Foreclosure Process

[Whites376]

Originally Posted by grmeyer

I live in AZ. I have walked away from my mortgage. I am not interested in any loan modification. A short sale or DIL is also not an option. My home is located in Pinal county where home prices have declined 80%. As a way to remove my name from the title, I would like to execute a Quit Claim Deed. The Deed of Trust lists following:
Trustee -> First American Title
Mortgage Electronic Registration Systems, Inc -> Lender's Successor and assignee
AHM Mortgage -> Lender

The questions I have are:
Who should I deed the title to?
Do I need to have an agreement with the lender to execute the Quit Claim Deed?
Will executing the Quit Clain Deed create any problems later during a forclosure?

The purpose in executing the QCD is to remove the obligations associated with being on the title: property taxes, HOA fees, liability, landscape maintenance.

This is the same thing we are looking to do......long story short, applied for DIL - vacated property at lender's request to have DIL processed. DIL denied, they then tell us because the value of the home has declined so much, they may not foreclose. So, we file Ch 7 bankruptcy. Lawyer tells us we cannot force bank to take property back - we are still responsible for property maintenance, etc.....he said we could file a Quit Claim deed, take it down to the treasurer's office and then send it to the mortgage company....any thoughts, comments, suggestions? I cannot imagine the mortgage company would simply let the house sit, eventually (2 years) it would go back to the city for unpaid property taxes......because we are filing Ch 7 we are surrendering the property, so any lien on the home we would not be responsible for....

[lastminuteman]

I have received a reinstatement amount from USBank over the phone. I plan on having the money ready on the 13th and the Trustee Sale is scheduled for the 22nd.

I will be deliverring the cashiers check to them personally.

I am wondering what paperwork should I demand in return for my payment to insure my house is off the auction?

Even with the paperwork, I still plan on attending the auction to make sure the listing was removed.

Thank You Very Much.

[homesweethome]

The bank just sold my house yesterday:
I had attorney working with Litton Loan, I was making the trial payment on time (I Western Union them on the first of every month). Without notification to myself or the attorney, the house was sold. Litton Loan is saying they sent a denial letter to the attorney, the attorney said they never recieved such letter. They are going to try to reverse the sell today. What is my recourse.....

[davephx]

Oh gosh.

That has been my biggest fear since this immediate sale is widely reported with no chance to cure.

I discussed this problem with a Citi mod guy weeks ago and he said he has seen improper sales unwound but at a huge cost to the servicer.

Your situation is in my view the by far largest abuse of HAMP where if denied and beyond sale date they can sell with no notice at any time.

At least you have an attorney on your side and may be in a better position than most of us.

Keep us updated on result. Also be interested to know when they supposedly sent the denial letter vs the sale date. Like next day or weeks difference?

[homesweethome]

Still no answer from attoney on the sale of property, I recieved a visit from the realtor hired by lender, I found out no one bid on

property so it reverted back to the bank. The realtor wants to negotiate "cash for keys", the first offer was 1,000 dollars to move

out by Oct. 31st, that doesn't even cover the payment I made for Oct. Does anyone know how long I can be in the house if

attorney doesn't get the sale reversed? I knew if the lender Litton denied my mod I would eventually have to move, but with no

warning from them, it puts me in a finacial bind. I do work but I want to negotiate 5,000 dollars relocation package and 90 day move

out.

[kbspots]

Does anybody know how I can find out what the banks inspector valued my property as when they are trying to foreclose? Have received foreclosure papers etc in July and I got a communication from lawyers about an inspection fee. So I want to see what they value my home at versus what the tax people value my home at. I just need to research this angle before a mediation hearing.

[Angel.R]

Hello,I have a couple of questions as I'm walking away here in FL.How does the NOD gets deliver to me,Is it by certified mail,personally by a staff from the law firm that is gonna deal with the foreclosure,other?

Second,Can I get evicted from the house before I get my NOD as I'm still living in the property trying to save some money before I go.Thank you so much for your help!

God Bless!

