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Old 03-18-2012, 03:30 PM
 
3 posts, read 5,378 times
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Hello. I'm not a lawyer or agent of any kind, just an ordinary guy. I still own my house, but had a strange experience and am wondering if others had the same kind of thing happen to them.

Did you have a mortgage-modification contract with your lender, and then another lender/bank took over the prior one, and after the take-over your mortgage-modification-contract was repudiated by the new lender? This could have led to foreclosure and other undesirable experiences.
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Old 03-19-2012, 12:56 PM
 
Location: Richardson, TX
11,815 posts, read 18,917,665 times
Reputation: 30917
Quote:
Originally Posted by still-owns-the-house View Post
Hello. I'm not a lawyer or agent of any kind, just an ordinary guy. I still own my house, but had a strange experience and am wondering if others had the same kind of thing happen to them.

Did you have a mortgage-modification contract with your lender, and then another lender/bank took over the prior one, and after the take-over your mortgage-modification-contract was repudiated by the new lender? This could have led to foreclosure and other undesirable experiences.
I think you are saying that your loan was sold before the modification was fully completed, is that right?
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Old 03-19-2012, 01:14 PM
 
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Yes, I did indeed have such an experience. Others may have. Did you?

The original lender had given me a contract, with payments required, and I made *all* those payments, and in the midst of that time-frame the new bank took over the old one. The house was an asset and the back-interest to be rolled into the principal (as well as the outstanding loan-balance) was a liability, and they were all contractually bound together.

It is my understanding that when one company buys another, it acquires the assets, the liabilities and the contractual obligations all-together by virtue of having bought the entire company. One cannot buy the assets of a company and blow-off the liabilities, unless bought from a bankruptcy court, and that was not the case here.
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Old 03-19-2012, 01:30 PM
 
Location: New York
2,251 posts, read 4,542,909 times
Reputation: 1611
Quote:
Originally Posted by still-owns-the-house View Post
Hello. I'm not a lawyer or agent of any kind, just an ordinary guy. I still own my house, but had a strange experience and am wondering if others had the same kind of thing happen to them.

Did you have a mortgage-modification contract with your lender, and then another lender/bank took over the prior one, and after the take-over your mortgage-modification-contract was repudiated by the new lender? This could have led to foreclosure and other undesirable experiences.

This happens quite often -the simple philosophy behind this, banks are looking to "Clean their Books" of bad loans, or loans that are steps away from foreclosure, so they can appeal to new investors.

If you were working on a modification (as in in-process) and the bank changes, you have to start all over again. Using government guide-lines of 31%, they cannot take your home if you show affordability. If you mortgage payment is below 31%, chances of receiving a loan modification is unrealistic because the mortgage is not the cause of the hardship. Loan modification are for people experiencing hardships due to their mortgages.

If your mortgage was modified, with no lates during the probationary period. You need to send you modification paper work to the new lender....
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Old 03-19-2012, 01:50 PM
 
Location: Richardson, TX
11,815 posts, read 18,917,665 times
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I can't think of any law that prevents them from selling your loan during the trial period (I could be wrong).

Mod Specialist, wouldn't the trial period be null and void now that there is a new loan servicer?

OP, does the new servicer show your loan as current?
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Old 03-19-2012, 01:56 PM
 
3 posts, read 5,378 times
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Yes, I actually did that, and they first asserted I did not make the third payment. I proved that with front-and-back copies of my bank's cashier's check with note-number clearly written thereupon, and that was admitted as proof of payment. It struck me as a peculiar pattern of conduct to try to deny something they already must have had on their records.

Months went by and then I was told in one of my many never-in-writing follow-up conversations that contract or no, I was not getting my modification and it is all-due-now or else foreclosure.

Have you heard of this sort of thing happening to any others?
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Old 03-19-2012, 02:00 PM
 
Location: Richardson, TX
11,815 posts, read 18,917,665 times
Reputation: 30917
Quote:
Originally Posted by still-owns-the-house View Post
Yes, I actually did that, and they first asserted I did not make the third payment. I proved that with front-and-back copies of my bank's cashier's check with note-number clearly written thereupon, and that was admitted as proof of payment. It struck me as a peculiar pattern of conduct to try to deny something they already must have had on their records.

Months went by and then I was told in one of my many never-in-writing follow-up conversations that contract or no, I was not getting my modification and it is all-due-now or else foreclosure.

Have you heard of this sort of thing happening to any others?
Have you seen a loan transaction history from the new company? What happened to those three payments? Were they applied to your account in any way?

I don't have much experience with this area as far as sharing others' stories with you... I'll let Mod Specialist take it from here.
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