Thus guys are above and beyond the law, or so they think. Novastar was so busy covering it's own a_s in bankruptcy, they laid everybody off, who was minding the "store". My payment had an impound for prop taxes, they didn't pay them until one day before tax sale. I wrote demanding a full accounting, never got it. I wrote threatening a lawsuit and telling them that I would not make payments until they accounted for the tax monies they collected, so they transfer the loan, to an "innocent thrid party." I continued to write them, no answers. On Sept 4 the "new servicer" initiates foreclosure proceedings, on Sept 16, my atorney submits a written dispute demanding a full accounting, copies of original loan documents proof of their authorization to collect, and the deed of trust. They prepared an December 11, which arrived December 18. Trustee sale scheduled 12/29/08. (my Merry XMAS). On Dec 26, I filed lawsuit, my attorney was on his Xmas vacation from December 23-January 6. On December 29 the court issued a restraining order with an OSC hearing scheduled for January 19. It was served the same day. Now I feel reasonably secured, right. WRONG and WRONG some more. They sold the house. On January 9, they issued the Trustees Deed. They violated RESPA and Ca Civ Code 2943, by not providing the notice of transfer, the accounting, the copies of the note and deed of trust. They violated FDCPA, by not timely responding to the letter and ceasing collection activities as required by the FDCPA. They violated Ca Civ Code 2924, by continuing the sale proceedings in violation of the restraining order. They will more than likely claim innocence and blame just NOVASTAR, they're history remember the BK. When Deutsche bought the loan they paid 13 cents on the dollar, roughly 35,000. They sold my house for 353,000, I owed 254,000, plus 6 months payments. Even in todays market it was worth 700K. Did they make money they, you bet. When they sold the loan for 35,000 who do you think took the "hit" for the loss on sale of the note, the certificate holders, not Novastar. Who made the money DEUTSCHE BANK. And guess who was advisor to NOVASTAR in preparation of its BK filingDEUTSCHE BANK. If you had your loan with Novastar, and it was transferred to SAXON, get out as soon as you can. QUALITY LOAN SERVICE is a foreclosure trustee. They promote themselves to the banks, as "keeping strict timelines" from NOD to trustee sale, even if it violates the law, or its intent. If you think they might have done this to you, please let me know, with details.
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