We have been victim to predatory lending and as soon as we got the loan, closed, the mortgage company paid off our loan. We have gone through a lot of financial hardships from losing my job due to a freak work accident to having a baby and me having to start over from scratch. The new mortgage company will only give us a forbearance plan that is unreasonable. There is a foreclosure auction soon. What will happen?

Umm if your loan was paid off then how can there be a foreclosure? Do you mean your loan was sold to someone else? Are you sure the people who filed for foreclosure are the actual owners of the debt? Mortgages are often sold as part of mortgage backed securitites, so its no longer clear who the actual owner is. The entity filing for foreclosure needs to prove they have the right to foreclose.

But if everything is legal, at the auction, the property will cease be titled in your name. It will revert to the lender or whoever wins the auction. You will then be given time to find a new place too live.

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Originally Posted by ScottGem

Umm if your loan was paid off then how can there be a foreclosure? Do you mean your loan was sold to someone else? Are you sure the people who filed for foreclosure are the actual owners of the debt? Mortgages are often sold as part of mortgage backed securitites, so its no longer clear who the actual owner is. The entity filing for foreclosure needs to prove they have the right to foreclose.

But if everything is legal, at the auction, the property will cease be titled in your name. It will revert to the lender or whoever wins the auction. You will then be given time to find a new place too live.

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Scott,
We were in a presidential declared flood and tried to geet help from FEMA but they said that we did not have a loan and that we $205000.00 in equity. Aside from that the originator told us that the loan was paid off and that we should not call them anymore unless we decide to purchase another house. This has been our problem for three years. It has gone through wo other companies and three years later they are trying to foreclose on us. I also have documentation of everything that has transpired.

If you have documentation that says the loan was paid off then go to the foreclosure hearing and present that documentation.

If you have been told NOT to pay because of this, and you were told the wrong thing and you CAN afford to pay the mortgage, but not bring it up to date, then the court may order a renegotiation of the terms so you can just resume payment. But if what you say is true, then I can't see the court allowing the foreclosure to go through.

Hello jay:

I think you need a lawyer.

excon

Not sure how this works or what I am able to answer on this site?

Sounds like your loan was sold & that is normal in the lending business. As for the Sheriff Sale this can be stopped!

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Originally Posted by CARE Services

Not sure how this works or what I am able to answer on this site?

As for the Sheriff Sale this can be stopped!

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Hello again, CARE:

You're able to TELL her how to do it. You're NOT able to solicit your services. You're going to have to give away your secrets for free.

excon

When is the Sheriff Sale?

Have you considered selling your home?

That would be the only way that you could buy 6-9 months!