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dkanka · Joined: 31 Dec 2008 Posts: 6 5.69 Dollars($)

After the Sheriffs sale and during redemption period the house was shown as bank owned. I had found a purchaser RWA to pay the full amount of redemtion who had requested from the bank through its attorney to provide a quit claim deed to the property that stated "on receipt of funds it would quit any claim in favor of the purchaser". The bank and attorney refused causing me to lose the sale, my home and equity. I owed about 200k and the house was worth about 300k. They since have sold the property for 185k less than my purchaser had offered. Do I have any recourse against the bank or attorney ? Apparently Unfair and deceptive acts and practices under FDIC, FRB, FTC, FDCAP, OTS, OCC, etc. apply as I was mislead and lied to.

smithsussane · Posted: Wed Dec 31, 2008 8:01 pm Post subject:

Hi dkanka!

Welcome to forums!

As far as I can understand your question, as the property was owned was owned by the bank, the bank had the right to decide as to whom they want to sell the property. In my opinion, you should consult an attorney in this case and take his advice in this issue.

Feel free to ask if you have further queries.

Sussane

Guest

Sussane,

Thank you for your reply. However, once the home is sold during the sheriffs auction the "winner" gains title or so it seems and is reported as such to relevant agencies for tax and such. The property is reported as sold on the internet et. al. . The redemption period starts at that date and the previous owner has, in this case six months, to redeeem the property for the sales price at auction. Everyone has their opinion and there in the problem. Who, indeed, does hold legal title to the property. In this instance the property was family owned and paid for for over 50 years and taken over by one of the surviving siblings on the death of a parent for consideration secured by a mortgage on the property. He was the only one on the deed as three others were effectively removed by quit claim. The mortgage bank, World Savings was sold to Wachovia, was sold to Wells Fargo. Rather like hot potato or a 3 Stooges Football comedy. The loan was not upside down. About 200k owed and 300k value by recent comps at the time. Because of the "confusion" regarding the deed by the purchaser I asked for a quit claim from the bank on receipt of funds. They refused. At the eviction hearing the judge said that asking for the quit claim was "conditional" to sale and refused even though the bank would have made more money from my purchaser and I was harmed. DOES NOT THE PURCHASER HAVE THE RIGHT AND/OR DUTY TO SEEK SECURE TITLE/DEED ? Case law presented said yes ... the judge said no. Purchaser must provide funding first (?) The only one to make out was attorney as his firm made more to foreclose than to redeeem. I lost all. LETS HAVE SOME COMMENT ABOUT THAT AMERICA ! FDIC, FTC, FRB, FDCAP, OTS, OCC Unfair and Deceptive Practices by states and/or federal or agency rule or law. Any hotshot attorneys want a give it a go I will forward all paperwork.

jameshogg · Posted: Fri Jan 02, 2009 12:02 am Post subject:

Hi Dar,

The immediate servicer of the loan had full rights to the property and can decide as to whom it will sell the property. As far as the quitclaim deed is concerned, the bank would have given you the quitclaim deed in you have paid the price of the property. You will have to provide the funds first after which the bank would have quitclaimed the property to you.

As far as legal help is concerned, if you feel you have been harmed by this deal, you can definitely contact an attorney.

Thanks

Guest

Thank you for your reply.
My complaint has to do with the bank/attorney not being clear and concise in the procedure as under UDAP FDIC/FTC rules causing me harm. A simple acknowledgement that a quit claim would be forthcoming on receipt of funds is all my purchaser required as the property was listed as "bank" owned. Should I have been informed, I/my purchaser acting reasonably, would have acted differently not to lose the over $100K equity. The bank/attorney later agreed to extend the redemption period but then reneged frustration my purchaser. They said, and the judge at the eviction hearing agreed, that asking for clarification that the quit claim would be forthcoming on payment, was "conditional" to sale. I had no money for appeal.
Is this reasonable when they ultimately sold the property for less than my purchaser had offered is my question. I have no money for an attorney and legal aid has refused me as the amounts concerned are too high. Contingent remuneration for attorneys apparently too small but am continuing my search for an advocate. Might I have recourse through the FDIC or FTC ? As these are federal agencies might the FBI investigate for UDAP ?

