Re: Wrongful Foreclosure due to Predatory Lender Service

Posted by damien on August 25, 2003 at 19:46:53:

In Reply to: Re: Wrongful Foreclosure due to Predatory Lender Service posted by Biskut on August 25, 2003 at 18:55:53:

: : : For the past month I could not find anyone willing to assist me with my case. I live in San Joaquin County where most attorneys are not familiar with Predatory Lending and many have told me they have a conflict of interest with representing me in an Unlawful Detainer case filed by the new investor who purchased my property  he is very influential in our community. : : : I am sending this notice to seek urgent assistance.

: : : July 8, 2003 my property was wrongfully foreclosed by National City Bank /First Franklin Financial (a San Jose,CA- HQ Lender). I have over 70K in equity and was foreclosed on in error from the Lenders Servicing Departments (Loss Mitigation & Collection). Both departments have not worked with each other on several incidents and this has caused a wrongful foreclosure.

: : : My Story:

: : : I had fallen behind on my mortgage due to an illness. First Franklin offered a mortgage repayment plan in Sept 02 to save my home and catch up. The new mortgage plan would be to repay 1.5 times the normal monthly mortgage for 10 months until current. This plan was steep and First Franklin acknowledged that it was a tight budget because my debt to income ratio was too high. The plan was offered that if I make a few payments at this rate they will re-negotiate the plan later if needs be, but that this will rate will show the Lender I am serious about keeping my home. This repayment plan was to remove me from any foreclosure processes as explained by the Loss Mitigation personnel. There would be no Trustee Sale, no Foreclosure and credit would reflect payments as agreed, but still show late until caught up. I understood and agreed with the plan.: : : : : : While the Lender worked on the formal plan, A Trustee Sale date was set for Nov 12 02. I was told that the Trustee Sale was never to have been ordered and that it was an error. The sale was stopped. After making a few payments as agreed, I tried to refinance through Merit Financial and was advised by a Sr. Loan Officer not to make a Jan. payment as it would be included in the new loan, this action caused me to breach my repayment plan, After advising the Lender of the incident, they were kind enough o allow me to make both Jan/Feb payments to catch up. I had until Feb 28 03 to make payment, but found out that on FEB 13 03 there was another scheduled Trustee Sale date, First Franklin said it was another error on their behalf. Again, the sale was stopped only a few hours from the scheduled time. Adding to the stress, I had problems with my employer who was not paying on time or proper wages, the employer was going belly up  fast. I advised the Lender and also requested a new repayment plan to assist with the hardship I was starting to experience.

: : : While working with the Lender in Loss Mitigation, the Collections dept sent me a notice May 3 regarding a breach contract and that I had until June 2, 03 to cure the past due balance approx $6000. I continued working with Loss Mitigation on getting a repayment plan and offered $2700+ (which would cover 2 months regular mtg payments) towards the past months payments. The Lender continued to advise me they are working out a new plan and will see if they can accept partial payments, since I am showing good faith of making trying to cure past due balance. After a month of trying to get the financial sheet from the Lender, they mailed it out on June 2nd which was the last day for me to make a payment according to the Collection letter. On June 5th, I recd financial sheet and faxed o Lender, confirmed receipt by Lender employee and waited for response. While they worked with me on the repayment plan, another Trustee Sale date was scheduled, I was never notified of it and my home was sold on July 8th. I had been working with First Franklin during the whole time and no one advised me of the sale.

: : : I currently have an Unlawful Detainer suit against me filed by the new investor and have a court date on Sept 2, 2003 @ 9am. The investor has been forcing me to sign a

Follow Ups: 

