jobs here and there but for some reason always gets laid off. Her husband got laid off in May, and was on call. He had jobs here and there when they needed him.

    They have this house, plus they got another one about three years ago. They had to refinance the first house, not sure if it was to get the down for the second one.

    She doesn't use the home phone because she will sometimes be at the second house for work which is three hours away. There is no phone at the second house. He doesn't answer the calls, because he figures wifey takes care of most things, and friends call on the cell.

    After this roller coaster of small jobs, he decided to apply for retirement. He said it will start going into effect in 45 days.

    She came home yesterday to a note on the door saying that they have to be out of the house in 30 days because the house was auctioned off and is now bank owned. She said that nobody told them they were going into forclosure. She knew that the payments were late but they were paying what they could when they had money.

    I talked to people and they said legally they have to notify her of the sale of the loan (another bank bought it).

    She said she was not notified of the auction.

    Anybody have anything that I can tell her to help her? She wants to buy it back as soon as his retirement starts. But I have a feeling that's a no can do thing I'm hoping for.
    Last edited by Siu Blue Wind; 09-05-09 at 04:02 PM.
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  2. #2
    T-Shirt Guy ehidle's Avatar
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    Hire a Lawyer
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    Administrator CbadRider's Avatar
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    I would think they would have to be notified of foreclosure by mail, not by phone. Has she tried calling the lender? They should have records of the late payment and foreclosure notices that were sent to them.
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  4. #4
    Senior Member CollectiveInk's Avatar
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    Siu, I'm in a similar situation and the end result is I had to hire a lawyer (family stepped up to help with it, otherwise I'd have no means to). But once the sale has been made, short of a lawsuit and pretty good defense (unfortunately "I didn't get any mail" doesn't work) getting a judge or jury to reverse the sale it's hopeless.

    Several things that have worked for people across the country have been:

    1. Show me the note (make the bank that foreclosed show the original promissary note to prove they own it. A lot of banks cant.)
    2. Have a mortgage audit. Still going to cost some money, but they say 82% of all mortgages made from 2001-2007 contain errors that can get the loan nullified and either remade with better terms or the home owner is refunded every penny paid to the loan co. and they walk away.
    3. Get a lawyer to check into fair housing acts, predatory lending laws, and consumer protection.
    4. If they are going to fight it, have a lis penden filed with the court. This doesn't reverse the sale, or prevent eviction, but it will warn off potential buyers (usually) while the situation is settled.

    When you start looking into how mortgage co. operate in dealing with people, it's depressing. Trust me. I know. My battle is only half way through.

    Good luck!
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  5. #5
    Super Moderator no1mad's Avatar
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    Banks/mortgage companies buy/sell/trade notes all of the time. But something sounds a little fishy here. I can't speak for their situation, but I'll share what I'm going through.

    Built house in 2006. Moved in over Labor Day. Wife quit decent paying hourly job by Christmas to pursue a career in insurance sales. Potentially very lucrative, but she's not a predator. She operated at a net loss for months w/o fully disclosing how badly she was struggling. Then I was informed that my glaucoma has progressed and that I'm now legally blind. Informed my employer (I was one of their authorized drivers among other things) and ended taking a pay cut and demotion (drivng being one of the responsibilities of my former position). When we finally got our tax refund back in the summer of 2008, we sent in a payment. Or tried to. They sent the check back uncashed. Then we find out that our house was put in the preforeclosure stage by some bank that I had never heard of before. They claimed that they had a security interest in the loan's interest and are suing for the full amount. Part of that sub-prime lending fiasco.

    Got an attorney through Legal Aid when that payment was refused. They looked at our original mortgage paperwork and noted some 'irregularities'. Long story short, we asked to void the original deal. The judge took like from March of this year to sometime last month to notify us of the decision: we lost the house. Still in it though, awaiting the knock on the door by the Sheriff's office notifying us of the sale.

