I need counsel regarding a situation for my parents. They became behind on mortgage payments and contacted the mortgage co to make payment arrangements. All information was faxed successfully by the due date. The mortgage co said they would review and either grant the payment arrangement or discuss selling the house prior to foreclosure. My parents then received the news that the property had been foreclosed and had been sold. Is there any legal recourse for them, seeing as the mortgage co had the requested information and then decided to foreclose without reviewing the information?
Any information and counsel regarding this is appreciated.
2007-02-18 05:13:19 · 7 answers · asked by lizzyjack11 1 in Business & Finance ➔ Renting & Real Estate
I would suggest they see a solicitor ASAP. I don't really know much about legal things but would guess that when they say sold they probably mean they are handing the home over to themselves.
It sounds like they are trying to get your parents into a corner to make them pay up (they are probably assuming they can pay really) and are trying to use scare tactics.
2007-02-18 05:20:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you're in the USA, there are public notice laws that, if the mortgage company follows; regarding the foreclosure and sale of real property, make it damn near impossible for you to do anything about once the foreclosure sale has been made. The buyers have attorney's. The seller's have attorneys and your parents should have sought legal council as well.
2007-02-18 05:24:17 · answer #2 · answered by j2daj 3 · 0⤊ 0⤋
I am an attorney in California. I specialize in real estate matters and own a foreclosure company. As many other people here have pointed out, your parents need to consult with an attorney IMMEDIATELY. In some states they may have a right to redeem the property. There may also be some relief for them through the bankruptcy courts. They should try to find an attorney that specializes in real estate or bankruptcy.
2007-02-18 09:19:19 · answer #3 · answered by Bigguy989898 2 · 0⤊ 0⤋
I'm not an attorney and can not give you legal advice but I can give you my opinion.
Your parents attempted to get a forebearance agreement from the lender. Obviously this was not successful. However I'm puzzled about the rest of your statement because you state that after your parents attempt to get the agreement, they received information that the home had been foreclosed and sold. This can not be without having provided your parents with due process (right to go to court and defend themselves). I would certainly get a real estate attorney on this.
Here are the links that you need
For sure go see this site
National Home Recovery Program for foreclosures http://www.nhrp.com/
and look at these ones too
Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/s...
Dreams Foreclosed – Scams about foreclosures – A pamphlet: http://www.consumerlaw.org/news/foreclos...
Mortgage law an Overview: http://www.law.cornell.edu/wex/index.php...
The Fair Debt Collection Practice Act: http://www.ftc.gov/os/statutes/fdcpa/fdc...
Consumer Credit Protection US Federal Laws: http://uscode.law.cornell.edu/uscode/htm...
Federal Statutes Laws having to do with Banking, from Cornell University: http://uscode.law.cornell.edu/uscode/htm...
Federal Code Laws having to do with Banking from Cornell University: http://www.law.cornell.edu/cfr/cfr.php?t...
and last but not least if you can not afford an attorney check this site out
Free legal aid search for all states: http://www.lawhelp.org/
Buena Suerte
2007-02-18 05:29:13 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Your parents need an attorney. If the house was foreclosed and sold without notice, an attorney will be required to unravel the mess and return ownership of the house to your parents and the bank.
2007-02-18 05:51:53 · answer #5 · answered by J.R. 6 · 0⤊ 0⤋
Are you sure you have all the facts correct.
in the u.s. you have to be notified by certified mail, and your home needs to be put on public record with the town hall, and local paper.
How could all this have happened with out your knowing? if it did, i would say you would have legal recourse.
I think you are miss guided by your folks.The foreclosure process takes about 90 days. All this time could not have passed with out you knowing.
Good Luck
2007-02-18 07:58:09 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
As long as you have all documented proof, there may be some recourse
2007-02-18 05:20:40 · answer #7 · answered by sunny_day_grl 3 · 0⤊ 0⤋