Name    : E-Mail  : Subject : 
Comments:: : : : For the past month I could not find anyone willing to assist me with my case.  I live in San Joaquin County where most attorneys are not familiar with Predatory Lending and many have told me they have a conflict of interest with representing me in an Unlawful Detainer case filed by the new investor who purchased my property – he is very influential in our community. : : : : I am sending this notice to seek urgent assistance.: : : : July 8, 2003 my property was wrongfully foreclosed by National City Bank /First Franklin Financial (a San Jose,CA- HQ Lender). I have over 70K in equity and was foreclosed on in error from the Lender’s Servicing Departments (Loss Mitigation & Collection).  Both departments have not worked with each other on several incidents and this has caused a wrongful foreclosure.   : : : : My Story:: : : : I had fallen behind on my mortgage due to an illness. First Franklin offered a mortgage repayment plan in Sept ’02 to save my home and catch up.  The new mortgage plan would be to repay 1.5 times the normal monthly mortgage for 10 months until current.  This plan was steep and First Franklin acknowledged that it was a tight budget because my debt to income ratio was too high. The plan was offered that if I make a few payments at this rate they will re-negotiate the plan later if needs be, but that this will rate will show the Lender I am serious about keeping my home.  This repayment plan was to remove me from any foreclosure processes as explained by the Loss Mitigation personnel.  There would be no Trustee Sale, no Foreclosure and credit would reflect payments as agreed, but still show late until caught up.  I understood and agreed with the plan.: : : :  : : : : While the Lender worked on the formal plan, A Trustee Sale date was set for Nov 12’ 02. I was told that the Trustee Sale was never to have been ordered and that it was an error.  The sale was stopped.  After making a few payments as agreed, I tried to refinance through Merit Financial and was advised by a Sr. Loan Officer not to make a Jan. payment as it would be included in the new loan, this action caused me to breach my repayment plan, After advising the Lender of the incident, they were kind enough o allow me to make both Jan/Feb payments to catch up.  I had until Feb 28 ’03 to make payment, but found out that on FEB 13 ’03 there was another scheduled Trustee Sale date, First Franklin said it was another error on their behalf.  Again, the sale was stopped only a few hours from the scheduled time.  Adding to the stress, I had problems with my employer who was not paying on time or proper wages, the employer was going belly up – fast.  I advised the Lender and also requested a new repayment plan to assist with the hardship I was starting to experience.  : : : : While working with the Lender in Loss Mitigation, the Collections dept sent me a notice May 3 regarding a breach contract and that I had until June 2, ’03 to cure the past due balance approx $6000.  I continued working with Loss Mitigation on getting a repayment plan and offered $2700+ (which would cover 2 months regular mtg payments) towards the past months payments. The Lender continued to advise me they are working out a new plan and will see if they can accept partial payments, since I am showing good faith of making trying to cure past due balance. After a month of trying to get the financial sheet from the Lender, they mailed it out on June 2nd which was the last day for me to make a payment according to the Collection letter.  On June 5th, I rec’d financial sheet and faxed o Lender, confirmed receipt by Lender employee and waited for response.  While they worked with me on the repayment plan, another Trustee Sale date was scheduled, I was never notified of it and my home was sold on July 8th.  I had been working with First Franklin during the whole time and no one advised me of the sale.: : : : I currently have an Unlawful Detainer suit against me filed by the new investor and have a court date on Sept 2, 2003 @ 9am.  The investor has been forcing me to sign a forbearance agreement that waives certain civil rights to the property and has refused to accept any fair market rental money I have offered unless it accompanies the forbearance agreement.  : : : : In short, I will be evicted and homeless with my children (as I have no family to assist me) – all because of First Franklin / National City servicing errors which have occurred more than a couple of times! : : : Tonya,: : : This might not be the answer you want to hear, but after reading your story I see no wrong doing on the lenders part. It seems they had over extended the payment options for you, even though you broke the plan more than once. : : : Under California Law the investor who purchased the home takes posession ASAP and has the right to ask you to move out. By fighting with the investor you are going to ended up an eviciton on your record make it very hard to rent a new place. : : : Again I am sure you did not want to hear that answer, but in my opinion you have no case based on the information you posted. In my opinion I would move out, and move on. On the positive side, it only takes about 2 years to move past a foreclosure and move into a new home again. If you drag out your legal fight you are never going to get started on the recovery process.: : : good luck, and I hope things workout for you.: : : Damien: : Damien,: :  You are an idiot. She has 70K in equity. Would you walk away from 70K without trying to straighten it out? Puss.: I am an idiot, thats interesting. I guess you have no clue on the laws of California, nor how foreclosure works. : Good Luck, I hope you figure it out. : DamienOptional Link URL : Link Title        :

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