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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7404
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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On a hard money private mortgage loan, if I had an forensic

Customer Question

On a hard money private mortgage loan, if I had an forensic audit done to prove many federal laws broken on loan docs, would this stop or detain them from foreclosing my loan for a few weeks? I have a new loan in process and should be ready to close March 15th but he is only giving me until March 1st. The lender is only waiting for the appraisal to come back before they can draw up closing docs. The hard money lender I have now wants me to give him the name of new lender and phone number. I have made the bad mistake of doing this 6 other times and he bad mouth me to new lender and my loans were canceled. I don't want him to contact my new lender at all so I have not given him or his attorney the information on my new lender. Is there anyway to keep him from foreclosing on me before I can pay him off and him keep adding more and more fees on my pay off?
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
I cant view your response did you really send me one?
Expert:  Irwin Law replied 1 year ago.

Is there anyway to keep him from foreclosing on me before I can pay him off and him keep adding more and more fees on my pay off?

You didn't say if your mortgage contains a power of sale clause, or if you use a Trust Deed; however, whichever is the case, a foreclosure cannot be completed in three weeks. The action could be commenced. There is nothing you can do about that because that is completely in the hands of the lender. In a nonjudicial foreclosure however the notice of default must be recorded 120 days prior to a scheduled sale. Under the circumstances you described, you would be foolish to provide that lender with the name of your new Lender. You are not legally required to do so.

Here is some helpful information on Oregon Foreclosure procedure. http://www.foreclosurelaw.org/Oregon_Foreclosure_Law.htm

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Customer: replied 1 year ago.
He has already had his attorney send me the 30 day notice to pay all payments missed and that date ended 02-14-2016 now he sent me this message:
Dear Dawna
I have incurred $663 for a premium for a trustee’s sale guarantee and $21.69 in postage costs as well as $585 in attorney fees.
Plus insurance costs on the property of $703.44.
That makes a total of extra costs of that I need to send to Santiam Escrow to include in the payoff statement of $1973.13 as of today.
My attorney is ready to move forward with the next step of the foreclosure this week, which will increase the costs to pay off your debt to me.
I will agree to hold off on filing the final foreclosure paperwork until March 1, 2016.
You must provide us with documented proof of an approved loan in process by that date, or we will proceed with the foreclosure of the Coleman Road property.What should I send him? He claims I have not paid him for 28 payments missing which over 2 years. Who in there right mind would let someone do that and yet these loan people always believe him when he bad mouths me.Should I have like Legal Shield write him a letter statin that there is a loan in progress and that they will not be disclosing lender to him until ready to pay him off ? Or what would I have them say?My main concern is, if anything should go wrong and he should bad mouth this new lender if I have time to file a chapter 13 bankruptcy just to stop him from taking my family estate?
Should I tell him if he doesn't give me the 15 extra days to close this loan that this is what I plan to do or if by doing that and he knows I will file bankruptcy is there anything he can do to stop me and still take my home?
Expert:  Irwin Law replied 1 year ago.

There are too many "angles" involved in your situation to deal with it in this Q & A format. I'm going to send you an offer of "additional services" in the form of a telephone consultation. If you accept, I will be better able to understand fully what you're situation is and to explain your options.

Expert:  Irwin Law replied 1 year ago.

What should I send him? He claims I have not paid him for 28 payments missing which over 2 years. Who in there right mind would let someone do that and yet these loan people always believe him when he bad mouths me.

Hasn't the new lender already spoken with him? They usually do that as part of qualifying a refi borrower for the new loan. But if he's done it before, the you shouldn't trust him unless your new lender tells you that he's already discounting anything he would say.