can we be foreclosed on twice on the same home?

Author Message
penguin7

Guest







Post Posted: Tue Aug 04, 2009 8:47 am    Post subject: can we be foreclosed on twice on the same home?
Like
Dislike

In 2000 we purchased a mobile home in a park. In 2002 we voluntarily surrendered the trailor. The home was purchased and financed through Oakwood Homes, who shortly after we surrendered went bankrupt. They then sold their assests at an auction and our trailor was apparently bought for $6000. We never received anything from this new mortgage company. Now on our credit we have a voluntary repo from Oakwood with a balance of 24,000 which said it was opened 09/00 and closed in 2002 and we have a voluntary surrender from Vanderbilt (whom bought out oakwood) with a balance of 23,000 which said it was opened 09/00 and closed in 2006. So it looks like we have nearly 50,000 in unsettled debt. Can they do this? It looks as though vanderbilt bought it for 6,000 but never sold it. Original purchase price was 29K. And besides all that our lender we are working with currently to try and buy a home says that it would have to be 3 years before they would even consider loaning to us and because vanderbilt didn't claim against us until 2006 we have to wait till the end of this year, even though we surrendered it 2002.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post Posted: Tue Aug 04, 2009 11:19 am    Post subject:
Like
Dislike

clearly, this is one transaction being reported twice.

the new mortgage company would have had no reason to contact you, penguin7. your home was already surrendered, so they wouldn't have had anything to say to you.

what's needed here is that the credit information must be corrected to reflect that there was simply one loan and that the vanderbilt deal was simply a new lender on the old loan. if you can correct this, the lender ought to be able to work with you (but that is simply opinion and lenders can really do whatever they want to do).

_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
Penguin7

Guest







Post Posted: Tue Aug 04, 2009 1:12 pm    Post subject: being foreclosed on twice?
Like
Dislike

So the vanderbilt company can buy the loan not just the trailer? How can we go about proving that we vacated the premises in 2002, rather than 2006 because no lender is willing to help us until it has been at least 3 years. They said that if we can prove that we surrendered to property to Oakwood in 2002, they would be willing to help more.
Guest









Post Posted: Wed Aug 05, 2009 12:25 am    Post subject:
Like
Dislike

You surrendered the property to your lender and you should have documents relating to that. Those documents would prove that you left the property in 2002.
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post Posted: Wed Aug 05, 2009 7:27 am    Post subject:
Like
Dislike

that's my take on it too, as guest said. wouldn't you have some documentation that reflects your having left in 2002?
_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
Ask question
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message Body
All times are GMT - 7 Hours
Page 1 of 1

 
Delete this topic Move this topic Lock this topic Split this topic 

Page loaded in 0.332 seconds.