This foreclosure and removal of two 75 year old women from their home, has got to be a scam, right?
Second, according to their first lien holder, Trojan never informed them of a foreclosure or sale. We have been in weekly contact with the first lien holder (which is current) and they never mentioned a foreclosure or sale and continued to collect payments.
Third, Trojan Capital Claims they bought the house for $91,595.54 (from themselves I would imagine). Now the second was around $25,000, so why would they buy it for $91,595.54? My guess would be to protect themselves from Carrington coming in and protecting their investment.
Summarized, Trojan Capital INVESTMENTS, buys a home, that has $380,282.30 owed on it, but only can be sold if they are lucky for $297,500 for a net loss of $82,782.30. Something is incredibly wrong here and I would be willing to bet, if someone looked at what Trojan Capital is doing, there would be a long list of elderly people these guys are taking advantage of.
4 attorney answers
First things first, the particular individuals whom you are referencing need to consult with a California-licensed attorney regarding this matter. Given, what I assume to be, a limited, fixed income financial situation, there are undoubtedly pro bono legal organizations that can help. Follow this link for more information:
Good luck with your case!
Jonathan D. Warner, Esq. is an attorney and licensed to practice in the State of New York. This answer is provided for informational and/or entertainment purposes only. It should not be relied upon as legal advice, which can only be offered to clients in an office consultation setting, after all of the facts and circumstances of a case or controversy can be fully considered and reviewed. No attorney-client relationship should be inferred by virtue of any answers posted. We are a debt relief agency and help people file for bankruptcy.
These people cannot take a chance. They need to retain an experienced CA mortgage foreclosure defense attorney immediately. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced CA mortgage foreclosure defense attorney. Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck.THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
If you found this Answer helpful, please mark it as "Best Answer" Please be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
Top Contributor 2022
Top Contributor 2021
Top Contributor 2020
Top Contributor 2019
Top Contributor 2018
Top Contributor 2017
Top Contributor 2016
Top Contributor 2015
Top Contributor 2014
Top Contributor 2013
These elderly people need to speak with an attorney asap. In the meantime, they might want to claim the foreclosure was improperly done and assert ownership over the home by filing an appropriate affidavit in the deed records. Although it sounds like a scam, and it might actually be a scam, as someone who has worked representing homeowners in foreclosure matters I have to say that I am always shocked at how much of a "wild west" it is in the mortgage law world. Mortgage companies are given very very wide latitude even after the financial crisis. So, many things that look illegal and should be, for some reason aren't. You need to hire an attorney to look into this and try to hold these bad actors accountable.
This answer is not "legal advice" and should not serve as a substitute for the advice of an attorney who is licensed in your applicable jurisdiction. The statements provided herein are for informational purposes only and the recipient of these answers assumes all risk and expressly agrees to seek the advice of the appropriate counsel for his or her situation. Should any formal legal advice be sought, the recipient should contact our law firm at the appropriate phone number or email address.
Whats your question? If you are asking whether a second deed of trust (mortgage) still encumbers your property-even if the debt is charged off, then the answer is YES. You and the house still owe the money that you borrowed, regardless of your age or who bought the debt or how much they paid for it.
"Charge off" is an accounting term, it allows the lender to take a tax deduction now and recognize the income later after they get their money back from you.
Those from whom you borrowed money were given a a security interest in your home to protect them if you failed to pay back the money you accepted. This includes a "power of sale"...the OPTION to foreclose on your home subject to any senior mortgages. You may also be PERSONALLY liable for your debt.
This is serious and you should not continue to guess about the law;. You should consult with an experienced attorney to learn your rights and options or risk a bad outcome.