Our home was foreclosed on in April after several attempts were made to get a Homeowner Loan Modification. During these efforts we were given a three month trial period in which monthly mortgage payments were made and expectations were met. After the three month trial period came to an end we were told that we did not qualify because we are not listed as the owners on the loan. The listed owner is now deceased, who was a relative.
Our family has been residing in the home for more than 15 years and we want to keep our home. The home was Quit/Claim Deeded to us by the deceased owner before she died. We then went to Probate Court in an attempt to obtain Title. This would allow us to overcome obstacles and enable us to move forward with trying to modify the loan save our home. With all being said Judicial Court involvement had already been going on. When we went to court the Judge stated that we were not parties to the case and we were not allowed to be heard at all during any proceedings. At that point we filed court papers so that we could become parties to the case and that was also denied by The Court. Hence, the Court moved forward and the Judge ordered foreclosure. We could not understand why we weren't able to be heard seeing that the home was quit/claim deeded and we had documents from Probate Court. Worst of all we initiated action to correct matters pertaining to the home and any owed monies.
We are able to afford mortgage payments and our family currently still resides in the home. This situation is very unfortunate and it does not warrant foreclosure. The bank demanded a lump sum of monies that were not reasonable and we again asked for modification in that the monies be put in the arrears. We were denied of that option also and that's when the foreclosure action began. The home is valued at approximately $200,000 and the bank bought it for $110,000. We spoke to an attorney and they informed us that this situation is considered to be a "Windfall" and that it is illegal.
Any assistance in this matter would be greatly appreciated.
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