My home was sold 2/23 and became a US BANK Real estate owned property, with out any notice given to me on a sale date, whilst in negotiations for the past 5 months on a loan modification. I have paid nearly $4000 over the last 3 months between my modification company and 2nd mortgage servicer. My credit is additionally ruined from taking the route to modify my home loan. My 4 year old daughter and I will have no place to go if this does not get rectified, nor will I even qualify to "rent" somewhere.
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Let me explain what happened.
In October of I began working with my lender servicer, Litton Loan servicing (although US BANK owns the note). I had just fallen behind in my mortgage payments. I explained my entire hardship in a clear & concise letter that they asked for.
By the middle of December they still had not offered me a substantial mortgage modification. They explained that the process took 60-90 days. They advised me to hold on to my payments until the loss litigation department had an official approval for me. They also advised that they would take off any foreclosure "sale" date so that while the mortgage fell further behind it would not foreclose while they were working on my modification. Eventually Litton Loan servicing only offered to "bring me current" but had no offer to lower the mortgage itself, along with no option to actually "fix" my rate (I was on a ARM).
On Dec 19th I contacted a 3rd party company (Optima Loan modifications) out of California, based on a referral. After a consultation, and reviewing my financials, Optima told me they could definitely get the payment lowered by at least $200, possibly more to help me, and be able to fix the rate (estimated to fix around 5-6% which is very fair). I opted not to sign the modification that Litton was offering (which really wasn't a modification, just a forbearance to bring me current) in order to achieve better financial stability.
My hardship a year ago was a combination of my ex losing his job (after we had separated, and then I lost my job for 3 months. I have been working in either lending or campaign management for the last 10 years) We have a 4 year old, and I have been the sole provider for her and I for the last 1.5 years. I not only needed help getting caught up, but I'm not making as much as I used to, nor am I receiving any type of child/alimony support from my ex. His family helps me with day-care after pre-school.
I spoke with my modification specialist on Feb 11th. He gave me an update that he had talked with Litton Loan that day and they wanted NEW copies of my bank statements, as the ones I provided in December were outdated now. That was the only bit of information he had. I contacted my modification specialist again on Feb 16th, to ask him if my house could go further into foreclosure and actually be sold. I explained I was getting extremely nervous with how long everything was taking and I really just wanted to start making payments to avoid anything happening. He again, just like Litton advised, that no, my home could not be sold with out notification (as I knew) and that to sit tight, and wait, empathizing with me for how long it was taking, he also contacted Litton for me again on Feb 19th.
On Feb. 25th I came home to find a letter from a Realtor telling me he would like to do a "cash for keys" offer because my home had just been foreclosed on, on Feb 23rd. I called the Washington County records office, and yes, it had *not* sold at auction, but it was now owned by the bank.
I couldn't believe it! I have done nothing but follow the advice of the lender and the modification specialists and this has happened. I did not give up, I did not walk away from my house. I have money sitting in my bank to use for the mortgage payments. I rarely go out or spend money on anything other than saving for my negotiations.
I am at a loss as to what to do.
I know it is illegal to foreclose on someone with out providing them a notice of the sale date. The only letter I received from Litton was on Feb 11th, saying that they had declined their offer of a modification because I did not respond to it. I had responded to them previously, explaining that I was opting to use a 3rd party instead.
I was never given notice of a sale date of Feb 23rd.
Litton has admitted that they did not contact me because I signed a Power of Attorney authorizing my modification company to work on my behalf, and to only communicate with them regarding the loan. They however, did not notify in writing or verbally any kind of notice of the sale date to them either.
I want to pay on my house, I have been ready to pay on it for 3 months now, and no one is doing anything to help me.
Can anyone offer any help?
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