[djdavisla]

please help. today is sunday. these stories scare me so much. we provided all paperwork to indymac/one west. last july,posted on here,they state they never got the profit and loss, we sent fedx confirmations showing we sent it 6 yes six times. now they say they longer modifiy loans our size, we needed to do anything so got the names listed here, emailed all of them, one woman told us we could give $15,00 and get on repayment plan. we sent $5,000 Friday, she said that ok the balance to follow next friday,ok, but we called the trustee, they said its still showing sale monday nov 16th 2009. what do we do? trustee says check in at 8am monday, my god sale is at 10:30 am here in calif. we dont want to,but we are researching filing bankruptcy first thing monday morning, do we have time to stop it, if indymac is lying to us, since they took our money, but did not put the sale on hold like they say they would? we are spending all day this weekedn reading up on bankruptcy and plan to be at the court at 8am to file if we do not have proof of extention from trustee since we have heard of the lender going ahead with sale. PLEASE HELP, TIME IS OF THE ESSENCE

[kbspots]

Tonight I would check the realtytrak.com web site to see if the sale is actually on there for your city and state. If it is I would file a restraining order, taking your paperwork with me to the court house or where ever your common pleas court is, first thing in the morning. You might want to check this out on the web for your state. Good luck to all of you. let us know how it turns out.

[kbspots]

Just found this other post. Brighton homeowner in fight to stop foreclosure - The Denver Post

Check this out! (Click the link) Originally posted by Davephx.

[djdavisla]

MAN I LOVE THIS SITE, thanks kbspots and moe, i tell everyone i can about this site, i went on JUST ASK, the attorney gave me all tthe steps for bankruptcy,which i hope idont have to do, i had same problem back in april 09. down to the last min. on Just answer they referred me to greenpath, very very nice woman, only open for 15 more mins and she spent hour helping and getting my certificate in case i have to file. my loan is too big for hemp program its $1,082,000. but again, i have done everything they asked of me and still they seem bent on taking my house. so at 8am i call trustee while i am driving to courthouse, thanks for the realtytrack info, i will check now. thanks again

[caldwellb02]

Hi djd - I am confused - what is "just ask" and where did you find it? On this forum?

[yomann]

I think he may be referring to the box "Ask a lawyer online" on the top of this page.

[djdavisla]

yes thats it, i have used the service a few times, its important to make sure you get a good complete answer to your question, do not be timid, i usually pay between 30 and 45 dollars depending on the completeness of the answer. the last attorney I spoke to today was very good he sent me all kinds of links to other sites and websites for the courthouse and where to file and for greenpath.

[Elle Pace]

CoffeeJim,

Do you know if your loan is a Recourse or Non-Recourse loan? If your loan is non-recourse, given your situation, it would be wise to just walk away.

if your mortgage is non-recourse, your lender can't make you pay the loan. The only thing it can do is foreclose and sell your house for payment on the debt.

fficeffice" />>HOPE THIS HELP>

[Elle Pace]

............................

[Elle Pace]

CoffeeJim,

Do you know if your loan is a Recourse or Non-Recourse loan? If your loan is non-recourse, given your situation, it would be wise to just walk away.

if your mortgage is non-recourse, your lender can't make you pay the loan. The only thing it can do is foreclose and sell your house for payment on the debt.
fficeffice" />>HOPE THIS HELP>

[djdavisla]

just an update, my property was for sale at 10:30am this morning, i did consumer briefing with very sweet woman who stayed late at greenpath to finish and give me certificate in case i needed to declare bankruptcy, figured it was knowledge I needed anyway, but at 8am my trustee verified the sale had been postponed as the woman at indymac told me it would. I know the operators at indymac are really not pleasant but I have had great experiences with corporate, they do want to help especially Mr. Olinski, always emails right back. and on friday i was so nervous i sent emails to everyone from the lists on this site, he always responds and then i made sure to tell all of them that it worked out, he responded back right away, thanking me for updating him. so, I am good to go. thanks

[kbspots]

how in the world would you find this information?

[kbspots]

My bright spot for the day. Saved.