IndyMaxed
Guest
|
Posted: Thu Jul 28, 2011 10:25 am Post subject: Any news, Jaijr?
|
 Like 0
 Dislike 0
|
|
Curious how your situation turned out, Jaijr.
I hope you got good legal advice, and that your situation gets resolved before the illegally-foreclosing bank no longer exists. As long as they still exist, you should probably be able to force them to make you whole one way or the other.
In your case, that might just involve them paying off the former owner to agree to fix the title for you rather than try moving back in.
Most foreclosed people who have already moved out, would want the money more than the house, seeing as they'd very quickly get foreclosed again if they moved back in. Not having been paying the mortgage while gone, they'd owe a pile of money to keep the house more than a few months. Moving once was stressful enough for them, moving 3 times with no hope of staying, makes little sense, versus settling for a good amount.
Most people would accept somewhat more than what the house could rent for during the 4-6 month period they'd likely be in the house before getting foreclosed and evicted again. More than a typical cash-for-keys amount, but then again they were wrongfully foreclosed, actually do own the house, and might even be entitled to the rent-equivalent amount for the full time they have been gone (plus the 4-6), plus some damages.
If the people are obstinate about taking the house back even temporarily (or they won the lottery in the meantime and could actually pay it off), the bank could get you an equivalent place (with your improvements, or reimbursing you for them) and paying your moving expenses, maybe some damages, etc. Don't settle cheaply, if you don't want to encourage this route vs making them pay off the other people.
Every situation is different, and it's hard to predict what any particular person will do to punish the bank who wrongfully foreclosed them, but you ought to come out of it OK if it's the bank's fault, they still exist, and a decent lawyer handles the case for you.
I can imagine some scenarios, though, where the bank no longer exists and it would be hard to pin responsibility on any existing entity who took over some but not all of their assets and obligations, with other obligations perhaps having been discharged in bankruptcy. In that case, you might end up being the one paying off the former owner to clear up the title rather than take back the house. An easy task in most cases: "Here's $10K, just sign and go away". But a hard task if for instance the amount they owed the bank was written off in the bank's bankruptcy, and nobody would be looking for mortgage payments from them or able to foreclose, and they figure all that out before they get paid off to sign away their rights. |
|
Mortgage Forums 
Previous 1, 2, 3, ... 22, 23, 24
