The Goal of Foreclosure Defense…?

Hello Paul,

I tried from Dec. 2006 to work something out with my servicer, CountryWide. I have not made a payment since April 2007. I tried to sell the house from Dec 2006 to Oct. 2007. Even a short sale didn’t work because CW said the investors wanted more money. I had 2 offers of 200000.00 and the balance was 245000.00. I tried loan mod., stayed in contact almost daily. Nothing has worked. 

Now I am being contacted by BofA. They say they are now the servicer. I have had no notice. And all the certified letters to CW went unanswered.

My lender and broker had there licensed revoked where my loan was org.in WA, my home is in CA. The title company they used, I have learned, was never licened in CA.

I have received calls from a lawyer working for the Lender stating that my loan is part of a class action lawsuit against the lender. I looked up any lawsuits against the lender, and there are a lot, anything from racketeering to security fraud. (Impac funding dba Impac lending)

I am now wondering if there is something wrong with my Note. In one of the WA State finding, the broker did not pay the storage fee’s for loan documents. The broker, lender and title company were in the same city when my loan was done. The problem loan packages was at the time my loan was done.

I know lawyers and aduiters are very costly, is there anything eles I can do on my own to save my home. I am at a point I refuse to do a mod. After almost 3 years of tring to work something out and not one willing to work with me, I want to fight. I have sent letters requesting documents, they were never answered, and I have 2 more request in the last month. But I don’t know if I have a correct address for BofA because they have never sent anything stating they are the servicers and where I could write or call.

Kathleen

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Hi Kathleen,

Bank of America IS Countrywide, has discarded the Countrywide name, and rebranded it as Bank of America Home Loans.  I would use the following corporate address for Bank of America:

Bank of America
Attn: Qualified Written Request
100 North Tryon Street
Charlotte, NC 28255

And Kathleen, if your goal is a settlement by way of a favorable loan mod or a short sale then I’m with you, but without a settlement in mind, I’m not sure how healthy that is.  Delaying foreclosure indefinitely will 999 times out of 1,000 end in foreclosure.

As a side note, I looked at two refinances this week (both were originated years ago) and both were eligible for extended rescission.  One borrower didn’t have the payment frequency listed on the TIL disclosure and the other borrower had an underestimated prepaid finance charge in excess of $100 (the tolerance for foreclosure is a mere $35).  It appears both borrowers could cancel their loans and when they cancel the loan, the security interest is required to be released and that leaves nothing to foreclose. 

I do most of my work in Florida where lenders must foreclosure judicially.  California foreclosure generally takes place outside of the courts.  It sounds like there is probably already a cause of action for failure to respond to the Qualified Written Requests, but again I’ll say that IMO there must be a settlement in mind (loan mod, short sale, DIL, etc.) in order to fight foreclosure.

Read: Injunction Junction What’s Your Function

Thanks for the questions and hope this helps.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.