We were going through a loan mod with BOA. Original trial date set for 9/5/2013 but they requested a continuance and new date set for 12/17/2013 and requested more financials (7th time). Just received notice that our loan has been sold to Nationstar. Does this affect the trial date or process? Can we still save our home?
This is a frustrating problem for a homeowner in foreclosure. The modification and foreclosure work on 2 different tracks and time table. I suggest you appear and seek a continuance or hire a lawyer to represent you. I have many a sad client who thought they were going to get a loan modification only to find out the foreclosure was coming to a judicial sale. Don't assume banks are your friends.
You need to call Nationstar asap. As Mr. Adams stated, you might want to contact an attorney if you have not finished the modification by December 1, 2013. Also, you can tell the Judge that you are still in the middle of the modification and the loan was sold to request more time.
It may still be possible to save your home, but you will want to consult a foreclosure attorney for help. If the servicing of your loan was sold to Nationstar that will not stop the trial from proceeding on December 17 and you will not be able to get a loan modification with BOA. You will now have to apply for a loan modification from Nationstar and will likely have to resubmit documents. If the court proceeds with a trial on December 17 you are at risk of losing your home if you cannot properly defend the case. An experienced foreclosure attorney may be able to get a continuance of the trial date, might be able to negotiate a loan modification with Nationstar, or can defend you at trial if necessary.
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