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Letter from CW re:foreclosure, but loan is not on my name only the deed

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    #1

    Letter from CW re:foreclosure, but loan is not on my name only the deed

    Hi guys,
    I need your help, plz.

    Background info: We stopped paying our mortgage to CW around April.

    Mortgage loan is under my husbands name not mine (he quit claimed me last year when he refi-ed; I'm on the deed, but not on the mortgage), and I never signed any docs for a mortgage. All statements from CW are under his name (I just double checked them).

    Today Recontrust (on behalf of CW), send a letter addressed to me telling me about the foreclosure they will soon begin.
    Am I going to have a foreclosure on my credit even though the mortgage loan is not under my name?

    Also, we logged into CW/BOA account just now, our loan account # is not even there. At all. We looked under every category, and it's not there. The other one's, from before we refi-ed are there & are noted as: paid in full. Do they delete delinquent loans account # so that we can't see them anymore, or is it something else?

    Oh, and on May 27th we received the Intent to Accelerate letter, that one was addressed to my husband, and it was from BOA.

    Please let me know if you have experience with something like this, or just have a comment.

    Cheers, and bless you all. I apologize for the lengthy post.
    Tags: None
    #2
    I cannot answer most of your questions, and hopefully someone can help.

    I can tell you, though, we stopped paying CW/BoA in January, received the Acceleration letter in March and have not heard from them since, except via phone. There is no Lis Pendens filed.

    I call them every couple weeks and ask about a mod and sometimes email them or fax in some info, just to string things along.

    You likely will have a whole bunch of time on your hands before they take serious action. And if you wish to extend that further, you might want to call and start (and stop) the ball rolling on a "mod". This seems to be working for us.

    We also plan to fight the foreclosure in court, which really isn't that expensive and may be an avenue you want to consider.

    We are in Florida, and I see you are in Cali. I believe they are overwhelmed with cases and think it unlikely they will move fast. It is possible of course, but a little grease in the wheels (call them or apply for a mod), slowed things a ton in our case.

    Best luck in all this, and sorry to hear of your trouble, but there are many of us in the same boat.
    11-20-09-- Filed Chapter 7
    12-23-09-- 341 Meeting-Early Christmas Gift?
    3-9-10--Discharged

    Comment

      #3
      Thanks a lot for your reply, and for sharing your experience.
      I'm gonna call CW/BoA on Monday, and I'll try to initiate a mod.
      Thanks again, it's a great idea.
      all the very best,
      Nikki

      Comment

        #4
        Starting a mod seemed to (in our case anyway) throw us into a dark dungeon of uncertainty. For them. The various departments we are connected to when we call are all uncertain why we haven't been served foreclosure NOD, and warn it could happen any time, but if we send some cash it will help. HAHA.

        Time is (probably) on your side.

        Some posters on this forum are 2 years out and have not heard a word from CW/BoA. This is not the norm, but it does happen.

        Save your money, plan for the future, and keep asking about mods every week or two. Reminds me, I need to call Monday. Not for sure on this, but they seem as confused about the whole thing as we are, and every time I explain that we were approved a week ago for a mod, they don't quite know what to say.

        Eventually the game will be up for us (as for you), and then we will get our attorney involved, but you definitely can extend the process for long enough to make some progesss in savings.

        We now have enough to buy a small home outright in our area with no need for a mortgage and that is our plan-but only when it makes sense.

        Best of luck to you. I hope this drags out long enough to make a difference for you and your family.
        11-20-09-- Filed Chapter 7
        12-23-09-- 341 Meeting-Early Christmas Gift?
        3-9-10--Discharged

        Comment

          #5
          Oh, one additional thing.

          If you are not on the mortgage now, and they offer a mod that seems very attractive, but requires YOU to sign, consult an attorney or RUN LIKE HELL.

          They are NOT your friends and will hook you any way they can.
          11-20-09-- Filed Chapter 7
          12-23-09-- 341 Meeting-Early Christmas Gift?
          3-9-10--Discharged

          Comment

            #6
            Even if you own the house (on the Deed) but the mortgage you do not own, the mortgage is secured by the house. If it is not paid, they have a right against the house no matter who signed. The house was encumbered at some time against that mortgage and they have a right to do so. 'Hub
            If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

            Comment

              #7
              The bank has to notify anyone who is on the deed and any tenants who may live in the house about the foreclosure. That's why your name is on the letter. It does not mean you will have a foreclosure on your credit report.

              Comment

                #8
                Thanks for your replies, and a special thanks to you DeadManCrawling. You have given me some great advice, and guidance. I appreciate it.

                I didn't get far with CW today , but I'll try again tomorrow. Basically, when I called them today, a woman said she can't discuss the loan with me unless my husband is with me or calls them and tells them it's ok to talk to me about the loan, but we'll call them again tomorrow morning.

                So, this is it for now...oh, and hereforinfo thanks for clearing it up for me about the letter.

                Nikki
                Last edited by nikkidbl; 07-13-2009, 05:08 PM.

                Comment

                  #9
                  Originally posted by nikkidbl View Post
                  Thanks for your replies, and a special thanks to you DeadManCrawling. You have given me some great advice, and guidance. I appreciate it.

                  I didn't get far with CW today , but I'll try again tomorrow. Basically, when I called them today, a woman said she can't discuss the loan with me unless my husband is with me or calls them and tells them it's ok to talk to me about the loan, but we'll call them again tomorrow morning.

                  So, this is it for now...oh, and hereforinfo thanks for clearing it up for me about the letter.

                  Nikki
                  They can't, by law, discuss details of the account with anyone who is not named in the Note. You might have your husband write a short note stating that "I, (his name), give permission for (lender's name) to discuss all details of (loan number) with (your name)", and sign the note. Fax it to them, and then they will have his written permission to discuss anything on the account with you. But hang onto the original note and be prepared to fax it more than once -- there are lots of departments and many people in each department, and Things Get Lost.

                  MollyB

                  Comment

                    #10
                    Oh, Molly, thanks. I was told to do exactly that. I hope you don't mind if I copy paste and print it the way you put it.
                    When we called CW today, a customer rep told us that we don't qualify for the Obama program, then she came back and said maybe we qualify but our payments would go up at first so fax them our info, and call them in two weeks... what a joke. But, we decided to fax them what they asked for anyway, call them in a week etc., and see how it all plays out. She said that the foreclosure process will not stop, and that it takes them months to review docs. Of course, we know that by then they will most likely foreclose on us.

                    nikki

                    Comment

                      #11
                      Just wanted to update this thread in case it'll help someone else with a timeline or something.
                      We received our NOD letter today. Bummer.
                      Although we're freaking out a little, we also think it's time for us to let it go and move on. This mess has cost us too much money, worry, and stress already.
                      Cheers,
                      Nikki

                      Comment

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