Why did the three big lenders stop the foreclosure? What does that mean to you?
Here I will briefly explain the reason. The bank seemed to be foreclosed in such a hurry, they forgot to obey the rules. Every job is involved in taking all the houses, who will notice if you cut some corners along the way? They know well. Many of the foreclosures they had already done and the foreclosures they were trying to do were found to be legal grounds because they did not follow the rules.
This is what this means for homeowners.
If you have a house located at one of these banks, including Bank of America, Chase, GMAC, please consult a lawyer immediately. Damages greater than or greater than the amount of your mortgage - possibility of cancellation! What was canceled? They may need to completely restate your mortgage balance and return your home. Make sure that the lawyer you contacts is familiar with mortgage notes better than the lender who wrote them.
If there is a pending foreclosure or a sales notice, if there is a foreclosure auction date, the first thing to do is to call the sheriff or lawyer who sent the letter. Please do not absorb anything.
Please ask if your sales were canceled. Just because you have a Bank of America loan does not mean your sale was canceled without a lawyer. In other words, they are likely to be pulling you fast. We just called about the Bank of America sale next week, but we will not cancel it today.
In other words, you may still want to keep "Plan B" in place. Because it was a provisional document, we can apply for bankruptcy in chapter 13 and stop selling on the spot. Are you ready to go to court in case they are still passing through your sale? You can actually prepare these documents without a lawyer. That is pretty cheap insurance (several hours and the cost of some instructions).
If a foreclosure lawyer has not received your seizure sale cancellation notice, please call your lender. Do not believe only the "telling" to you. They probably will not check anything. The only way to obtain confirmation is to establish an open channel with a foreclair attorney who sent a letter. Please let me know that I told your lender that I warned the seller. Then they get something in writing from them. Do not forget that foreclosure lawyers have no authority to act on their own. They can only do what the lender has instructed them.
There is nothing to stop the lender from regaining one mortgage at a time and doing what is necessary to correct mistakes or faults in compliance. In that case, they can restart foreclosure confidently that they are in compliance.
So it may take less time than you expected.
Finally, please make the most of the time you have just given. Now you may have time to start changing the loan or reapply. In one sentence you can afford to buy your own house as the loan change will change the loan with lower payment. Even when things are right, it will take several months. So please do not turn this off! The more you know the more things, the less likely it is to do wrong things and waste valuable time. Get educated, let's get started!
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