R can speak Attorney CHittuto New YOrk law and procedure better than I because I am only licensed in Massachusetts and Connecticut.
I agree that you are only buying the property, not the Note, thus the auction is held to get the highest possible pric for the property on the hopes today off the NOte (a tough thing to do in today's real estate market)
However if the property was foreclosed on urportedly) by a large national bank, there is no "lender" as the loan has been securitized and...
MERS does not actually make electronic assignments, in theory the MERS System "tracks" purported off record sales of the beneficial interest in the borroer,s promissory note.
Additionally there is only one MIN (MERS IDentification NUmber) for a mortgage..sounds to me as though you probably have more than one mortgage on the property.
For instance when you took the loan out did you do a "80-20" whereby you took out a second loan?
That is what it is sounding like to me.
You need to...
As discussed by a previous poster, you need an attorney who specializes in foreclosure defense, but unfortunately there are only a true handful of practitioners who actually grasp the concept completely
If you loan was not taken out from a local comunnity bank or creditunion, one of the first things that you need to understand is that there is no "bank" or "mortgage company" that owns the right to your loan, as it has been "securitized"
Because you loan was "securitized" (sold as a...
Most likely the answer would be no, I am not licensed in your state, but:.
He incurred those debts previous to you getting married, therefore they are pre-marital, and he could file for bankruptcy on his own to discharge (if qualified) these debts.
Obviously is something for you to consider, even though legally these debts will not be yours, in essence they will impact you the same, if these debts result in insufficient income for you to maintain a household.
Well from your post (I do not know what state you are located in, however it appears as though you were never a party on the mortgage note itself.
A mortgage consists of an obligation to pay (The Mortgage Note), and the security to insure the lender will be paid (Secured interest in the property)
Even though you were deeded on the property at one point, you evidently never where an obligor (borrower) on the note.
Therefore from reading your post, if when you say "foreclosed upon", you...
"Suited, just means "be sued".
Below find an excerpt from Walker County Texas, and also explains that the plaintiff can sue you in any county, but as a defendant you have the right to file a motion to transfer the case back to the defendant's home county.
So if someone is suing you (or someone you know), and the bring the suit in a different county, you can force them to bring it back to you home county.
Walker County Texas
"In all civil suits, the defendant has the right to be sued...
Apparently the posters below didn't want to take the time to answer your question, opting to chide you instead, about seeking a lawyer on this site, which Lynn is not exactly correct on that score.
That said, I am only licensed in Massachusetts and Connecticut, and therefore I could not provide you "advice" even if I wanted to, and therefore anything I say s just opinions which you are free to ignore, as you are not a client. However, there are really only a very few (comparatively speaking)...
First off, Wells Fargo is not acting in any capacity as any "lender" or any with any of its own monies at stake that was "lent".
In fact WF is currently in the role of nothing more than a "bill collector" (cockroach) mortgage servicer.
While I am not licensed in California, and therefore can not provide you any legal advice, you may want to check in with a California licensed attorney, and put a request in to the WF Cockroach bill collector under 15 USC 1641(f)(2), demanding the identity...
If your loan was not taken out with a local bank or credit union there Is no longer any bank involved with the ownership of your loan as it most likely is securitized
If the loan was actually owned bya bank it would have been foreclosed long ago
It would cost money but you could legally challenge their ownership of the mortgage and note, which may have you re think keeping the home without any mortgage on it
Best of luck
Glenn F Russell Jr,licensed in Massachusetts and Connecticut
As I am only licensed in Massachusetts and Connecticut, I defer to the Nevada attorneys opinion, however I have a slightly different perspective.
If you challenged the "standing" (party claiming a legal right or interest) in the entity that foreclosed, I still believe you could bring a wrongful foreclosure action based upon the party claiming to have rights as a "mortgagee", when in fact they lack such rights. It would involve research by a competent person (very few), and...