Your home could get sold at auction without your knowledge and how to prevent it from happening
Your home could get sold at auction without your knowledge by the mortgage company
In this tough economy, millions of Americans are trying to avoid losing their homes. But are big mortgage companies really willing to work with you to stop foreclosure?
Los Angeles NBC affiliate has learned that if you are behind on mortgage payments, your mortgage company might auction off your home without even telling you.
This is what happened to Mark and Brenda Kohn of Thousand Oaks
Consider the case of Mark and Brenda Kohn of Thousand Oaks. They’re now packing up their longtime home because they got slapped with a three-day notice to vacate. Someone bought his home at an auction authorized by GMAC, one of the nation’s biggest mortgage companies. Surprisingly, GMAC admits that it didn’t formally notify the Kohns their home would be auctioned on Dec. 3.
Many homeowners are using a little known DIY tactic guaranteed to stop the foreclosure process in less than a day to buy some time up to several months to work out a solution.
TIP: This strategy may be an effective preemptive move if you are in default to stop your lender from selling your home out from under you without notice.
Click here find out how to fight back against your lender with this strategy
“GMAC certainly ripped the house from beneath me,” said Mark Kohn.
Like so many people, Mark Kohn hit hard times this year, and couldn’t make his mortgage payments. GMAC began foreclosure, and notified the Kohns that their home would be auctioned on Nov. 3, 2009.
“We know nothing else but this home. This is our roots,” said Mark Kohn.
So to prevent foreclosure, the Kohn family put their house on the market, and sold it in one day, for a profit.
Mark Kohn sent proof of the sale, signed by the buyer, to GMAC. So GMAC agreed not to hold the Nov. 3 auction.
“We were going to make money on the home. We were going to have enough money left over to move on with our lives,” said Mark Kohn.
But a month later, on Dec. 3, potential buyers came knocking on the Kohns’ door, asking if they could look around the house because it was going to be auctioned off that afternoon. In fact, hours later, the home was auctioned off at the Ventura County Courthouse. GMAC admits to NBCLA that it didn’t officially notify the Kohns their home would be auctioned off that day, and that it didn’t have a legal obligation to do so.
“You need to know the mortgage companies are not your friend,” said Mark Kohn.
Experts say it’s not uncommon these days for mortgage companies to auction off homes of people who are behind on their payments, without telling them or without giving much notice.
“It is common, unfortunately,” said Lori Gay of Los Angeles Neighborhood Housing Services, which provides free foreclosure-prevention counseling.
Gay says mortgage companies are so overwhelmed with the huge volume of foreclosures these days, they often can’t return customers phone calls.
“The system can’t handle the work. It can’t handle how many people are calling in, placing the demand on it. Meanwhile, families are losing their homes,” Gay said.
GMAC confirms that on the morning of the Dec. 3 auction, Kohn’s lawyer did call the mortgage company to talk to a supervisor, and try and get the auction canceled. But GMAC says all supervisors were assisting other customers, and the auction just went forward.
“GMAC regrets the outcome for the Kohns; however we feel we acted legally…” GMAC said in an e-mailed statement.
The mortgage company also says it made multiple efforts to reach the Kohns before the auction. But Mark Kohn says the only calls he got were automated messages from GMAC’s collection department.
Source: http://www.nbclosangeles.com/news/local-beat/Could-Your-Home-Get-Sold-Without-Your-Knowledge-80940212.html
Before letting a bank force you out of your home, you may want to obtain some coaching on how to stop the foreclosure process dead in its tracts and buy some time to make your next move
If you’re interested, you can check out the website for more information here
| Homeowners – Need Some Sound Advice? | |
 Get Out of Debt Workbook Seasoned debt expert shares several little known but highly effective techniques guaranteed to get you out of debt fast – no matter how much you currently owe. |
Loan Modification Get more help on fighting for your loan modification including tools and strategies, Q&As, how to qualify for the HAMP program, scam alerts and news on the latest loan modification efforts among the banks and government HAMP program. Legally Restore Your Credit |
stop foreclosure, foreclosure help, avoid foreclosure, prevent foreclosure, foreclosure prevention, gmac foreclosure, gmac auction
Technorati Tags: stop foreclosure, foreclosure help, avoid foreclosure, prevent foreclosure, foreclosure prevention, gmac foreclosure, gmac auction
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
Nicole, I’m so sorry for your circumstances. These lenders just don’t care. You’re just a number. I’m giving you an advance copy of the ‘Battle Plan’ Special Report.
