First, let's look at deeding your home to someone else. Many foreclosure victims just want out of their problem and are willing to give their home away to anyone willing to take a deed from them. Their thought process is that if they no longer own their home, their foreclosure problems go away. Nothing is further from the truth - in fact, the result of deeding your property to someone else can get you into more trouble that allowing your home to go to foreclosure!
By deeding your home to an investor for example, he now owns your former home and can do with it as he wants. He may have gladly taken your home knowing it was upside down but told you he didn't care. Frankly, he doesn't care because his objective is to legally rent your home and collect rental income without paying your mortgage. His rental income could be $1,000 a month with no expenses, and no cost to purchase your home - not a bad deal for him.
The problem is that you no longer have control of the property in any way, shape or form. You can't evict the tenant, get the investor to pay your mortgage or even get help from your lender because they don't care. The damage comes from the mortgage payments not being made which continue to impact your credit history. Next the foreclosure happens - which now hurts your credit long term.
Assigning the note to another buyer is usually done between lenders but can be done between a lender and an investor wanting to buy the note. Many banks are amassing portfolios of delinquent properties and selling these to investors at substantial discounts. In the industry they are known as "Bulk Sales". The discounts on the original notes face value can be from 50% to 90% depending on the status of the note in the foreclosure cycle. These note buyers then have various options with the homeowners - if you still own the property...
The new note owner can:
Renegotiate the principal balance due from the homeowner - a principal reduction. Then the homeowner would be paying a much lower monthly payment and he would stay in his home. Renegotiate the interest on the loan balance and defer the already late payments to the end of the mortgage, Offer the homeowner a "short pay" where the loan balance is paid off in cash or by refinancing, but the homeowner is allowed to stay in his home. In a short sale, the homeowner is not allowed to stay in his home. Foreclose on the property and take the property for later resale.
A homeowner can get a note buyer (friend with cash) to contact his lender and offer to purchase his mortgage note at a substantial discount from what is owed. The lender should consider this because of the costs of foreclosure. Usually, the bank's representatives will tell the caller that the bank doesn't sell their notes. It is a flat-out lie! Every bank in the country sells their notes - that's what got us into the mortgage crisis. Most notes are still sold minutes after the closing by the lender - so who is fooling who?
Buying the note takes persistence and not taking "no" for an answer - keep going "deeper" and higher into the lender's staff to get the answer you need. It will be frustrating but worth it when you get it done. