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Something similar happened to me: I had a house that I bought for $490K had put 80K down and had equity of something like 70K. I made all my payments on time -
by phlux 16y ago
Something similar happened to me: I had a house that I bought for $490K had put 80K down and had equity of something like 70K.
I made all my payments on time - had a credit rating of 750 was never late or missed a payment.
One day - I went to make my payment online and the payment button was missing of the page.
Everything else was the same on the sie - just the make payment button was gone.
I called the bank and inquired. They stated very matter-of-fact "Oh, that's because we sold your loan. Your loan is no longer with us - you need to call your new lender"
WTF?!
I had no indication, no notice, no letter.
I said "Who did you sell it to?" They claimed they had no idea - that it was sold "with a whole bunch of other loans - they have no idea who has it now, the new lender should have contacted me."
They hadn't.
For more than 6 months this went on - no notice from my lender, no contact from the supposed new lender. At first - I was calling my lender every day - then every week - continually asking. No info.
Then after six months - I got a notice of foreclosure and a statement saying I needed to pay $30K
I didn't have $30K - and other situations had changed as well (change of job, divorce, change of income level).
The new lender refused to work with me on the delinquency stating "I did not make enough money to qualify for a refinance"
They ended up taking my home and ruining my credit - I still haven't recovered financially, and emotionally form the experience. My credit rating is now poor - and I cant seem to fix this.
As I mentioned, I had a great credit rating of 750 - and had zero debt (I have made it a choice to not carry credit cards) and after this incident I could not get a credit card now that I would need one.
It has totally fucked over my life and I dont see how I can fix this part.
- shii 16y agoCurious when this happened. My parents just bought our first home in fall of 2010 and I'm scared to death that Wells Fargo will try to pull this sort of thing. It seems the only recourse in this type of situation is to contact your local representatives in Congress for help and to bring attention to your situation, because of the bureaucratic nightmare these mortgage backed securities that your house was rolled into are.
- phlux 16y agoThis happened in 2008
- encoderer 16y agoI admit to being out of my depth here, so this really is just a question and not an assertion. But wouldn't the right thing to have done there would be to continue putting the entirety of your mortgage payment, every month, into an escrow account with your local clerk of court? I know this is the proper thing for a renter to do when there's a grevience with a landlord that could result in him filing eviction. I'd imagine a judge seeing this, when they file foreclosure, would look favorably upon your good-faith efforts to pay a debt you obviously owe.
- phlux 16y agoI did keep the money that I was paying on my mortgage - until I lost my job and was going through a divorce. My circumstances were farked in multiple ways... The amount I was making on my income was less than required for all my bills - as we had joint income of around ~250K. After we split, and then later I lost my job - I had to make decisions on what to pay: utilities/food/gas etc.. which took away from what I had saved for the mortgage - when I was finally contacted, via the foreclosure notice - which was the first and only communication from the new lender - I didn't have the total amount and was farked.
- dennisgorelik 16y agoWhat would have happened if your original bank did not sell your loan and kept asking you for monthly payment as usual?
- phlux 16y agoWell, for one - I would have paid until I lost my job and split - and I would likely have had a better "relationship" with the bank as I had never missed a mortgage payment or made it late in the 4 years i had the place. However - I was obviously just some number to the bank given that they heartlessly sold my loan as some lump sum group of loans out without notification or explanation - so I can only speculate....
- 16y ago