    On the bright side, I realize what my family and I are going through serves as a antidote to the N+1 syndrome prevalent among cyclists...
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  6. #6
    Hey guyz? Guyz? Wait up!! Siu Blue Wind's Avatar
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    Collective, thanks for all of that, I think I'll mention some of that to her. I didn't think of these things, nor did she.

    I was able to pull up through my broker (you would think I should know these things) the actual deed of the house and the date of auction. Looks like the loan was sold to another bank, who is the one foreclosing on it. I was wondering with this 'new' bank, will she be able to still save it should she come up with a reasonable amount of money since she hasn't dealt with this bank yet?

    Cbad, she said that she got no calls (but then again she doesn't really check her house phone) and she said that some person came over trying to give her something but since they didn't really speak English she told them to leave. She thought it was some kind of scam or something. People have called MY house looking for her and leaving messages on my machine but again, I couldn't understand what they were saying. All I was able to really figure out was her name.

    Thanks for sharing your experience and I'm sorry that you are going through this. I hope you hang in there. ((hugs))
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  7. #7
    Hey guyz? Guyz? Wait up!! Siu Blue Wind's Avatar
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    No1mad,

    I do believe that the loan was sold rather than the house itself being auctioned. She said that the note on the door said it was auctioned. She called the people whose name was on the note (telling her she had 30 days) and asked if she can somehow stay there for a few months and pay rent. She was told NO, that she has to leave by the fourth of October.

    Granted, she has the OTHER house 3 hours away but I had asked her how that is doing (payment wise) and she said that she is having issues with that one too.

    It seems really disheartening to watch this. She's paid a lot into these homes and cherished them so much that she didn't want to rent either one - afraid of renter damage - despite me advising her to. Now it seems like after all these years, after working so hard all this time, they have nothing.
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  8. #8
    Hey guyz? Guyz? Wait up!! Siu Blue Wind's Avatar
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    I just called her to give her the infor you two had posted.

    The note on her door that said she had to leave in 30 days was called a 'quick key' offer. They said if she gets out in 30 days then they will give her $5,000. If she turns it down then they said she can be kicked out anytime from 2 weeks to .....???......

    I think if she signs the quick key it's a done deal. But she says she doesn't want to be give two weeks to leave.

    I told her the info you guys gave me and she is going to send that to the real estate person that is handling her other property, the one that is also going to be in trouble.
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  9. #9
    Crawlin' up, flyin' down bikingshearer's Avatar
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    Not a lot to add here, other than I think something smells a tad fishy here.

    In any event, even of the house gets sold out from under them, the new owner can't just come and force them out into the street. I don't know if the same unlawful detainer eviction laws that apply to evicting tenants apply here, too. If they do, that would mean the occupants have rights, and the alleged new owners do not have the right to just kick them out on such short notice. Even if the regular unlawful detainer laws do not apply, the new owner is still going to have to go to court to get some sort of writ of possession or some such before the Sheriff will actually do an eviction. I suspect the details will turn on what tyoe of foreclosure it is, if it is a non-recourse loan or not, and a bunch of other stuff I know nothing about.

    You've heard these two from me before, Siu - Nolo Press and the County Bar Association.

    Nolo Press - have them go to the local library (or better yet, the CoCo County Law Library in the Bray Court Building in Martinez) and see if the Nolo Press book on evictions has any useful information.

    County Bar Assoication - call the CoCo County Bar Assn and ask about their lawyer referral program. They should give you two or three names. Part of the deal to be on the referral list is giving either a free or reduced-rate initial consultation. It should at least be enough to get the lay of the land.

    I wish your friend luck. And good on ya for being such a good friend.
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  10. #10
    Super Moderator no1mad's Avatar
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    Quote Originally Posted by Siu Blue Wind View Post
    I just called her to give her the infor you two had posted.

    The note on her door that said she had to leave in 30 days was called a 'quick key' offer. They said if she gets out in 30 days then they will give her $5,000. If she turns it down then they said she can be kicked out anytime from 2 weeks to .....???......

    I think if she signs the quick key it's a done deal. But she says she doesn't want to be give two weeks to leave.

