Lender Foreclosing Not on Note! What now?

[tkharvey]

Can anyone please give me some opinions of their experiences with this. My attorney called last week and said that our lender has made a motion to lift the automatic stay so that they can finish foreclosing on our home. (We filed a 7 on October 15th...surrendering our home (loan mod denied) but we want to stay here as long as possible to save, save, save as much as we can. Anyway, my attorney said that something looks "fishy" on the note. Our mortgage has been sold several times, and the lender currently servicing our mortgage was, according to our attorney, never listed on the note. He is going to object to the motion to lift the stay, based on the fact that the party trying to bring suit against us (lender) has no legal recourse since they are not correctly listed on note. Anyone have this happen to them? If so, what was the outcome. Just trying to buy a few more months if we can. Thoughts?

[jlmaca]

Can anyone please give me some opinions of their experiences with this. My attorney called last week and said that our lender has made a motion to lift the automatic stay so that they can finish foreclosing on our home. (We filed a 7 on October 15th...surrendering our home (loan mod denied) but we want to stay here as long as possible to save, save, save as much as we can. Anyway, my attorney said that something looks "fishy" on the note. Our mortgage has been sold several times, and the lender currently servicing our mortgage was, according to our attorney, never listed on the note. He is going to object to the motion to lift the stay, based on the fact that the party trying to bring suit against us (lender) has no legal recourse since they are not correctly listed on note. Anyone have this happen to them? If so, what was the outcome. Just trying to buy a few more months if we can. Thoughts?

How long you can stay will depend on several things, first your state laws. Every state has different proceedures. My situation is similar to yours but my lawyer did not bother to object to the relief of stay which they got but have not even bothered to send me a "notice of deficiency". After that if I don't pay up they will issue a "summons of foreclosure". I then have 30 days to answer that. Then I have a 90 day period of redemption before a sale date is set. So you could have quite a long time depending on your situation. Also your attorney could really delay this by filing motions etc on the legitimatcy of the note. There is some really good info on this tactic here on the forum. I'm sure they will chime in soon. Good luck.