Does anyone know about foreclosed houses, are they supposed to notify you or not?

Question

I had a house which I was always late on my mortgage and hanging by a thread, and they would threaten to take my house, which I always kept paid enough where they couldn't foreclose on it....then, I got a job, which I get to work and have a house without all the bills to pay, but, have never received one letter about that they foreclosed, my brother was going to buy it, which they didn't know, for almost all I owed on it, and they wouldn't let him do it, and now, I've heard that it's probably in limbo, this has been a year now, and have heard nothing, and someone told me they are supposed to inform you you are in foreclosure, when it's sold, and you have a year to get it back if you want, paying up and expenses, but, also was told if they foreclosed on it, I'm supposed to get what I put into it also, so what do you think, do I call and tell them, my attorney told me this, which he did, and see or just sue or what, any ideas of houses being foreclosed?

Answer 1

naturally, the WHO IS them and
what not is vague. THE law of
foreclosure is specific.

YOU are to be told if there is to be
a foreclosure sale. ALL houses
that are going into foreclosure must
be sold. That is how the bank's note
buyer gets their cash back.

First, contact your note holder or
lender--and ask for the status of your
note.

concurrently; contact the title company. ALL real estate sales must be filed by the county clerk in the county where the RE is located. YOUR original title company can tell you in 2 minutes if your house was actually sold.

FRANKLY, I have a feeling that your house was not sold. I can't believe
that the note buyer would not contact you and inform you of the rules to get back your house.

IF YOU do not see a new title holder
via the title firm, you have not lost
your house yet.

YOU did not volunteer a lot of data.
DID you move from the house?
Did you even occupy the house?

Foreclosures are not casual events.

thus;

title company to confirm who owns the note, and

note holder or lender and talk to the
default section.

Maybe the foreclosure section is so behind that they have not even started foreclosure yet!

get back to me! I will guide you further.

Answer 2

Hi, I am not a lawyer so please in no way take this as sound legal advise.

I work for a firm that does foreclosures and you would know if your house was in the process of being foreclosed, your mortgage company would be contacting your or your attorney. I am not sure what state you live in, but in Michigan we notify the person and there is also an add placed in the local paper and also the foreclosure notice gets placed at the county circuit court house and I believe they post one on your house or send someone to your house to serve you with a notice.(I am new to the foreclosure area)

I am not sure if I answered your question, BUT you would or should know if you are in foreclosure, someone in the process (law firm or mortgage company would have told you).

Also most banks don't want to foreclose on the homes, the last thing they need is to be stuck with a house, that's why they want you to redeem it. or just pay ( the arrearage)what is past due


I found this site http://www.foreclosures.com/pages/state_laws.asp

I hope it helps. Good luck

Answer 3

Call them and ask them.

Are you currently up to date on all of your payments?

Yes, you would have gotten a letter stating that the house was in foreclosure.

If you are up to date on your payments, I doubt it's being foreclosed on.

No, you don't get what you have into it if they foreclose. They sell it at auction, usually for less than it's actually worth. The also add on all of their legal costs, late fees, etc. I've never seen anyone yet get any money back out of a foreclosure. In fact, most of them still owe the bank more money so if at all possible, you do not want to let your house go into foreclosure.

Call the bank and ask them what the status is.

Answer 4

They would have sent you a notice of default and then a notice of intent to foreclose. You have not been served either or you would know it. The lender doesn't want to foreclose but is trying to entice you into becoming current and or timely in making payments. If there had been a foreclosure sale and miraculously you were never notified ( a first in the history of foreclosures ) the buyer or the lender would have notified you to vacate the home.

Answer 5

You hold the mortgage , you are suppose to keep up with giving them your address and communicate with them.
As it sounds like you are confused about it, write them a short letter and ask what your status is on the property .
They will respond with everything in writing , which you can then review or have some friend explain the papers to you.