Guest

Further and with all due respect ... should you, or anyone be in the habit of paying money for property without being reasonably assured that you would gain title or deed ... or in fact who holds same ... I have a bridge here in Detroit that I would like to sell you !

Guest

Moreover, the bank did not have "full deed" to the property until after the redemption period as I did have rights under the law till that time. Even so the property was listed for sale as bank owned on the internet before that time at a price lower than I was offering and had a purchaser for.

That being said ... I do believe as I was earnestly trying to pay and the Bank/Attorney knew such, that I was owed help and direction in how to negotiate the process. They were not forthcoming in any instance the least of which being in a timely manner. I was lied to point blank. Banking lines were open and advised for a bank to bank transfer of funds for the full amount. All bank officers were alerted and the names of those involved, etc., etc. . All that was necessary was a "quit claim" or any reassurance what so ever and the money would be sent. A phone call would probably of done it. We were ready to go forward in any way we might be directed but were hampered, not helped, in any way. I was even paying my payments into an escrow account to show good faith and good will with no reciprocation at all. At the least they should not have reneged on extention to the redemption period agreed to so that we might have a more proper time to follow their direction. Instead ... they took the house because the remption period was over !!!

I welcome the discusion that this new technology affords. The banter is educational and informative, at least in this forum. I do hope that my seeming rant will help others in these trying times. I am outraged at the treatment I received when all I wanted to do was pay my bill %100 in the amounts they had asked for. I had offered to pay all arrearages and put a bank guarantee for one full years payments as originally done before the Sherifs sale and continue payments but was refused even before the full payment offer was made !

Like all of you I expected to be treated fairly. Especially by professionals like bankers and lawyers. When will I learn ?

Posted: Sat Jan 03, 2009 1:01 am Post subject:

It must have been very frustrating for you. You wanted to pay the money but due to wrong information, I guess, you were unable to pay. But I think you won't have much ground to file complaints against the lender or the lawyer. It will be best if you can consult an attorney and check if you can sue them.

Guest

Thank you for your reply. Frustrating is not the word.
Be advised that the rules of the FDIC and FTC as well as state UDAP statutes are apparently in play. You can research same at the FDIC Compliance Examination Handbook. Just google those words. Pay special attention to the footnotes, etc. Then, I would appreciate your informed comment. If the words contained there in are true, I can prove all as I have e mail each step of the way. This is no way to treat a US ARMY veteran. My real question is why they acted so adversarially. Again, I think that they get more money when they foreclose. I will fight the good fight !

Guest

hey dar, you can definitely fight a case against your lender but you should have proper documentation to prove your case. In my opinion, you should contact a good lawyer and discuss the case with him.

Guest

I have all docs and e mails to bolster my position. I have been seeking an attorney. I have been in contact with the FDIC and they have directed me to the Office of the Comptroller of the Currency as mine is a federal bank. I am filing a UDAP complaint. They said a minimum of 60 days before a response and most possibly longer. They do not adjudicate or act as attorney. They review the situation with their member bank regarding the complaint in respect to compliance of the rules and report their findings. You will get a copy of such. Anyone seeking restitution or recourse of any kind must do so by filing suit in a court of law at his own cost. I would think, however, that armed with an unsatisfactory compliance review from the OCC would bode well in any such action. The banks have all of the money and specialized attorneys. They know all of the judges. Those foreclosed upon typically do not have money to afford the process. Therefore finding a lawyer who would give it a go on a contingency is not easy. It will take years I suspect but one has to start somewhere. Is this a great country or what ?

Posted: Fri Jan 09, 2009 1:39 am Post subject:

Check out with the expert lawyers of your area and discuss the case with them. Once you discuss your case with the attorneys, you will come to know whether you stand a chance in this case or not. If the attorney gives you a positive feedback regarding your case, then you can sue lender. Untill you consult an attorney, you will never know whether you stand a chance or not.

Guest

Thank you for your reply. I have sent e mails regarding my case to a number of attorneys and I now have it down to a science. Attorneys are a bit quirky, however, in that they like to be paid and are more apt to take the low hanging fruit. Just by the nature of my case it is apparent that I am unable to pay them and I am living off of the kindness of others at this point. Any attorneys are free to contact me and I will send them my complaint letter to the OCC as well as my motion for adjourment to the eviction court as well as letters from the banks collection attorney refusing payment. It is all there.

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quit claim to purchaser from bank during redemtion period