    I told her the info you guys gave me and she is going to send that to the real estate person that is handling her other property, the one that is also going to be in trouble.
    ^^^Is setting of my spidey sense.

    1. What company do you know of that conducts business via leaving a note on the door??
    2. As someone who is getting ready to be kicked to the curb, I've known for at least a year that it was coming, or possibility of it. I was just hoping that I would have won. I imagine that when I get the notice to vacate, it will come by an officer of the court. That way I can't claim that I never received it in the mail.
    3. Ain't no creditor that I know will offer a debtor $$ to walk away. I call BS on that 'quick key' offer. Verify where that came from.
    4. What gets me steamed is given the current economic situation, the suppossedly down housing market, and the near impossibility of obtaining credit now, lenders are foreclosing on people who are willing/able to get their act together again.
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  11. #11
    Hey guyz? Guyz? Wait up!! Siu Blue Wind's Avatar
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    Thanks again Bikingshearer and no1mad. I just called her to tell her about the referral for CoCo County and about the offer to leave early. She's not answering so I left a message.

    I do appreciate your help here. The last time I talked to her she actually seemed hopeful.

    ((hugs)) to you all.
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  12. #12
    Senior Member jaxgtr's Avatar
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    This is bunk.

    A. The bank has to file with the county for an intent to foreclose the property
    B. The bank has to notify the mortgage holder via registered mail\Fedex\UPS with addressee's signature.
    C. It takes a while to go through the foreclosure \ sale process.
    D. Tax Sales by the county, whole other subject.

    Notes: I work for a large mortgage company in the MIS group that reports on Foreclosure\Bankruptcy\etc. There was a story recently with this same type of bent, total BS. The home owners and her lawyer made up a the same type of story and fed it to the local media to get sympathy. The mortgage holder had not made a payment in close to 18 months, was still in the house, had been notified, she signed and the foreclosure was postponed after she file Bankruptcy, tactical filing.
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  13. #13
    Senior Member GP's Avatar
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    Quote Originally Posted by no1mad View Post
    ^^^Is setting of my spidey sense.

    1. What company do you know of that conducts business via leaving a note on the door??
    2. As someone who is getting ready to be kicked to the curb, I've known for at least a year that it was coming, or possibility of it. I was just hoping that I would have won. I imagine that when I get the notice to vacate, it will come by an officer of the court. That way I can't claim that I never received it in the mail.
    3. Ain't no creditor that I know will offer a debtor $$ to walk away. I call BS on that 'quick key' offer. Verify where that came from.
    4. What gets me steamed is given the current economic situation, the suppossedly down housing market, and the near impossibility of obtaining credit now, lenders are foreclosing on people who are willing/able to get their act together again.
    My sister and BIL are rtwo of the people that do #1. They are authorized to do #3. If the person leaves, they get a bonus.

  14. #14
    Hey guyz? Guyz? Wait up!! Siu Blue Wind's Avatar
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    Thanks, J. I let her know about the process that has to be done before it's forclosed...what you posted.

    Thanks GP, I let her know that it's based on a bonus....so she doesn't HAVE to leave in 30 days, right? I mean, there's no penalty.......I would think not. Because if they just leave the note on the door, how is it guaranteed that the home owner actually gets it? I could blow off, someone can take it, rain can get to it.......

    So Im going to feel that it's not an 'official' notice....
    Quote Originally Posted by Buddha
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  15. #15
    Caffeine addict RedZone's Avatar
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    I would think that with the economy the way it is right now, the banks would be willing to work with the owner if the owner can make some sort of payment.

  16. #16
    Senior Member GP's Avatar
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    Quote Originally Posted by Siu Blue Wind View Post
    Thanks GP, I let her know that it's based on a bonus....so she doesn't HAVE to leave in 30 days, right? I mean, there's no penalty.......I would think not. Because if they just leave the note on the door, how is it guaranteed that the home owner actually gets it? I could blow off, someone can take it, rain can get to it.......

