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Posted by RSI on March 24, 2007 at 19:58:33:
In Reply to: Help What would you do? posted by Kathy on March 24, 2007 at 05:37:01:
into investment property and move forward with my life...until such time as the powers that be figures out which hand is feeding the other.
Realistically, you have no legal obligation to 'help' the foreclosing agent foreclose on you.
Of course, you'll want to stave off the holder of the second (an offer in settlement) to secure your place in line should the matter never resolve itself.
If you are planning a long distance move, it might be in your best interest to hire a local property management company to make certain that your investment property is being maintained and your lease contract is being honored.
One final thing: Your attorney should seek to determine the statute of limitation for servicing a "displaced" loan. I'd probably seek legal guidence in filing a servicing injunction (or even termination) since the investor's identity remains unclear. It could be that the servicer is not really legally entitled to service the loan. A point worth challenging in court.
Should servicing rights be terminated...Your next move will be to secure an order of judgement releasing you from your contract since your original contract (it would appear) has either been paid in full or voided.
You might be best served at this point contacting a Real Estate Attorney as your average bankruptcy attorney will definitely be stymied.
If ownership cannot be determined, Congratulations...You win the American Dream Lottery.
