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need info re if I let my house go into forclosure will they take my money

Date: Sat, 02/11/2012 - 17:09

Submitted by hometowngirl2012
on Sat, 02/11/2012 - 17:09

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Total Replies: 1


I need help....
my income that I secured my home loan and equityline of credit with is gone.
I have been using my lifesavings from his death to pay my mortgages and bills with.

If I keep paying for my house which needs about 25K worth of work before I can put it on the market and the bills will eventually eat up all my money. I can keep paying the mortgage for a year waiting for it to sell.


If I let the house go can they take my non taxable savings and my rental house in another state that I get a small income from?

I have been to 3 different attorneys and they won’t tell me or maybe don’t know if Wells Fargo who bought the 1st from Chase and the 2nd mortgage a line of credit that is held by Chase.will sue me for my assets. I think he said that they could sue me.

The attorney told me to stop paying on the 2nd and be mean to them to tell them to "F$$$" off . I of course was shocked to an attorney to tell me to do that. he also said to keep paying the 1st and after a few months stop paying the 1st first mortgage and to be nice to them when they call..

I don't know what to do and don't want to end up living under a bridge. I get a small amount of money from my husband’s social security. The social security money and the small amount of rent money wont cover my house payment and my health insurance is 800 + a month with basic coverage. no dental... no vision. I have had 3 strokes and heart problem and am afraid to cancel my health insurance and am not old enough for medicare.

If I just buy another house in another state and move away from my home can they sue me and get a judgment against me.

The attorney said he could litigate for me. with the banks.
Do you have to have an attorney when you are forclosed on or Can I just move away and give the keys to the bank? one key to Wells Fargo and one to Chase? I am scared and don't know what to do.

I would appreciate any information that you could give me.
[COLOR=#0D0D0D]Thanks,,, I am one scared grandma :confused:[/COLOR]


Hi Grandma,

Since the mortgage (and the HELOC) have been sold numerous times I bet they can't provide the note. In many cases these banks sell the note and mortgage separately.

Don't know what state you live in, 23 are judicial foreclosure the rest non-judicial (bank doesn't have to go to court). Immediately write a RESPA request to the banks and demand the note and mortgage as well as proof that they still own/hold both. If they can't provide it, you DON'T HAVE TO PAY. RESPA has provisions that you don't have to pay the note while the mortgage is in dispute. And the attorney was partially right if he said "don't pay the note." If they don't own it, you don't have to pay. And they can't foreclose. I'll post a Free RESPA request here.

Here's a kicker, if you're over 60 most states through elder affairs will give you Free legal advice AND a Free attorney. And if you're not over 60, get ahold of Legal Aid. If they can't help you, contact me here through the forum. We'll stop this foreclosure in its tracks.

Sara:)


lrhall41

Submitted by Sara Goodman on Tue, 02/14/2012 - 09:39

( Posts: 8 | Credits: )