2 years later is contract enforceable if there are contract omissions?

Question

Ywo years later I face a possible foreclosure and have discovered that walkthrough sign off sheet was never signed and made part of fole for issuing of loan docs and for funding , realtor and developer stuck one on my door backdated 2 yrears and are asking me to sign. iiAre they having trouble forclosing without this mandatory paperwork. My understanding is contract is null and void by ommossion of this as it must be signed off for issuing loan docs and for funding at Title. Can i bail out of this loan based on this ommission of a very important piece of Paper. From what I have read they proceded wothout following their own rules and due dilligence in their haste to fund the loan , I believe Title is responsible for allowing loan to fund without it. They know they blew it but wont communicate with me so I did not sign backdated sign off sheet. Need Title expert to give the right remedy at this time . Tahnks for your help.

Answer 1

It is just possible to squeeze some leverage out of this. If you are in touch with the lender, this omission may be very helpful for the "lender," as it may enable the people who bought your loan as part of the securitized package to unbundle your loan and put it back to the developer. That, in turn, gives you the opening to bargain.

You're going to need an expert foreclosure defense lawyer to pull this off. The angle is this: when the loan package was submitted to the bank, the people who originated the loan signed a certificate that all the paperwork required by the loan conditions was in the package. Your signoff on the walkthru is not there. This makes the package non-conforming and probably entitles the purchaser of the loan make the developer or originator buy the loan back. You probably don't have a claim against the settlement agent, but if there are defects in the house, you need to assert your claims soon. Like right away, in order to coordinate with the workout with the lender.

Your contract is not null and void, and neither is the mortgage, but the financing deal is toast, and you have the marmalade potentially to make it tasty.

Good luck.

Answer 2

Since you made payments over the last 2 years (up till when you defaulted) you have accepted the contract. Unless you can show the missing paperwork was material to the situation then the missing paperwork is not going to help you.

Answer 3

unfortunately once you start making payments you have (other than signing) agreed to the contract every time you sign a check

this is typical of the proceedures the many loan companies do, they really do thier best to get you to sign ASAP, unfortunatly the homebuyers are so excited that they dont check if they really can afford the house should anything go wrong

buyer beware