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perryprasad · Dec 2, 2010, 11:45 AM

I have received a default notice on my house, in California banks can foreclose do non-judicial foreclose, I have very little money,what should I do to make it a judicial foreclose?

Fr_Chuck · Dec 2, 2010, 07:36 PM

What does your mortgage say about what type of foreclosure is allowed.

But lets be direct, you either can or can't pay for your mortgage, why should you be allowed to say in the home if you can not make the payments.

perryprasad · Dec 3, 2010, 08:41 AM

Mortgage says non-judicial, Yes I can make payments but the house is worth $150,000 and the loan is for $360,000 and the bank is not willing to modify the loan. The servicer is Aurora Loan.

AK lawyer · Dec 3, 2010, 10:18 AM

What do you imagine would be the advantage of a judicial, as opposed to a non-judicial foreclosure? A judge isn't able to modify the terms of the note. If you are in default the mortgage will be foreclosed in either case.

perryprasad · Dec 3, 2010, 10:35 AM

I am in California which states MERS cannot foreclose in CA. The link below will show what the loan companies did to defraud the homeowners, counties, and states. I think if MERS cannot foreclose in California then there is an issue with banks and it's in their best interest to work with the homeowner. If I take them to court they will find it necessary to modify my loan. Lander on my deed is listed as GMAC, default notice says MERS will foreclose and Aurora has informed me that "nw sc mortgage securities" own the mortgage.

http://mandelman.ml-implode.com/2010/07/california-court-rules-mers-can%E2%80%99t-foreclose-citibank-can%E2%80%99t-collect/

AK lawyer · Dec 3, 2010, 12:11 PM

Originally Posted by perryprasad

I am in California which states MERS cannot foreclose in CA. The link below will show what the loan companies did to defraud the homeowners, counties, and states. I think if MERS cannot foreclose in California then there is an issue with banks and it's in their best interest to work with the homeowner. If I take them to court they will find it necessary to modify my loan. Lander on my deed is listed as GMAC, default notice says MERS will foreclose and Aurora has informed me that "nw sc mortgage securities" own the mortgage.
...

Well, there you have it. It appears you can sue to enjoin the foreclosure and, if your judge agrees with In re Vargas, and that it applies in your case, you might get somewhere. But I still think that, sooner or later, the foreclosure will happen. And the blog you referred to didn't suggest that a state court can re-form the note. It seems it's simply a matter of bringing the holder of the note in as the proper party plaintiff.