Hi Guys, I live in Michigan, and had a 2nd home in the Windsor, Ontario area for many years. We had an adjustable rate mortgage the started with NBD Bank, then First Chicago NBD, then Washington Mutual, then Chase, then JP Morgan Chase,...., which jumped in yeild over 3 years, and tripled our monthly payments. We found it very difficult to refinance the home as our credit did begin to sag, and decided to list it for sale with a Remax agent. Throughout the process, over several years, the Banks changed names many times, and sold our note several times. We never could get a straight answer who to work with in the various loss mitigation departments, and we did have several short sale offers for the home, which the banks would not agree to, and even more incredibly, would not even give us an answer on. So we lost the potential buyers. So here we are. We were served with papers the other day from an investor who bought the note from the bank it looks like (state of claim) , and we have to appear in a Windsor, Ontario court and wants his money (principal and interest). We do not have the cash and will not in our lifetime to pay the Principal. Can we lose our Primary home or can it be attached to this suit? Can we consider bankruptcy to eliminate this concern? What options do we have. We figure they could lien out Prinary home, but they would have to get in line behind the IRS, who does have a first lien position, because of taxes we could nto pay back in 2000-2005. The IRS told us to let the home go, for them to agree to work with us and a payment workout strategy, and so we did. So nto sure where we stand, but obviously very concerned. Any advice or suggestions are greatly appreciated and welcome. Thank you so very much. XXXXXX
so what are my potential loss concerns financially? it looks like the investor is looking for me to pay him the note + 7% per year.
so am i responsible legally for any $$ due to the investor? also, should I show up in court, and if not, will a judgement just be rendered against me, and the situation is then resolved free and clear? I am terrified that we did everything that we could do to work with the bank and help them, but that somewhere out there, the hammer is going to drop and we will owe the $500K+ as it states in this letter???
so that is good to know. but again, do i owe the investor any money, or is he happy to get the home and move on.....
so the home is his....OK that is my question. he can have the home. but do any utility bills due, also get covered by him as they are attached to the home?
the Plaintiff craves leave to produe the mortgage document at trial - not sure what that means....
also,..."if you pay the plaintiff the claim,...and $2500 for costs...you may move to have this proceeding dismissed". still sounds like he wants his money......
so botXXXXX XXXXXne, he cannot come after my primary home in Michigan so that is good....and it sounds like as you say, he just wants the home with HOPEFULLY no further recourse against me.....
it there any benefit to contacting the investor's law firm on the letterhead of the docs i was served, introduce myself, and hopefully try and further clarify the docs, or just let it go. the reality is that I have less than zero shot of getting out of work, to head over to Windsor for the court proceeding anyway, but if it were to be critical to do so, which i do not really want to do, i would...... but not answering in some manner, also is a bit un-nerveing......(probably spelled the incorrectly - sorry)
or contacting the court directly??
what also killed my value, was that the resort community never took off. homes droped in value, the economy tanked, and values dropped more. i paid $531K. Remax was trying to sell for $399K against homes that were foreclosed on and listing for $150K. the same excact homes as mine. So thank you for calming me against my concerns for my primary Michigan home. I do not want to lose it..... Hopefuly this nightmare will be over soon. You have been wonderful!!!!!
I do not want to keep the 2nd home. only my primary. i just hope to not have to owe this guy for the rest of my life IF he decides to come after me, beyond taking the 2nd home. he can have it....... Again, thank you.
I will give you the highest rating possible!!!!!! You rock!!!!
have a great one!!!
just printing out the notes.....reviewing you as excellent next.
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