Eric was foreclosed on.He tried to buy his home from the mortgage co. for more than the mortgage.

[Are_grits_groceries]

Eric lost his home to foreclosure, but unlike other homeowners, he had actually been trying for the past month-and-a-half to buy it back from the mortgage company for more than the mortgage. The law firm that was handling it, however, wanted an extra $20k in fees to make that happen. He told the realtor that he would buy it for more than it was going to be listed for. The realtor told him that he couldn't make a bid until it was "active," which would happen on 11-29. On Sunday he tells the broker he;ll give an offer on Monday. Monday rolls around and they've already sold the house to someone else, for less than Eric was willing to pay. They said they "forgot" that he was going to make a bid. Eric is livid. His story, inside...

I recently lost my home to foreclosure. The sad part is I tried for the last 30-40 days before the foreclosure to buy my home from the mortgage company for more than the balance owed on the mortgage. By this time, the mortgage had been referred to a local law firm, which wanted almost $20,000 in fees above the balance of the mortgage. They would not negotiate at all. A friend was helping me try to save my home, but the $20,000 in fees on top of the $100,000 owed was insurmountable.

http://consumerist.com/5101827/not-even-money-saves-you-from-foreclosure

(There's more. A lot more. Talk about screwn)

[On the Road]

1. I've Been Finding Out that Process is Really Perverse

A friend of a friend is a renter who's getting evicted from a two-unit in Baltimore because the lanlord is getting foreclosed on. He approached me as a white knight to buy the building from Wells Fargo for $49k so the tenants could keep living there.

It seemed to be a good deal for everyone, but I simply could not get through the brick wall that was put up by the law firm and Wells Fargo. The tenants just got evicted last week despite hours on the phone trying to pay exactly what the property was listed for. Extraordinarily frustrating.

[ben_meyers]

2. Frankly, I don't buy the whole story.

For numerous reasons there is something not quit truthful being told here.

1st, the law firm involved in the process can not deal with the homeowner and would have referred him the his lender to make arrangements.

2nd, a real estate broker cannot "list" a property without consent of the legal owner meaning that if the property was listed the sheriffs sale or trustees sale had already occurred.

3rd, if this guy had the means to payoff the mortgage before the foreclosure sale he was in his legally defined redemption period and either waited too long or is lying about what really happened.

And that's just for starters.

There are plenty of scammers out there preying on homeowners in trouble, I know my little company is dealing with people in trouble, but I'm not buying this one.

[Greyhound]

3. That's funny, because something similar happed to me in the state you live in.

Loan in default. New cash buyer lined up to avoid foreclosure, and the lawyers for New Century wouldn't allow the transactions. Maybe that was at their client's request, I don't know, but I do know that they flogged that pig onto two other lenders that ended up losing almost $300K on the deal.

Everybody, including my business and all of my clients, would have been far better off if the sales was not blocked.

[ben_meyers]

4. So you were in default

and had been served buy certified mail, in person and with a notice of trustee's sale posted on the property, and you had a cash buyer lined up during the 90 day redemption period and someone told you that you couldn't redeem?

I'm sure your attorney will have a pretty good case.

[Greyhound]

7. Yeah right. In Arizona. My attorneys did in fact assure me that we had a case and after

the CA and SA "declined to prosecute" the fraud that was the reason for the default in the first place, they laid out the numbers and odds and it made no sense at all to bring suit as I would be broke and the business closed even if we won, and the chances were the company would never pay anyway.

[flvegan]

5. Why didn't he just bid at the Foreclosure Sale?

Parts of this story are missing.

[ben_meyers]

6. All that is missing

is the truth.