My home was foreclosed when I was in the hospital with cancer receiving chemotherapy. I never missed a payment. They claimed I was 6 months behind. They knew I was in the hospital almost dying. They stole my possession, on top of stealing my home. The federal government took the entire mortgage company to court and prosecuted them for mortgage fraud. They are all in the Ohio State Penatetuary for mortgage fraud. I lost my $350,000.00 home. I want justice. Can I sue the mortgage holder, they walked away with my $350,000.00 home.To help clarify my situation. I built this home myself, 2 years and $168,000.00 later, I took out a mortgage on the property. The property came in worth over $350,000.00. I took out a $350,000.00 mortgage. $168,000.00 paid off the cost I had to build the home and purchase the 10 acres. $182,000.00 was never accounted for. I was responsible for a $350,000.00 mortgage. $168,000.00 paid off costs, I never received the $182,000.00.
It depends on when the foreclosure occurred and what specific violation is alleged. The statute of limitations in Minnesota ranges from one year after the expiration of the redemption period, to 15 years after the first publication of the sheriff's sale. This is assuming you were foreclosed on "by advertisement," rather than "by action." By advertisement just means that they foreclosed by advertising through the public records and publication, rather than by suing you and obtaining a judgment from a court. Foreclosure by advertisement is FAR more common in Minnesota.
If you weren't actually in default and were foreclosed on (which is a highly unusual circumstance), a fifteen year statute of limitation would likely apply (see Minn. Stat. 580.21). If you are leveling other fraud claims, you would have six years from the time of discovery (or when you reasonably should have discovered the fraud). In any case, I would recommend discussing your situation with an attorney sooner, rather than later, to go over your options in this matter.
This response is not intended to create an attorney-client privilege and is based only on the facts which have been presented on this forum.
I do not know the interplay of local Minnesota law on your problem. As another poster pointed out, there is an applicable statute of limitations that applies to each cause of action you would bring against the lender. In most states, for example, there is a 6-year statute of limitations on fraud that runs from the discovery of the violation. It does not sound as cut and dry as you make it. The banks can very easily say you missed some minor payment for something you were responsible for under the mortgage to thereby show you were 6 months behind, even if you made all your monthly mortgage payments. While this certainly raises and eyebrow and sounds unethical, whether it amounts to fraud or amounts to a violation of various consumer protection statutes turns on a very close examination of the facts. Certainly, if individuals associated with your lender were prosecuted for mortgage fraud, that sounds like a situation where there was clear wrongdoing by the lender. That prosecution is not evidence in your case, and the violations may not be the same. So do not make the mistake of assuming that just because that prosecution was successful, your case against the bank would be too.
It is not clear what damages you are seeking. You had a home. They took it back. There was a mortgage on the home. The home also had a market value. Was there equity? There is a much stronger claim if they took your equity than if they simply wrote off the mortgage.
Consult a local attorney that handles these cases and bring all of these issues to his attention.
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