My home is set to be sold at Auction tomorrow. I have already moved out. I was put on a modification plan that was suppose to last three months and went on for almost a year. When I finally received the paperwork to change my loan to the modified amount and sent it back my loan was given to another company and I was told by that company I would have to reapply for the modification. I did and they told me I was not eligible. They then proceeded to tell me I had other options. The other option was to make a payment that was larger than my current mortgage payment. All the while my previous mortgage company never reported that I had made any modification payments. I do not know where my money has gone and I dont know what to do. If my home does not sell for the amount they say I owe which is 20,000 more thn what I originally bought it for
I am so sorry Chase sold your home out from under you. If you can prove (or maybe even threaten) that they made a wrongful foreclosure, you may be able to get a nice cash settlement through your title insurance policy. Read more here: http://stopforeclosurehomeownerresources.org/2010/10/11/wrongful-foreclosures-could-mean-big-settlement-checks-paid-by-title-insurers-to-previous-homeowners/
Chase bank sold my house without my knowledge and the new owner is demanding that i get out of the residence. The Bank claims that they made an attempt to contact me one time via my cell phone which I failed to answer but they also didn’t leave a message either. Well the twist in this whole mess is the bank is fully aware that a year ago I was involved in a automobile accident while working , which is the only reason I fell behind on my payments is the difference in my pay is about $8000.00 dollars a month. I went from having a $12,000.00 a month income to a $3600.00 dollar income over night all because somebody hit me from behind while I was parked in traffic on the freeway at 1:30PM on a friday afternoon in SoCal. I suffered a Broken Neck in this accident and have been trying many treatments to get the feeling back in my hands which it appears I’m going to have to go in for another surgery to correct this problem. For the last year or so I had worked out an agreement with Chase Bank that I would pay them a $1000.00 dollars a month until I recovered from my injuries I suffered in an accident that was absolutely NOT my fault. A few months back a bank rep contacted me and said that they (Chase Bank) were going to Loan Mod my house for me under the new Obama Bill and they would be sending me all the paperwork for me to review and see if the payment would work for my current situation. That paperwork never arrived only thing that came to my residence was the new owner telling me He had just purchased my house and he needed me out as soon as possible . I explained to him my current situation and I also said that I can NOT physically move even if I wanted to. He (the New Owner) shrugged it off and said that wasn’t really a concern of his and not his problem I’d have to work that out with the bank. So I have been calling the bank everyday trying to talk to somebody that can help me and getting NO where with them at all just transferred from department to department until my cell would either go dead or lose connection to where I’d have to call back. I’ve been told there is nothing they can do for me at this point the house is already sold and I’m just going to have to figure it out on my own or try to work something out with the new Owner which is just asking how soon i can be out and isn’t interested in dealing with me at all. He (the New Owner) calls my cell at least twice daily just to ask if I have made any arrangements and by what date I will be gone . At this time it has got to the point where as soon as I give the rep at Chase Bank my info they just hang up on me as if I’ve done something wrong. They’ve been so unbelievably rude to me it makes me sick to my stomach that they could have absolutely zero compassion for somebody that is disabled and they know by my past payments while I was working not only did I pay my mortgage on time I was paying down the loan an extra $1000.00 a month. So here I am sitting in what once was my Home ( the so-called American Dream ) wondering what I can do from this point due to my disability I have few options and I don’t have family close by to help me either and considering that I’m going to be having another surgery soon with no place to recover because all I can see now is I’m going to Homeless and Disabled. Does this really seem fair to you that I miss 1 phone call without a voicemail attach and now I’m going to be out on the streets with all my belongings that I cant even physically carry myself if I wanted too. Does anybody have any suggestions for my situation because i don’t know where to go from here this has turned into the American Nightmare Please Help if you have any info I may need to stop Chase Bank from putting me out on the streets. Thanks