Re: Wrongful Foreclosure due to Predatory Lender Service
Posted by Darryl-CA on November 18, 2003 at 11:06:52:
In Reply to: Wrongful Foreclosure due to Predatory Lender Service posted by Tonya on August 22, 2003 at 17:37:14:
Hello Tonya. I am not an attorney and I am not giving you any legal advice. Under the U.S. Bankruptcy Code Title 11, Chapter 5, Subchapter 3,Section 548(a)(1)(B)- The trustee may avoid any transfer of an interest of the debtor in property, that was made on or within one year before the filing of a petition if the debtor voluntarily or involuntarily received less than a reasonably equivalent value in exchange for such transfer or obligation; and was insolvent on the date that such transfer was made or became insolvent as a result of such transfer. In other words, if you file chapter 13 bankruptcy within 1 year of the foreclosure sale, and had $70,000 in equity which you did not receive, the court trustee can and will reverse the foreclosure if you are now insolvent.I have reversed many sales using this method.If you need more info call me @562-500-0732 : 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
