Novastar foreclosing on our home..PLEASE HELP!!

[dedem]

Hi-

I am sooo glad I came across this website!! I am going to try to keep this post short and I am hoping that I can get some advice on what to do!

Ok here is our story, we did a refi on our home, signed the papers May 2005. We had an ARM and planned to refi before our 2 year locked in rate went up. My husband lost his job, found a new one and he took a big paycut. I went back to work last Aug. after being a SAHM for almost 10 years. At the time of our refi our HO insurance was due, so the money we got out, we paid for the insurance. The insurance and taxes were to be added into our payments, that DIDN't happen. So our payments were a little over $1800 a month, wwell with the screw up with the insurance and taxes our payments jumped to $2200 a month and that was BEFORE our rate was to be changed!! Needless to say we were not bale to afford that. We called Novastar and wanted to see if they could work with us, NO they couldn't work with us since we were not behind with our payments, this was in October. Then we get a letter that now Saxon was going to be handling our mortgage. Oh, when we did the refi Mortgagetree was the company and then sold our mortgage to Novastar before we even made our first payment. So now Saxon has our mortgage, we tried to work with them as well NO LUCK either. So we had not made a payment since October to anyone, then in Feb. we decided to move out and we are now renting a house....had I found this site back in Sept/Oct of last year, I think we would still be living in the house. My husband said they can have the house back, since they don't want to work with us. Here we are now in August and we just got served our papers for MOTION FOR SUMMARY FINAL JUDGEMENT OF FORECLOSURE, AND FOR ATTORNEY'S FEE AND COSTS from Novastar/Deutsche Bank, our court date is Sept. 4th. I don't have alot of time to do research or whatever before court, plus I start work next Monday (I work at a school and we start back Monday, I am a Teacher Asst).

So here are some questions/concerns I have:

1) The loan is in my name only, my credit was better than my husbands, so they put it in my name only, but his name is on the papers too. Here is my question: How can they give a loan to someone that is not working??? Well actually at the time I was selling Pampered Chef, not a full time thing or anything like that. After reading different posts on this site, I got our paperwork out and started going over it. They listed that I am self employed and that my Gross Monthly Income was $4,725.00!!! In the 3 years I did Pampered Chef, I didn't even make $2,000.00. SO THAT IS A BIG LIE!!!

2)On the 6 pages that we have for NOTICE OF RIGHT TO CANCEL all the pages were left blank as to when we had to cancel (by midnight of a certain time). One page that both my husband and I signed the date of the transaction was left blank as well as the cancelation date.

3) On the LOAN SERVICING DISCLOSURE STATEMENT page, it says "The following is the best estimate of what will happen to the servicing of your mortgage loan" The checked off WE ARE ABLE TO SERVICE YOUR LOAN AND PRESENTLY INTENDED TO DO SO. Remember I mentioned above that we signed the papers with Mortgagetree and they sold it to Novastar BEFORE our first pament was due (July 05). So shouldn't they have checked off the section that said "We do not service mortgage loans and we presently intened to assign, sell, or transfer the servicing of your mortgage loan. You will be informed about your servicer" instead?

4) On our first statement from Novastar it says activity since 6/16/2006, we signed the papers 5/25/2006. Got a letter from Mortgage Tree on 6/12/2006 saying new payment date July 1st with Novastar. Got a letter dated 7/12/2006 welcoming us and leeting us know that our mortgage is being transferred to them EFFECTIVE July 1, 2005...What date did I just mention that we signed the papers on? 5/25/2006!! and what date did I saw this letter was dated??? 7/12/2006. Just wanted to mention these findings.

5) Novastar/Deutsche claims they own and hold the mortgage and note. I need them to prove this, cause I read that companies were claiming this but could not prove it, they filed a lost note affidavit. Well last night I went on our counties property search and what I found was interesting. I showed that D. Bank/Novastar filed a Lis Pendens on our property 5/16/2008. That is the ONLY mention of them on the property. Then it lists: MERS Mortgagetree lending 6/15/2006 Mortgage is listed. If D. Bank/Novastar now owns and hold the mortgage & not, wouldn't they be listed on there with MORTGAGE indicated?????

6) I thought they had to tell you how much your payments will be? The papers show the rate 9.550%, initial payment $1869.73. The rate will change on 6/1/2008 and then on the 1st every 6th month. Interest rate will never be less than 9.550% or higher than 16.550%. But with the interest rates changing everyday they really can't tell you how much the payments will be, right?

7)Where can you find out if you have a YSP? I have searched the papers and can't find it anywhere. I saw the post on this website that listed what should be on the papers. I noticed that there was no price for an appriasal fee, credit report fee, wire transfer, title charges, notary fees, attorney fees or pest inspection. Everything else was listed that the poster said should be on there.

8) When the house was being built and we got the layout, it said it was 1633 sq. ft. On the appriasal it says it is 1662.

9) First Mortgagetree has the mortgage then Novastar has it, then it is sold to Saxon...sould why is Novastar coming after us and not Saxon?

Ok I have rambled on long enough. I tried to keep it short, but I guess that didn't happen. I hope someone has actually read this and can help me out. After finding this site and finding stuff in our paperwork, I am hoping that we might have a chance to get our house back. Maybe????

We are located in Florida.

TIA for anyhelp!!

Denise

[Moe Bedard]

Hi Denise,


Welcome to the forum and thank you for joining..............

The best thing that you can do to have these questions answered and more about your loan is to have the documents reviewed for violations which in turn can work in your favor for a modification...............

Please keep us posted..........

Here is the link to read up on the forensic document review.....

Free Foreclosure Help - Loan Modification - Mortgage Help

[dedem]

Thank you so much for replying! If I were to look for some locally, what would I look in the phone book under? Also, what type of lawyer can I look for? My husband did meet with one lawyer (free consultation, bankruptcy lawyer) and the lawyer was like "it's a box, let it go". That was before I found this terrific wbesite!! So now I want to try and fight to get our home back!!

Thanks again-
Denise

[Moe Bedard]

Denise,

Click on the link I posted above and it gives you all the information you need regarding the loan document reviews the service is available in all states.......and given the issues that you might have it should also give you the leverage with the modification which they can help with as well if you need to go that route...........


If you still feel that you would need to hire an attorney a good place to start is a referal from the Florida Bar Association.......just ask them what type of attorney you would need............


The Florida Bar - Public Information

[dedem]

Update.. I called and spoke with a mortgage investigator with the Paiva Firm. The man I spoke with said it definitley sounded like I could have a case to get the loan modification done. He said he could get our payments around $1450 a month. Now it is just a matter of figuring out it if 1) we can afford the $1450 a month and 2) if we can come up with the $2995 they would be charging us (he said they would need 1/2 up front..but still trying to come up with that is a struggle). I don't really know what to do !! Our realitor said the house was shown again yesterday. Part of me wants to try to get teh house back, but I really don't know if we can afford it and what if we go through this all over again!! I don't want that to happen either!!

Any adive would definitley be welcomed!!
Denise

[Moe Bedard]

Denise,


What you need to do is to sit down and go over your finances in detail and look at what they are with renting and what they are with the house............and see what scenario is the best one for you.