Foreclosure Question

Quote from Soon2Bgreat:

Did you read the article? Yes, physically the family moved back in - but what they are doing is wrong. They do not have the right to do so, they are delinquent, and have lost their home.

"The Earls’ arguments didn’t fly in a June bench trial held in Ventura County Superior Court. The judge ruled in favor of Conejo Capital Partners after refusing to seat a jury."
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You left out the part where they were first told they were 10k behind, so they wrote a check for 12.5k, only to be told by someone else they owed 25k. Collection agencies do the same thing - a shell game that never allows the party to pay the debt off due to it being a moving target.
 
Quote from krazykarl:

You left out the part where they were first told they were 10k behind, so they wrote a check for 12.5k, only to be told by someone else they owed 25k. Collection agencies do the same thing - a shell game that never allows the party to pay the debt off due to it being a moving target.
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They claim they were told they were $10k behind. Really? On an $880k mortgage that would be less than 3 months behind. I'll bet they were more like 6 months behind. Which would make the $25k figure more or less correct. These people are deadbeats. They serially file bankruptcy. First, one spouse, then after that bankruptcy case is disposed of, then the other files. In each case an automatic stay is in effect. Legal proceedings are halted. Intentionally done to delay the foreclosure. Which is exactly what the trial judge felt was going on. Seen it done many times in Florida.
 
Quote from syd697:

What happens if someone bought a foreclosed home through all the proper channels, and then finds out that the home was fraudulently foreclosed on?

Do they have to move out and give up their new home? And does the original occupant get their home back?

I bet this scenario might play out in the near future.

Any thoughts?
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Title will remain with the new owner and the bank will eat it. Theoretically, the old owner will have a claim, but the title will be with the new owner and the banks insurance will pay the claim. Keep in mind, they're not foreclosing if you're making your payments.

Geez, they're hardly foreclosing in you're not. The average foreclosure has not made a payment in 18 months.

Most of this is election year grand standing.

Full disclosure, I'm a Realtor, which according to many on ET means I know nothing about real estate. :D
 
Quote from rallydog:

Title will remain with the new owner and the bank will eat it. Theoretically, the old owner will have a claim, but the title will be with the new owner and the banks insurance will pay the claim. Keep in mind, they're not foreclosing if you're making your payments.

Geez, they're hardly foreclosing in you're not. The average foreclosure has not made a payment in 18 months.

Most of this is election year grand standing.

Full disclosure, I'm a Realtor, which according to many on ET means I know nothing about real estate. :D
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got any good stories for us?
 
Quote from rallydog:

Title will remain with the new owner and the bank will eat it. Theoretically, the old owner will have a claim, but the title will be with the new owner and the banks insurance will pay the claim. Keep in mind, they're not foreclosing if you're making your payments.

Geez, they're hardly foreclosing in you're not. The average foreclosure has not made a payment in 18 months.

Most of this is election year grand standing.

Full disclosure, I'm a Realtor, which according to many on ET means I know nothing about real estate. :D
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Wrong! See my earlier post. Further, if as you say title will remain with the new owner, then whom exactly is the "banks insurance" supposed to pay, and why? Also, what insurance would that be? Title insurance? If so, then only the new buyer would be entitled to make a claim. But, if as you say, title remains with them they have no claim. No, its far more likely the former homeowner regains title, at least temporarily, and the new homeowner makes a claim against the title insurance company. The title insurance company in turn, makes a claim against the bank.
 
Every state has statutes for fraud... These matters are much more complex as the statutes of limitation only begin to turn after the fraud is discovered... realistically an heir can make a claim 50 years from now and the court would issue a ruling.
 
Quote from krazykarl:

You left out the part where they were first told they were 10k behind, so they wrote a check for 12.5k, only to be told by someone else they owed 25k. Collection agencies do the same thing - a shell game that never allows the party to pay the debt off due to it being a moving target.
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Regardless of whether they were or were not actually behind - it is what they did after this that was wrong. They decided to stop making payments, which led to their foreclosure.

Separately, this was one of many payments they were obligated to. It's not as if the 12.5K payment was to pay off the mortgage - which may give some credibility to stopping subsequent payments. They owed much more than 10, 12.5, or 25K.
 
Quote from Corelio:

I agree. But what are the banks doing is right?

The fact that they are delinquent does not give banks the right to simply falsify signatures and documents to force foreclosure. The issue here is that banks did not follow the law. Simple as that.
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Agreed. The key is that anything the banks do (be it fraudulent or otherwise) is irrelevant because the home owner is delinquent and should be foreclosed on. If the banks do not follow the correct foreclosure process they will be forced to answer for that - however the home owner will still be forced to vacate the home.
 
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