Posted: 10/14/2010 6:32:39 AM EDT
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By chance, does anyone in the IL HTF have any knowledge/experience with Countrywide/Bank of America foreclosure process?
We/the family just received a summons for a court date in March, while I haven't yet the summons I was told that it has countrywide listed but I was pretty sure Bank of America bought them in 2008. This sucks, really sucks. 
J |
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Get cracking on getting your ORIGINAL mortgage documents, NOT COPIES, and making sure that the chain of title is clear. If you see MERS as a trustee anywhere, it's a good possibility they have no idea who actually owns the title to your house. When mortgages were bundled up and sold to bondholders and other banks, lots of "wet ink" or "blue ink" notes were lost, misplaced or destroyed along the way. The way MERS has been getting around that is falsifying documents and "notarizing" thousands of documents a day by using the same person to sign as an "officer" of whatever bank they needed. The reason various large banks are stopping foreclosures and all 50 state attorneys general are doing a joint investigation is that they finally got caught. Even Obama's mortgage documents are screwed up. This doesn't mean you get a free house - at all. It does mean that whoever is trying to foreclose on the note has to PROVE that they have the right (legal standing) to foreclose, that they are the clear title holders, and that there are no mistakes in the paperwork. You still owe somebody money for the house - it's possible no one has any idea who you legally owe it to.
Here's how to start looking: http://4closurefraud.org/2009/10/18/foreclosure-fraud-guide-to-looking-up-public-records-for-fraud/ Here's THE PRESIDENT'S screwed up records. If they couldn't bother to do HIS right (even as a Senator), do you really think they did yours right? http://www.zerohedge.com/article/4closurefraud-exclusive-%E2%80%93-president-obama-falls-victim-chase-robo-signer Read those 2 websites as a start. You don't get a free house, but at least you can make them do it right. :) Good luck! |
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It will typically take 1 year + of non-payment of your mortgage for them to take possession of your home.
You can try to do a short sale and sell it for less than you owe - but you need the bank to sign off on the deal. I just did a short sale with a client and it took just over 10 months of waiting before the buyers closed on the home. His $298k home sold for $210k and was listed at $250k. This was while the $8k first time homebuyer tax credit was in effect. My client lived in his home for 1 year without paying mortgage - paid utilities and it certainly dinged his credit. He was laid off. You're certainly not alone - LOTS of folks in your situation. Hang in there! Mike |
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Thanks guys, I'm still trying to figure the details of the situation
I'm hoping we can meet with my coworker/boss' brother in law tomorrow for a brainstorming session. He's a good guy and has helped his own brother with a similar situation so it won't hurt to get a 'free' opinion. J |
