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Left my home over seven years ago after notifying mortgage…

Left my home over seven...
Left my home over seven years ago after notifying mortgage holder that I was leaving and offered keys and deed to them which they refused. They have handed off mortgage to several other debt collectors and allowed property to fall into disrepair to point where I don’t think it is livable now without extensive repairs. The stress of dealing with this matter has affected my health and well being. They send fake court papers, call on phone, tape messages to my door and biweekly mailings of statements. What can I do?
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Answered in 15 hours by:
3/25/2018
Josie-Mod
Category: Legal
Satisfied Customers: 8
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Hi, I'm Josie, a moderator for this topic.
I've noticed you have not yet received a response to this question.
I wonder whether you're ok with continuing to wait for an answer.
If you are, please let me know. If not, feel free to let me know and I will cancel this question for you.
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Customer reply replied 28 days ago
I will wait till tomorrow ty
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 10,238
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

I'm sorry to hear about your situation. For now, I don't really have enough facts to be able to make any suggestions. If you don't mind, would you be able to provide me some context to your situation?

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Customer reply replied 28 days ago
I live in Erie county NY. The home is in orchard park NY a well to do Area. I wanted the bank to take possession when I left in 2010 but they refused. The house has been vandalized and valuable property stolen such as a customized awning and hot tub off the back deck. The basement flooded the next spring up to the first floor because there was no power to operate the sump pump. Why would I or anyone want to make payments to put myself in good standing with the bank at this point. The mortgage has been handed off to other banks or debt collectors who harass me. It will be eight years in July and still no foreclosure. It breaks my heart to drive by my home and see it’s decrepit look. Do I have any recourse against the bank that held the original mortgage and the subsequent followers who acted as slum landlords and did nothing to protect the property I am angry that a beautiful home that I built in 1987 and lived in for over twenty years has fallen into this sad state of affairs

I'm sorry to hear about your situation. So, do you remember if the foreclosure process actually took place such that the deed transferred back to them?

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Customer reply replied 28 days ago
No I still have the deed

I see. So, unfortunately, if you still have the deed, then the home has not yet been foreclosed upon and the bank is not yet the owner of the property. If you have moved out and the property has fallen into disrepair, then you can still either sell the home or let it fall into foreclosure and let someone else handle it or you can repair the items yourself. Generally, it's not against the law for a bank to assign a mortgage to another bank without your permission, either. It's how many mortgages are bought and sold and part of what led to the financial crisis of 2008, sadly.

Regardless, have you considered putting the home up for a private sale before the foreclosure starts?

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Customer reply replied 28 days ago
Was the original mortgage holder, Bank of America bailed out by the government? What do the subsequent banks gain by acquiring this debt? I attempted to sell the home previously but the market was in such a state of dischevilment that I had no success.
Customer reply replied 28 days ago
I live on social security and have no ability to fix nor try to sell a home where the late fees are greater than the worth of the House not including the still outstanding mortgage amount

BOA was bailed out by the government. I don't know all of the terms regarding the bailout, but the main idea was to help them protect against all of the defaulted mortgages or the mortgage-backed securities that had become toxic because they were so bad. The banks had the opportunity to meet their own debt obligations such as dividend payouts, paying salaries to their employees, and continuing to loan money to individuals and businesses throughout the world.

Sometimes, if you are going to sell a home, you have to get a little bit creative. If your home is in need of rehab, there are often people, maybe on craigslist.org or even backpages.com who are dying for an opportunity to pay for a fixer-upper. They would have to be made aware that there is a mortgage on the property, but that means that you could get the house sold and even make a profit. I would recommend hiring a real estate agent as well who often only takes fees on contingency and can help you find a market for that home.

Did you have any other questions for me today that I could help you with?

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Customer reply replied 28 days ago
No but thank you for the info. If BOA was bailed out why would they then transfer this property to other banks? Would these other banks then be bailed out by the government and then they would pass it along to someone else?

Your'e certainly welcome. BOA likely was required to give up some of the assets they had to get them off their books. If they had loans worth $3 billion, but the homes themselves were only worth $1 billion, then if they sold the loans, they could improve their balance sheet by $2 billion, which improves their stock price. These other banks are probably not going to be bailed out by the government. BOA is so massive and their influence so great, it made sense to the Treasury Department to try to bail them out because if they didn't, it could have significant impact. But for smaller banks, their impact may be felt locally, not globally.

Was there anything else that I could help with today? I'm very sorry about your situation.

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Customer reply replied 28 days ago
No TY

Thank you and best of luck.

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