Sheriff sale date set before Chase sold loan

[SallyAnn]

Hi everyone, I'll try to keep this short..

I'm in PA

I had two sheriff sale dates postponed already. The next sale date is Oct 5. However I just received a notice that Chase has sold my loan and they will no longer own/service it starting next week.

So, does the new owner of my mortgage have to start the foreclosure proceedings all over again or will the Oct 5 sheriff sale date still be enforced even though Chase will no longer own the loan in a few days?

Can I attempt the modification all over again with the new owner of the loan?

Will Chases Attorneys (who I've been in contact with and who have actually been helpful in offering me advice in ways to save my house) still represent the plaintiff even if it's not Chase?

Please advise, I have no money for an attorney.

Thank you
Sally

[AlbanyMan]

Thats a tough question. Most jurisdictions require a party to have standing to pursue an action. I would think that there should be some public record of the assignment. I would also think there is an obligation for the creditor to advise the court and you who the new party in interest is. A judgement issued when a party is not the party in interest is Void. Also you need to check but some judgements are not assignable and others require an update to the judgement of the new payee name and address or it may be void. I sure hope you researched the chain of assignments and checked that the "LEGAL HOLDER" of the "NOTE AND MORTGAGE" is the one actually suing you for forclosure. A servicer many courts are holding has ZERO standing to ask for foreclosure. Only the actual legal holder of the note and mortgage may file anything and they must be the legal holder on the date of filing, not the following day or next month that very day and must prove it by showing the note with all assignments and explanations for any assignments not recorded in the public records. Just one lapse in chain of custody or improper endorcements can defeat a foreclosure.

Write a letter to the court and ask the judgement be set aside as the company who received the foreclosure judgement was not the real party in interest. If you can attach public records showing company X actually was the legal holder and not Chase on the date the suit was filed your golden, otherwise you have to state that a reprerentitive told you that it was an investor backed mortgage from the begining and he/she did not know the actuall holder if something like that happened or happens. That would be reasonable cause for the judge to delay or reconsider or for that matter an appeal. Also if it is a default judgement, most courts want to hear a case on the merits and if you present a meritorious defense like there was no standing the court may consider a reconsideration. Be careful and move fast and raise every possible defense now.

[secondtimer]

Is the new owner/servicer by chance "Selene Finance" ????

I've been round and round with Citi until I got notice that my loan and servicing rights have been transfered to Selene.

The letter specifically stated the assignment will not be publically recorded.

I googled Selene, the servicer, and SMROF, the new investor, and found that they buy delinquent residential mortgages at "deep discounts" and get them "performing" again and then resell them.

The guy who started SMROF and Selene is the same guy who invented Mort Backed Securities in the 80's.

http://www.indianaconstructioncpas.com/Newsletters/2010%20Spring%20REF/REFarticle1.Print.htm

[poorold]

selene finance

On Friday, I received notice that some private trust bought the loan from Citi and Selene Finance is the new servicer.

My foreclosure is at the final stages (FL) in the court. Citi had filed for Summary Judgment but it has not yet been issued.

On Monday (yesterday), I filed a motion to dismiss because Citi no longer has standing to foreclose.

lol.