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| Mortgage Bankruptcy Learn how to wipe out your second with a mortgage bankruptcy and learn the methods to "properly" claim bankruptcy on your home and loan. n the case of second mortgages, if the value of the property falls below the loan amount, debtors potentially could reduce the balance of the loan to equal the current value of the property. YES, very interesting stuff! |
This is a discussion on BK discharge and MA legal ruling within the Mortgage Bankruptcy forums, part of the Foreclosure Process category; I have an interesting question to pose to Moe or someone in the know. I was unable (or so I ...
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| Member Join Date: Dec 2008
Posts: 29
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | BK discharge and MA legal ruling I have an interesting question to pose to Moe or someone in the know. I was unable (or so I thought) to keep my house. To make a long story short, I filed a chapter 13 in April, converted it to a 7 in July and two days ago I received my discharge on the chapter 7. In the meantime, the so called lender, Deutsche Bank as trustee for some security, has not foreclosed yet. I vacated the property in September and stated I was surrendering in the proceeding. So with the discharge, I owe the lender nothing even though the mortgage is still in my name until foreclosure. I just read today about a ruling by a MA judge regarding the fact that he is invalidating two foreclosures from March whereby Wells Fargo and US Bank were not properly assigned the mortgages from the previous lenders due to not filing the reassignments through the courts (the whole produce the note and chain of ownership issue) My question is this; I know that in my case the chain was not properly followed. I checked the courthouse and there was no filed chain from the original lender to Homecomings as servicer to Deutsche Bank. Also, I know my loan was in MERS and the mortgage was somehow assigned through them. The implications of this ruling establishes a precedent and maybe I have a shot at having any foreclosure action halted due to an improper title chain? If this is the case, is it conceivable that I could end up keeping my property as there is now no more debt and my balance is zero and Deutsche Bank cannot foreclose? What do you think? |
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