Neither want to help me! House has been foreclosed on! Auction sale results in House going back to investor (Fannie Mae)! Have tried to contact Fannie Mae and their response is to talk to BofA. BofA states they have assigned a negotiator, but not heard any responses! Real Estate broker and eviction attorney assigned! Worried that 90 day window will run out! Is there anyone or anything I can do, to stop this?
Please, help!!! Thanks!
Were you offered any FC alternatives? I thought Fannie was so "big" on FC alternatives? I too have B of A and Fannie. I don't know what you can do, besides get an attorney. The clock is ticking now. What state are you in? Have you looked at livinglies website? That's where I found an attorney. I don't know if I will be hiring him yet, but everything sounds good and he's an attorney that "gets it," I think.Originally Posted by flippinwacko
FC= Foreclosure alternatives? No...I have been hit with a Divorce, reduction in pay and sick mom...My divorce is still not done and I made plans to move back into the home! Split the properties between us! BofA kept on telling me they would postpone the Auction! Even up to 2 days before they sent requests to postpone! Apparently they state that it was refused by the investor and so according to the bank they had no idea what the status was! They kept on telling me to call recontrust! Even after telling the bank that recontrust says it went back to the bank...they dragged their feet for ever! I have called Fannie Mae and they give me the runaround and say that they only give BofA guidelines, but at the same time said, "BofA is one of the hardest servicers to deal with!" They tell me to contact the bank because the bank is the only recourse!
California...2nd was already charged off by citi!
Is there any fraud involved in your loan, recordings, assignments, TILA, RESPA, MERS, etc.? If so, those might be affirmative defenses, but you would have to file suit against the lender, etc. and get a TRO to stop the FC. Are you thinking of going the attorney route or just trying to deal with the bank on your own? Sorry to hear of all your troubles.
Thanks Goldie!!! I am a stronger man, because of them all! My loan was through Countrywide! so there is no doubt in my mind that there could be issues with TILA, RESPA and or MERS!
The bank is telling me that they now have assigned a negotiator, but, I fear it is just another one of those schemes!!! My property is about 50K plus upside down, so I have been feeling like they think they can get out of it losing only that much...But, I just can't read(poker) the bank anymore!
I have the coin to hire an attorney, just to keep my options open.
What do you think I should do?
If your house is in CA and once the foreclosure sales are completed there's not much they can do. But if you want to hire a lawyer and hope that they find something wrong during the foreclosure process. If you want to save the house be prepare for a long and costly fight. In the meantime, they will make you move out until the case is settle. You can try to stay, but the bank reps will begin evication process (30 days notice) to removed you from the house. Because as of the foreclosure sale you are no longer the owner.
Againsttheodds,
Is this from personal experience or speculation? Lastly...why would you name yourself "Againsttheodds", if you really don't believe there is hope?
What do I think? Go get a consult from a knowledgeable attorney who will review ALL your options. That's what I'm doing. Yes, it will be $250, but I believe it will be well spent. Don't decide at that moment to hire him/her. Think it over carefully. It will be expensive, but if there are violations, maybe your atty can force them into a mod, but then that brings up the point of MERS and whether ANYTHING is enforceable. This is a conundrum to say the least.
Have you looked at the thread "I hired a lawyer" under B of A folder. Magnum is very knowledgeable in talking about MERS fraud, assignment fraud, etc., etc. Also go to livinglies and look for an atty referral there. My loan was part of CW too at one point, though originated with American Brokers Conduit and MERS, then AHMSI, then CW, then B of A. All UNRECORDED after ABC/MERS. They separated title from the note and that's a no-no. Broke the chain, which might be good for me - along with TILA/RESPA. But I'm running out of time.
There is alot of missing information needed to figure this out. When and how did you request the modification? All of the information and forms needed are on the lenders website.The instructions must be followed to the letter. ALL requested documents must be provided along with the forms. Borrowers are generally instructed to fax the documents into the lender, but I highly recommend you also send a copy of everything you faxed to the lender by a trackable method such as FedEx. This way if they deny they received it you can go to FedEx online and get proof of delivery. Did you verify that the modification request and documents were recieved by the lender? Did you ask them if there was anything else that they needed to get the case assigned to a negotiator?
