A recent Land Court Decision Affecting Foreclosures in Massachusetts

Guest

Does anybody know what date we are looking for a Judge ruling? I sure hope it happens this week (tired & frustrated of 6 months waiting), but does anybody know how long these type of cases take for Judges to come at a conclusion?

Guest

I think it would take quite some time for the judge to come to a conclusion. The judge will have to look into the various aspects of the case, in order to give a judgment.

Guest

I just heard from my realtor this morning. They are returning my deposit. WTF! As my husband says, this is just another step in the process and that it means they will move forward with re-foreclosure (another step forward). I am not as positive! Oh well. Hope something comes out good for someone. It sure doesn't seem like it will for us!

Guest

Just received word that they are returning our deposit check too! So we start the foreclosure process again too. Looks like Harmon is handling our re-foreclosure too. Don't know how they are keeping up with this mess. I wish you all luck with waiting for the Judge's decision.

Guest

You say that Harmon and Harmon are handling YOUR re-foreclosure? So are you going to be able to purchase your home without it having to go to auction? I wouldn't mind at all if Wells Fargo went ahead and re-foreclosed, as long as I had assurance that I was going to be able to purchase the home at the price they accepted in February. Please let us know what is happening with your home, since I think the same thing is going to happen to lots of us! Peter Cooney sunfighter57 at Yahoo dot com

Guest

Peter, my deal was with Wells Fargo and they are proceeding with the re-foreclosure process. I seen the house in the paper yesterday going back to auction. they will post it (3) times before it goes to auction.

Guest

Hi BL,

Have you spoken to Wells Fargo at all about whether they will give you the opportunity to purchase "your" home at the price you agreed upon, before it goes to public auction? Since you have (or had) a valid Purchase and Sales Contract there should be some recourse that we have!

Guest

I understand that part of the problem is who actually has the right to offer us the houses. Wells Fargo had the original mortgage on our house but we bought it through Re-Max and when we were buying it Re Max told us that they were selling it on behalf of 5 investors and our offer had to be accepted by the 5 investors (which it was) before our offer was considered accepted. So the question has been who actually owns the house with this ruling and who has the right to tell us that we can get the house when they didn't actually have the right to offer it to us in the first place.

Since we went thru Re Max we called them but they are not responsible for the re-foreclosure. Meanwhile they were paying for upkeep, winterization and eventually hard wiring the smoke alarms and were going to get reimbursed for their expenses out of the closing costs. I think a lot of the foreclosed houses were also in this position.

So that all complicates issues too in making a new offer on the original house.

What we were hoping is that whoever is declared the owner of the property and has the right to sell it will note that it already had a buyer which would mean they would not have to go through the whole re-listing of the property and waiting, possibly having to maintain it through the winter again, and contact us first once it is cleared to sell.

This looks like the only "shortcut" that will be an option to most of us.

Guest

I agree Peter but the P&S is now void, i spoke to the company that is auctioning off the home and they said they did 10 re-foreclosures and all 10 where sold back to the bank becuase the reserve was too high. I am guessing they are setting the reserve high so no one will buy it at a bargan price and will go back to the people who where under contract.

Guest

is the Help Me Hank piece still a go for Monday? I'm hoping this means the ruling will be coming soon...

My P&S is still in effect; I'm wondering why if all of you are having yours voided. This whole case is baffling!

Guest

What's the "reserve" at auction mean? The down payment???

Guest

First of all , alot of people here think they can " get a deal" or buy back lower at auction. The bank will bid, by law , what is owed to them by the former owner, in 99% of the cases, this is way over what the home is worth these days. If the auction goes over this price, then the remaining money goes to the former owner. The bank is not setting the " reserve high" so no one will buy... that is what they are owed. And they have to bid that, so that if people bid higher , then the former homeowner will get some of her equity, if any.

Guest

I wouldn't hold my breath for a favorable ruling, most people here would be better served by moving on...there are plenty of homes to choose from. As far as getting money back for home inspections, thats a long shot, and probably a waste of the courts time, if you did a home inspection, and didn't buy the house because you did't like the inspection, would you be suing someone? , do you think the real estate agents who handle these properties, manage them at no cost , and probably have shelled out $1000.00's of dollars and 100's of hours of work into a property that has to get reforeclosed are going to sue anyone? please get a life, people are sue happy ..it's disgusting

Guest

If it goes to re-foreclosure .. the bank has to re-auction the property ..that is the law ..this is to protect the person who got foreclosed equity , if any ...if it sells over what the mortgage lien is ...

Guest

Dear King -
Understandably you are trying to shed a lawyer or judge's view to all of this, however WE do not need to be lectured. Many of us are out of a home due to this mess. I for one did not plan on living with my in-laws for 6-8 months. My realtor told me that I'd be enjoying my first cook out on Memorial Day in my new home. So it is not false hopes, it is what we have been told "straight from the horses mouth"!

Please understand that people are using this forum to be educated but also to vent. I thank you for your knowledge but please do not lecture those of us who have been on an emotional roller coaster. It is not needed.
thank you!

All times are GMT - 7 Hours
Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
Page 11 of 24