I was served with foreclosure papers in 12/2009. I checked the docket and nothing else has been...
done since 1/2010. The papers state that the note to my mortgage was lost by the lender. What ramifications does that have for me and my home?
It can just slow the process down. In FL foreclosures are taking up to two years.
You should try calling your lender or servicer and find out from them when it will be scheduled to see if there is a sale date. They may offer you a big discount for a short sale, or possibly a short refinance, and maybe even some cash for the deed.
We do short sales or discount payoffs in FL and I have seen all of the above offered to homeowners.
That's good news for you! If the lender "lost" your original note, then they have great hurdles to go over to prove that they have the right to enforce the note, mortgage debt, and foreclose. It sounds like you are amidst a foreclosure fraud case, one of many that are taking place nowadays.
My suggestion: check all of your documents and look for fraud... were there any missing official assignments that were never put on record? Are there "robo-signers" on your documents?
Check your state and local foreclosure laws and make sure that the foreclosure process is being followed to a T. Many times it is not, and you can challenge them on several accounts.
I personally know several people who have challenged banks and lenders about their mortgage and won because the Banks and Lenders couldn't prove they actually held the mortgage note and could foreclose - or how they got the note through a complete chain of unbroken endorsements.
Best of luck and I hope that helps!
by Julie Grimes 6 years ago
What's a short sale, and how does it differ from a foreclosure?
by GL Bell 8 years ago
Just saw this on morning news...If this is true than we have seen nothing yet...
by wishingonastar 7 years ago
Let me start off by saying that this loan is a Freddie Mac loan. This loan has been sold so many times throughout the 10 years I have lived here. I fell on hard times and tried for a loan modification. My lender granted me a modification, or so I thought. They recalculated my income and...
by Anjili 6 years ago
What hidden factors should mortgage clients consider when selecting a lender?
by William Thomas 7 years ago
You have heard about subprime foreclosures and the pain and suffering these are causing working...families, and so forth. You have heard that one legal tactic that had been suggested to such endangered homeowners is to challenge the bank to prove they actually own the mortgage - which they...
by rossiterdeborah 9 years ago
Did you know that most people that lose their homes to foreclosure is a result of mismanagement? The second is Marital problems that result in seperation and divorce.
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