Can a house be saved after foreclosure?: We were working with Wells Fargo to lower house payment, had Volks Anwalt as our representative. Apparently they did not get all of the needed info and we missed the sale date of 8/16/16. A real-estate agent has came to the house today, I contacted them, the house is through foreclosure and owned by the bank. They are going to call me back with relocation assistance. Is there anything I can do to save my house? Myself, my wife, my 5 and 7 year old sons as well as my 66 year old mother with Alzheimer's/dementia lives here. I have financial power of attorney over my mother, but Wells Fargo continued to contact her even after they were told not to and sent the Financial POA papers. I thought all of the paperwork was with Wells Fargo.
Daniel’s answer: Possibly, depending on the facts and the laws of your State. One thing you definitely want to check out is whether you qualify for relief under the Home Affordable Modification Program (HAMP). If you do, it is probably your best bet to save the home.
My home is about to be in foreclosure, and I need to seek assistance to help me with the process .: Last year in June, I went unable to pay my mortgage after it increased, I was working with a housing counselor who recommended for me to short sale, and then apply for a deed and loo. I was told yesterday by the lender that I was denied, so I told them to foreclose on my house, because this was my last option.
Daniel’s answer: I always encourage homeowners with mortgage issues to use the “proactive approach”. That is, deal with the situation head-on before it goes into foreclosure. Generally, homeowners operating in good faith trying to resolve their mortgage problems can get things worked out and avoid foreclosure altogether, saving a lot of time, money, and heartache. There are federal laws, regularly violated, which govern mortgage companies conduct when dealing with homeowners through the “loss mitigation” (workout) process. Since these laws provide for the potential of a lawsuit by the homeowner against the mortgage company for damages and attorney’s fees, if used properly, they can be a very powerful tool to force the company to the table to give the homeowner a great modification, keeping the family safely in the home.
Is an Assignment of Mortgage valid without a promissory note?: My mortgage was assigned to another company, but they didn't record it until last month (2 years from the assignment) and won't provide me a promissory note. Is the Assignment valid? Do they have to show me the promissory note to prove they have priority in the debt over the previous bank? Thank you!
Daniel’s answer: Since a mortgage is simply security for a debt, a valid mortgage cannot exist without it. A promissory note is evidence that the debt exists. The debt may very well not be enforceable without the note. Therefore, I believe the answer to your question as to whether an Assignment of Mortgage is valid without a note depends on whether there is a party out there who can prove it has the right to enforce the note. If not, the Assignment of Mortgage fails.