Currently, many of our friends and family are purchasing first homes. This is so exciting! We want new home buyers to enjoy their home through the term of their loan, when they will actually hold the title and truly be a home owner.
This blog is not simply to tell our story, it is also to warn people of the prevalent foreclosure scam that is happening nationwide. I want to help educate so you may avoid a fraudulent foreclosure situation in the future! Also, be aware of the importance of doing your own due diligence before signing legal documents on your new home (remember the DA has current cases open involving homeowners with fraudulent deeds). Verify that the title is clear. You can access documents at your local county recorder. Robo-signing (See posts: "Robo-Signing" and "A Summary of My Assumption- SOMEONE IS STEALING HOMES") is a regular fraudulent practice in the real estate world. BEWARE!
Remember a home loan is typically 30 years. Many of us are only that old! Have you ever been in a financial hardship situation in your last 30 years of life? Chances are that you may in the next 30 years as well! Servicers are making it difficult, if not impossible to get a loan modification and/or refinance, or negotiate with the lender/note-holder to avoid foreclosure. Today mortgages are sold to other lenders and passed around regularly. Keep notes, tracking dates and contact information for each servicer/lender as your mortgage is passed around. There may be a day where you will spend months of heartache unsuccesfully trying to go back through the "chain of deception" in order to renegotiate your loan terms (especially if your original lender went bankrupt in that time). A key in this: The "Qualified Written Request," (see post: Buyers Beware) which demands proof of ownership and servicing assignments be disclosed within 30 days. We would not have known about this but uncovered it while researching our situation. You may not have so long to figure it out before the bank takes your home to the auction block!
The "Qualified Written Request" we mailed to the servicer (Carrington Property Services, LLC), who said they "are authorized to act on behalf of the owner," and is due for response next week on June 12th. We are excited to know who the legal owner is- IF THERE IS ONE. Though, with the new servicer, Select Portfolio Services, Inc. or SPS, now offering us cash for keys, I suppose we need to send SPS one too!
ANYONE (with the deceptive and illegal means) could try to get us out of our house and then sell it with a robo-signed deed, committing FRAUD!
Please ask questions and add your experiences or advice and links to additional info in a comment (there is an option to comment below each blog post) to help readers that may currently be in this unfortunate situation.
***Wondering why the recent rise in home prices? Wall Street Investors!
We have put in offers on 9 homes in the past months (all of our offers have been in competition with at least 7 others), most of which ended up being bought by investors. Here is what NY Times reports: