Received a letter today from Beneficial (now out of business but backed by HSBC), stating:
"This letter is to inform you that Beneficial will not initiate and/or complete foreclosure proceedings on the above referenced property (our home). You will retain ownership of the property.
Beneficial also relinquishes possession of the property. In addition, we will no longer advance any payments for taxes and insurance. You will be solely responsible for the payments of taxes, insurance, and maintenance of this property.
Per the terms of your Loan Agreement, you still have a financial obligation to repay Beneficial for the money they was borrowed. This financial obligation to repay Beneficial or applicable successor remains intact, and Beneficial reserves all right and remedies under the terms of your agreement."
So a basic question. What does this mean? I am finding many different possibilities in my head of what this letter could mean, some good and some bad. Anyone seen something like this or know what my next step should be? We were told foreclosure proceedings had already started, a judgement was ruled against by default, and right before the sheriff's auction they halted the sale, and now weeks later we get this letter. Just not sure what to do next.