QUESTION
What legal actions can I take to save my home if it is foreclosed on and sold back to the bank?
Asked on May 08th, 2013 on Foreclosures - California
More details to this question:
My house was put into foreclosure after my forbearance period ended. The bank refused payment for anything less than what I owed for the months past due during the forbearance period. I was denied for loss mitigation twice after being jerked around and now my house has been sold back to the bank.
4 ANSWERS
File Chapter 13.
Answered on May 10th, 2013 at 6:01 AM
1 Award
If you can establish that the bank wrongfully foreclosed, you can bring an action to have the sale set aside. You must establish that there was a promise the bank made to you in writing which it breached. Banks are not required to give you a loan modification. But if the forbearance arrangement stated that you would qualify for a modification if all payments under the forbearance agreement were made, then you may have a claim. You would also have a claim if the bank refused your tender of payment to pay off the loan, provided the amount of the payment was correct. But filing a lawsuit to set aside the foreclosure sale is very costly. Most attorneys will charge at least $5,000 just to investigate your case and begin the lawsuit. If the bank fights you, it will cost you tens of thousands of dollars to battle them in court.
Answered on May 10th, 2013 at 3:33 AM
There isn't much you can do unless the bank did something illegal in the foreclosure process. And even in that case, if you filed a lawsuit against the bank, you would have to tender the full amount of the loan balance.
Answered on May 09th, 2013 at 10:57 AM
Start packing. You have no remedy. Based upon what you posted the bank did nothing wrong.
Answered on May 09th, 2013 at 10:56 AM