How many months down on the mortgage are you? When did you go into foreclosure? Was the house actually sold at an auction already? When did you move out? What is your current debt to income ratio?
Lenders are only able to capitilize around $25,000. If you are a year or more delinquent you may owe too much and have too little income to get a modification. In California once you go into foreclosure the lender can put your house up for sale at any time, without having to give you any type of formal notice. It is extremely important that you call the lender for updates at least every 1-2 weeks so you don't get taken by surprize. Fannie Mae will only modify a loan on a home that is owner occupied. They require current utility bills with your name and the property address on them to prove residency.
Another possibility for the refusal could be that your debt to income ratio is too high. Do you have alot of credit cards etc...?
Do you have any documentation to prove that you attempted to work with the lender?
As late in the game as you are I'd look in the YellowPages and find a local attorney with a free consultation to discuss your options with ASAP.
It is possible in some cases to file Chapter 13 and keep the home, but it varies from state to state.
While it is true that once the home is sold you are no longer the owner,
I have had borrowers that were living in the home when it was sold to a realtor and they were offered a "cash for keys" settlement. The client recieved $1000 per person, for herself and her 2 daughters, from the realtor for moving out within 30 days.
The lender cannot put your house up for sale at any time with no notice if a notice of default has not been recorded and if it hasn't gone to Trustee's Sale.
Not to say that hasn't happened WRONGLY, but California is a nonjudicial FC state and has to adhere to certain guidelines. You can search them on this site & read further.
i think the OP does not want to lose their house. Yes, they will offer the CFK's but will also start the evication process.
imlars,
How would you know if it was sold to a realtor? Would it be a 3rd party label?
Ah, I must be lacking reading comprehension I didn't see it had already been foreclosed on.
Do you work for Bank of America?
That is just it! The problem is that no one has given any reason for not modifying!
In fact the only information I have gotten, was that requests were made to postpone the sale, in order to try to figure something out, but was told that they could not postpone it after the fact! To call the attorney! The bank is saying it is Fannie Mae...and Fannie Mae is saying it is the bank!!! Obviously neither of them care!
I can't say much for "flippinwacko" but hey it's your choiceRemember the odd's is not in our favorite when dealing with the banks and asking them for help. The chips are stack against us. For me, I beat the odds (thus Againsttheodds) we received our modification and I've just paid off my 2nd for less then 4% what I owed.
Hope? Hope is what you "wish" would happen and that some hidden laws/rules will help turn back what has happen. But that's not the case with you. Here's reality check: 1. Your house has been foreclosed 2. In about a week you will get a knocking at the door from the bank real estate agent asking you when you're planning on moving out 3. If you refuse, then they will begin the evication process 4. Within 30 to 60 days (unless the judge grant you an extention) a law officer will forcibly removed you from the house.
That my friend is the real deal... No sugercoating or telling you lies. I know it's not what you want to hear.
Like other have sugguested you can get yourself a lawyer and have them audit the foreclosure process but prepare for long and costly fight. Last time I checked, lawyers don't work for free...
flippinwacko- Ok, so I guess this means you where on an MHA trial, and not just attemping to get one, correct? It seems this should have came into play if that's the case: Effective for mortgage loans in active HAMP trials initiated prior to March 1, 2010, servicers are now required to consider the Alternative Modification™ (Alt Mod™) prior to initiating foreclosure proceedings for those borrowers who were eligible for and accepted into a Home Affordable Modification Program (HAMP) trial period plan but were subsequently denied a permanent modification because of eligibility restrictions. https://www.efanniemae.com/sf/servic...tmod/index.jsp
Garry, when I asked about the Alt Mod I was told by the snotty little schmendrick at B of A that "B of A is NOT participating." When I informed him he has no choice, since I have a Fannie Mae, he stated, "I don't know anything about it." I proceeded to read him the requirements straight from the Fannie website and he again stated he knew nothing about it and REFUSED to let me speak to his manager. This was in the customer advocacy department. I started my MHA trial in 08/09 and made 5 payments. Two reps say I'm denied. Two say I'm still "qualified" and "in review." Fannie won't return my calls. When I call I am elevated to a level 2, told to leave a message (as they are so busy) and NO ONE ever (3 times now) returns my call.
