I am looking to join and / or start a Class Action Lawsuit. If anyone has a similiar scenario as me, lets do this! I think Class action would be one of the very few things that would require GMAC to follow laws and procedures by the book. I will be moving forward 100%, regardless of class action. ANYONE who can confirm my research below would be greatly appreciated and ANYONE who has ANY other feedback whatsoever that might help in ANY way whatsover, please do not hesitate on contacting me.
PLEASE READ BELOW (I've included a lot of information for others that might just want advise)
I will find it very hard to believe that ANYONE out there has ever heard of anything like this. Last Wednesday, May 30th, we received a call at 2:00pm by a woman who introduced herself as a Realtor named Cindy. We said ok, what we can help you with Cindy? She says, my client Ron just bought your house, located at %. Our response is... Ummm... No he didnt, I'm sorry Cindy but you must be confused. She replies that no he just finalized everything at the courthouse where your house was auctioned off.
You guys need to sit back for a second and seriously imagine this taking place. We had NO idea, no notification whatsoever, I mean literally NOTHING! Just sitting at work at 2pm on a normal day and getting a call saying "my client Ron just bought your house and you guys need to move out of your home within 3 days, at the latest, Thank you, goodbye."
So i start researching on the web for California laws, codes, procedures, etc. Long story short is that i found a few websites that gave some great and helpful information, but found it literally impossible to speak with any of those lawyers, to confirm my research and move forward with my case. When i did get a hold of someone, he seemed more excited about me contacting him, than actual knowledge of the laws and legal system his website markets as his niche.
What i found:
That this appears to have been a Non - Judicial Foreclosure, due to expedited time frame of sale from NOD. Bank told me the NOD was publicly noted 133 days before the sale, NOD's require minimum time of 120 days after filing, (the reason for the 120 days is so the borrower has a realistic amount of time to do their dilligence and negotiate a deal with the Beneficiary to keep the property) an opportunity i NEVER received. Judicial Foreclosure is an actual lawsuit and therefore takes much longer, up to a year.
Non Judicial power of sale is carried out as follows:
A notice of sale must be:
1) Recorded in the County where the property is located at least fourteen (14) days prior to the sale,
2) Mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale, (never mailed)
3) Posted on the property itself at least twenty (20) days before the sale (never posted)
And
4) Posted in one (1) public place in the County where the property is to be sold.
The notice of sale MUST contain the time and location of the foreclosure sale, as well as the property address, the trustee's name, address and phone number and a statement that the property will be sold at auction. Again, the MOST pertanent and valuable information that i could have EVER received, which was not sent to me.
The borrower has up to 5 days before the foreclosure sale to cure the default and stop the process.
Lenders may NOT seek a deficiency judgement after a non-judicial foreclosure sale. They can not 1099 you the difference between the amount owed from the amount sold, so if you owe $500k and someone buys it for $400k, most people are told that they will be 1099 for the $100k loss that the lender took. Not true in non - judicial sale.
If there's a lawyer out there with specific knowledge on this subject but not great at litigating, I have one of the best Litigators in the State willing to Partner up with you.
I WILL win this, but I might need your peoples help. Again ANY FEEDBACK will be greatly appreciated.
I would love to make this a HUGE PUBLIC embarassment for GMAC, so the more attention this receives, i think the better off everyone involved with this company (GMAC) will be.
Respectfully,
S.P.
Orange County, California
U.S.A.
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