Can my mortgage company charge off my mortgage and then sell it to another lender?
Can my mortgage company charge off my mortgage and then sell it to another lender?
I purchased my home in 2002, started having trouble with my mortgage late 2003, from early 2004 until 2008 I had been in multiple "loan motification/repayment" plans to prevent foreclosure that the lender kept threatening. In 2008 I decided I would not re-sign any more payment plans and just send as much as I could each month, the lender was accecpting these payments and early August 2008 they sent me a notice I was one payment behind and one payment due plus late fees, drive by property inspection fees and anything else they could add on. By the end of August I received a letter offering me a payoff of my balance for a 3rd of what I owed, unfortunately my credit was already so messed up I couldn't even get $11000 to pay off my loan, when I called to ask about this they told me my loan was being charged off. In early 2009 I received a letter that my loan had been transferred to another company who told me if I wanted to keep the property and continue to live there, I could sign a contract/mortgage with them to keep it. In that paperwork there was a deed in lieu of foreclosure that I had no ideal what it was, I was simply told that it was part of the package and that I had to sign it in order for the loan to be processed, this new lender has since went out of business, but before doing so, they filed the deed in lieu of foreclosure at the county courthouse and included some of my surrounding property that should not have been included, I am completely stressed over this, is there anything I can do? I should also mention that my previous mortgage holder filed a charge off on my credit report with a zero balance that is scheduled to be removed in 2013 and both companies (previous and current) are both under lawsuits, previous lender is under class action suit that I did not know about until recently and the current, the one that is no longer in business is under investigation by the SEC for fraud.
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