B of A has also lied and told me I was NEVER in the MHA (yet I have official logo paperwork with red, white, blue B of A logo on one side, MHA on the other. When further pressed about MHA and I tell them I can prove it, they then state I was "declined" on 02/19. When I tell them I never received a letter stating I was declined or the reason (and they refuse to give the reason verbally also), they say they are "not required to send it in writing". Totally contradictory to servicer guidelines. When the servicer won't listen either, who do you go to? I've tried MHA compliance, OCC, FTC, Treasure, Fannie Fraud Tips, yaddah, yaddah, yaddah. No one listens, cares or will do anything about it.
Sorry, just letting off steam. No longer optimistic about working on this by myself.
That's the problem Goldie, this stuff is so new the servicers have no clue. We need to keep hammering Fannie, make them aware, and inform the bank! I do agree with you now, also, about getting help and not trying to deal with the bank yourself. Stay positive though Goldie, this crap will get worked out.
Well no...The first time I called Fannie mae, they stated the loan was still active on a Friday....then on Monday it was updated!!!! seems very odd to me.......there is a 90 day window that is part of the process after auction...It did not sell, so technically it went to the bank...or investor...which ever way, the information from Fannie Mae that I am receiving is that Fannie Mae has nothing to do with it now and the bank is responsible...the bank is telling me the reverse...that Fannie Mae is responsible!!!!
I can't say much for "flippinwacko" but hey it's your choice
Hope? Hope is what you "wish" would happen and that some hidden laws/rules will help turn back what has happen. But that's not the case with you. Here's reality check: 1. Your house has been foreclosed 2. In about a week you will get a knocking at the door from the bank real estate agent asking you when you're planning on moving out 3. If you refuse, then they will begin the evication process 4. Within 30 to 60 days (unless the judge grant you an extention) a law officer will forcibly removed you from the house.
That my friend is the real deal... No sugercoating or telling you lies. I know it's not what you want to hear.
Like other have sugguested you can get yourself a lawyer and have them audit the foreclosure process but prepare for long and costly fight. Last time I checked, lawyers don't work for free...
Well thanks for the support and the rub in!!! I wonder how many times you were told things like this and which in due course caused you to give up!!!! Great insight and thanks for giving us your story...
I'm thinking Fannie will straighten the bank out, Flippin. I doubt they considered you for the Alt mod, and that may be their next move with a little encouragement from Fannie. Try to stay positive.
No Garry, I was not on an MHA trial...I have been trying to actually get a trial! I have never been notified why I didn't qualify or why they went ahead and proceeded with the foreclosure after March 1, 2010...In other words, I kept on sending my docs in and contacting the bank telling them to postpone sale...the bank sent email to stop it, but later stated it was too late...they say they have been trying to rescind the sale ever since...yet they keep on stalling! I have since contacted fannie and the bank several times and do not get responses...finally last week the bank called and left a message saying I have been assigned to a negotiator....how can I be assigned a negoiater (left on my voice mail) if the sale hasn't been rescinded?
thanks for the positive feed back...but Garry, I have called Fannie many times....read my last post to you...tell me your thoughts? is the bank just jerking me around?
Goldie,
I see you emailed everyone at Fannie Mae as well!!!!
I did get through to second level at Fannie a week ago or so...
Oddly the bank got in contact with me, after I had told them that they foreclosed on me and didn't give me ever a reason for why they did not consider me for a modification! The next time I talked to the bank, they spewed some information that led me to believe that Fannie Mae had called them!
Honestly, I do not know who to believe anymore...
If you qualify for HAMP, the bank is REQUIRED to consider it before foreclosure, you're with Fannie. This may reverse the foreclosure if they didn't follow the guidelines, or failed to offer it for an invalid reason, I don't know. But it sounds like they're looking into it.
Garry, it was only after I called Fannie Mae a few times that the bank called me back...I believe after Fannie had called them. But they never gave me a reason as to why they didn't consider me. I have been telling them all along that I have been going through divorce and all of it is still up in the air. When the bank called me back, they wanted me to re-submit current financial documents asap and I did. However, they are still been saying that they will have to rescind based on this information. The bank then responded to me and told me that the documents looked very good and that a negotiator was assigned and they left this message on my voice mail...Now what?
