Posted on: 01st Jan, 2012 12:14 pm
I live in Delaware and last week received a motion from an attorney representing Central Mortgage and MERS seeking a default judgement. I however read that back in late October the state attorney general filed suit versus MERS and sought an injunction on any foreclosures in their name. If this is the case why would an attorney be filing a suit if there is an injunction preventing any such cases. (Needless to say I am trying to get in contact with my attorney but obviously it has been tough with the holidays and I've also sent the information to the attorney general's office.)
My mortgage was taken out originally with Aegis Mortgage with MERS involvement. Aegis went out of business in 2007 and I received a letter that my loan was then to be serviced by Central Mortgage. I had a bankruptcy in 2009 and kept my loan current (but didn't reaffirm) until late 2010 when I stopped paying because my home is like 80-100K under water and it doesn't make sense for me to keep paying it. It wasn't until March of 2010 that I received a defiency notice and received initial foreclosure paperwork. I could then see that MERS didn't transfer the loan to Central Mortgage until Feb of 2011 almost four years after it should have occurred.
I had initially tried to negotiate a modification but that went nowhere. Central Mortgage insisted that I deal with them but told me that they were only the servicer and didn't actually own the loan and had no authority to act on their own. I was not permitted to know who owned the loan or speak directly with them.
It seems that the past mortgage transfer paperwork filed with the county was done only with the intent of filing a foreclosure suit.
My intent anyway is that if the bank is unwilling to offer a reasonable modification that puts the loan value at no more than current home value is to remain here as long as possible rent free so that I can try to set aside some monies for my next home.
If anybody has any knowledge on what should or should not be happening with the current lawsuit pending I'd love some feedback.
My mortgage was taken out originally with Aegis Mortgage with MERS involvement. Aegis went out of business in 2007 and I received a letter that my loan was then to be serviced by Central Mortgage. I had a bankruptcy in 2009 and kept my loan current (but didn't reaffirm) until late 2010 when I stopped paying because my home is like 80-100K under water and it doesn't make sense for me to keep paying it. It wasn't until March of 2010 that I received a defiency notice and received initial foreclosure paperwork. I could then see that MERS didn't transfer the loan to Central Mortgage until Feb of 2011 almost four years after it should have occurred.
I had initially tried to negotiate a modification but that went nowhere. Central Mortgage insisted that I deal with them but told me that they were only the servicer and didn't actually own the loan and had no authority to act on their own. I was not permitted to know who owned the loan or speak directly with them.
It seems that the past mortgage transfer paperwork filed with the county was done only with the intent of filing a foreclosure suit.
My intent anyway is that if the bank is unwilling to offer a reasonable modification that puts the loan value at no more than current home value is to remain here as long as possible rent free so that I can try to set aside some monies for my next home.
If anybody has any knowledge on what should or should not be happening with the current lawsuit pending I'd love some feedback.
Hi Henri,
You should contact a real estate attorney and take his opinion and help in dealing with the lender. The attorney may help you in negotiating with them so that the lender will help you in modifying the loan.
Thanks
You should contact a real estate attorney and take his opinion and help in dealing with the lender. The attorney may help you in negotiating with them so that the lender will help you in modifying the loan.
Thanks