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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33713
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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CAN MY MORTGAGE CO FORECLOSE ON MY HOME EVEN IF IT HAS

Customer Question

CAN MY MORTGAGE CO FORECLOSE ON MY HOME EVEN IF IT HAS BURNED DOWN AND AM REBUILDING AND HAVE A SALE DATE FOR FORECLOSURE
JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?
Customer: ALABAMA, WAT TYPE PAPERWORK
JA: Have you talked to a lawyer yet?
Customer: NO ANLY THE LEGAL CLINIC THAT CALL ALL THE TIME TRYING TO GET ME OUT OF THE FORECLOSURE
JA: Anything else you think the lawyer should know?
Customer: I HAVE SUBMITTED AT LEAST 3 MODIFICATION PACKAGES AND HAVE been drug THROUGH HELL WITH ALL THIS AND THEY CAME BACK And disapproved it, and now tell me to resubmit, I submitted first through Ocwen, they sold my loan to Freedom, I got seriously behind and they would not work out a plan I could afford. This has gone on for over a year. My home burned by a greese fir Apr 29 and I AM TRYING TO REBUILD. I AM IN AN APARTMENT FOR 6 MONTHS. The sale date is July 5th I know but I have to settle out for the money or will they actually foreclose on the home if it is burned, do I CONTINUE TO REBUILD , I don't know what to expect if I stop the contractors if it is foreclosed.
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Submitted: 5 months ago.
Category: Legal
Customer: replied 5 months ago.
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Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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CAN MY MORTGAGE CO FORECLOSE ON MY HOME EVEN IF IT HAS BURNED DOWN AND AM REBUILDING AND HAVE A SALE DATE FOR FORECLOSURE

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Legally this is going to depend on whether you are in compliance with the terms of your mortgage or not. If you are behind on the mortgage, then you are in breach of that contract and the lender can foreclose as long as they follow the proper procedure set out under state law.

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The fact that the house is damaged and you are repairing it wouldn't have anything to do with the foreclosure action. It is strictly based on whether you have made all the agreed on payments or not.

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And unfortunately, despite all the politicians loud talking and posturing, there is no legal "right" to a loan modification as it is entirely up to the lender as to whether they will refi or modify a loan. Not even the President can order a bank to modify a loan if they don't want to because it is a binding legal contract between the bank and the borrower.

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So if you have received insurance money and you have it in your hand, then it might be a good idea to stop any contractors work and save that money to use elsewhere if you aren't able to cure the default on the mortgage to stop the foreclosure sale.

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thanks

Barrister

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