An example would be my situation. I was denied hamp originally because my wife is not on the loan, the bank wouldn't even consider helping me and proceeded with foreclosure, turns out the reason was invalid. They very much should have given me a hamp trial based on my wifes income, and they finally did. My foreclosure was dropped in the middle of my trial, totally. I am one of the few this has happened to.
Now we keep our fingers crossed, Flippin. Keep your faith strong, it's all you have to go on, but it does pay off.
Now we keep our fingers crossed, Flippin. Keep your faith strong, it's all you have to go on, but it does pay off.
Garry, i'm thinking that they originally didn't give me the chance because they thought i was not owner occupied...because of my divorce process...But i told them over and over that in the divorce agreement I was planning to occupy the property...But they never gave me a reason or an official reason...so then I have been asking them if there are alternative mods, let say, if I were to rent out the property. I was very stern that I wanted to keep the property...so now, I filled out the home package indicating this. I don't know if this was the right thing or not?
In my experiance the borrower recieves the notice of default, followed by the notice of intent to foreclose and the final foreclosure hearing notice itself. Once that foreclosure hearing takes place, and the judge signs the order, the home can be sold by the lender at a Trustee's Sale, also known as an auction, without sending the borrower a forth notice of action.
In my case once the realtor finalized the process they contacted the borrower by mail. She was instructed to contact them by phone and discuss the "cash for keys" options available. I made the call for her. I was told by the realtor that they had purchased the home, all of the paperwork was in order, and they had sent correspondence to the borrower asking her to contact them. She told me what they were offering and the desired time frame of the move out. $5000 for a family of 1 adult and 2 children if they were out in 10 days. $1000 for each family member if they were out within 30 days. I imagine it depends on the realtor, and the state, but from what I understood it was more expensive and time consuming to file for an eviction than it was to give the people some cash to move with.
Yes, that could be a problem. The program is not designed to help investors, you certainly don't want to sound like one. Keep the word RENT out of it.
If you are just trying to keep it for an investment, and I'm giving you the benefit of the doubt that you're not, you shouldn't be trying for hamp. Other people need the help, and there's only so much to go around. Sorry, had to say it.
No, I am not trying to keep it as an investment...But, I used to live in it...And now due to divorce will permanently live in it...
Garry, As we all know...when you go through a divorce...everything is divided...And the individuals usually do not end up living under the same roof...Unless you are looking to be on Jerry Springer!
I'm just glad you didn't take it the wrong way Flippin, most people do, and I meant no harm to you. I understand your situation.
Is the ex-spouse on the mortgage? Only the entities named as mortgagees can sign any type of agreement. If it is in both of your names you will need the other party to sign the lender forms along with you, or get a quit claim deed. In my experiance the lender does not consider a divorce decree adequate, and usually requests a quit claim. Mention it to your divorce attorney. Has the house been vacant? When did you last live there? Renting the house is a NO! Fannie will not modify the loan if it is being rented.
In my experiance most lenders will not assign an incomplete financial package to a negotiator. They must have all of the required financial information forms and requested supporting documentation prior to assignment. Last 30 days proof of income, last 60 days bank statements, last 2 years, signed and dated tax returns and W-2's, a utility bill from the last 30 days, homeowners insurance declarations page, property tax statements (if they are not escrowed) and proof HOA.
Call the lender to verify receipt of the package. The initial analysis takes approx. 14 business days. This is when it is determined if the package is complete. If it is complete it will be put in the que to be assigned to the next available negotiator.
If it is not complete they will try to contact you by phone or mail. They generally give you 10 business days to get whatever documents they request into them from that point. If you don't get the documents into them in that time frame your case could be denied and closed due to noncompliance with requests for documentation.
In Garry's defense, you'd be surprised how many people out there are trying to milk the system. I worked in loss mit and you wouldn't believe what you see!I'm just glad you didn't take it the wrong way Flippin, most people do, and I meant no harm to you. I understand your situation.
No, I worked at a 3rd party housing counseling agency fulfillment center. Come to find out those guys are as bad as the lenders. They team up with many of the brokers and mortgage bankers that got everyone into this mess in the first place and charge desparate people ridiculous fees for doing something that they could do for themselves if only they had a little help.
I post here because I hate to see people get taken advantage of. If I am able to help someone avoid falling into that third party trap, I will.
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