JustAnswer > Legal
Ask A Question|Register|Login|Help
JustAnswer

Law

Ask a Legal Question, Get an Answer ASAP!

Have your own Legal question?

20 Lawyers are Online Now
characters left:
Not a Legal Question?
Bookmark and Share

Question

My house was sold at a foreclosure auction on 8 Sept 09. The house was bought by the bank for 130,000.00 less than I owe. I guess I am in the statutory redemption time frame. I don't have the money to pay off the outstanding loan balance. Do I have any other options to stay in the house - it was my desire to modify the mortage in order to get a lower payment and retain ownership. Is it too late?

Submitted: 69 days and 3 hours ago.
Category: Legal
Value: $28
Status: AWAITING CUSTOMER ACTION
+
Read More

Optional Information

State/Country relating to Question: North Carolina

Already Tried:
I paid money to one of those firms that say they can help lower your mortgage but they said they couldn't get the paperwork to Wells Fargo in time to stop the auction sale

Posted by Knowledge 24/7 69 days and 3 hours ago.

Answer

Hello XXXXXXX,

 

When the lender buys the property back, they will not move to evict until a new buyer comes along. I have seen people stay in the house for 10 months. You can try to work out something with the lender in terms of a lease, if you wish to stay there.

 

It is too late to work out a modification and retain ownership as ownership as already transfered to the bank. You can still redem the property though however you mentioned that is not your plan.

 

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Thank you.

69 days and 2 hours ago.

Reply

Hello 24/7,
Wells Fargo has told me to speak with the firm handling the foreclosure. The lenders attorney will not return my calls - I have tried calling several times a day since last Tuesday. How do I work out something if they are unwilling to talk with me. Also, I believe I may have been scammed. Four of the five auction on last tuesday were delayed. If I was not helped as promised can the foreclosure sale be over tuned or delayed?

Posted by Knowledge 24/7 69 days and 2 hours ago.

Answer

It fraud was somehow involved the foreclosure sale can be overturned or delayed. Right now things are very chaotic with foreclosure firms and they do not know which way to turn. The best advice I can give you is to keep calling and try to get though to the lenders attorney. I know it might be frusterating but keep trying as they are the people you need to contact to work something out. As for now I would keep living there until you receive some notice of eviction. This could be months from now.

 

You can try to contact your lender or mortgage servicer. Speak with someone in the loss mitigation department for mortgage modification options and other alternatives to foreclosure.

 

If you think you have been scammed you can call and Report suspicious activity to relevant federal agencies, such as the Federal Trade Commission, and to your state and local consumer protection agencies. Reporting con artists and suspicious schemes helps prevent others from becoming victims. If your complaint or question involves a national bank and you cannot resolve it directly with the bank, contact the OCC's Customer Assistance Group by calling (XXX) XXX-XXXX.

 

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Thank you.

Posted by Knowledge 24/7 69 days and 2 hours ago.

Answer

Please hit accept so I may receive credit for my responses. thanks

Answer

Please hit accpet unless you have further questions. thanks

 

Picture
Expert: Knowledge 24/7
Pos. Feedback: 94.1 %
Accepts: 
Answered: 9/14/2009

Attorney

Extensive Experience in Real Estate, Contract, and Business Law

+
Read More

Related Legal Questions

  • My Mother's house/property is deeded in her name
  • my question is that i receaved a leter from uscis ,
  • I worked for a company for 28 years, & was temporarily ...
  • How do I remive an illegal immigrant from my rental property...
  • I am a Real Estate agent in NC. My seller has recently ...
  • If a person owes a company what is the max they are
  • i'm 17 years old and i have provation, i got chaged
  • I loaned a friend $5100.00 last year in Sept. 2006. I drew ....



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2009 JustAnswer Corp.