    So Im going to feel that it's not an 'official' notice....
    I don't really know how the details work but I think you're corrrect. The sheriff brings the real get out notice.

  17. #17
    Senior Member jaxgtr's Avatar
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    Also, remember, since the meltdown in the house financial market, the Feds have created about 4 more layers of restrictions on the banks, so someone might be in a house that they have not made a payment on for 2 years. The county's can sell the house for non-payment of taxes pretty fast, so it possible if she did not pay the taxes that it was a tax sale and not the mortgage company doing this.
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  18. #18
    Senior Member skiahh's Avatar
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    The voluntary/bonus handover may be a way for the lender to avoid the whole foreclosure process, which is very time consuming and expensive.

    Also, if the place was sold at auction, there's more to it. The bank must tell your friend how much the place was sold for and either how much she still owes on the loan (place sold for less than amount owed) or how much she is due on the sale (place sold for more, deduct foreclosure costs and anything left belongs to your friend; usually nothing after the bank "fees" the remainder away to keep it).

    But she should still get her head out of her ass (here it seems to be hanging out), and address this full time. Challenge the note. Challenge the new bank's standing as legal owner and their right to file foreclosure.

    And most importantly, HIRE A LAWYER!
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  19. #19
    long time visiter Alfster's Avatar
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    I don't have any helpful comments. Only that if it was me, I'd make sure the bank filed all the papers correctly. There's a lot of forclosures going on, I'm sure that short cuts are being taken.

    For all those going through similar situations right now, my thoughts go out to you all. We have all imagined the "what if I lost my job, house, etc" scenario in the past. It's one thing to be worried about it, and a whole other thing having to go through it.

  20. #20
    Banned. timmyquest's Avatar
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    OMG your friend is such a freaking moron. Why was she in a home she couldn't afford? Your friend should know how mortgages work. Pay them or lose the home. It's in the small print. People need to stop living beyond their means. Jesus.

  21. #21
    Administrator Allen's Avatar
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    Quote Originally Posted by timmyquest View Post
    OMG your friend is such a freaking moron. Why was she in a home she couldn't afford? Your friend should know how mortgages work. Pay them or lose the home. It's in the small print. People need to stop living beyond their means. Jesus.
    Seriously?
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  22. #22
    Banned. timmyquest's Avatar
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    Quote Originally Posted by AllenG View Post


    No...not seriously

    good grief


  23. #23
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    I have read in the Wall Street Journal about the quick-key offers. They are legitimate. They are designed to entice the homeowner to vacate the house quickly and leave it in good condition. This saves the mortgage holder much hassle and expense in getting the homeowner evicted. Many homeowners in this situation trash the house in revenge, so the mortgage holder then has the expense of repairs.
    Regards, MillCreek
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  24. #24
    fishologist cohophysh's Avatar
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    ^^Agreed, but doesn't the bank have to provide a notice in writing as Jaxgtr mentioned?
    We cannot solve problems with the same level of consciousness that created them. A.E.

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  25. #25
    Hey guyz? Guyz? Wait up!! Siu Blue Wind's Avatar
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    Quote Originally Posted by timmyquest View Post
    OMG your friend is such a freaking moron. Why was she in a home she couldn't afford? Your friend should know how mortgages work. Pay them or lose the home. It's in the small print. People need to stop living beyond their means. Jesus.
    Well Timmy, my friend just read what you said and she was concerned of your inability to read the original post that said they were both laid off. She felt sorry for you and wishes you well with your reading comprehension. Wow..she is in a bind herself yet being such a compassionate person she still thought of you.

    But thanks for your comments, if only more people would heed your suggestions.
    Quote Originally Posted by Buddha
    We are what we think. All that we are arises with our thoughts. With our thoughts, we make the world.
    Quote Originally Posted by making View Post
    Please dont outsmart the censor. That is a very expensive censor and every time one of you guys outsmart it it makes someone at the home office feel bad. We dont wanna do that. So dont cleverly disguise bad words.

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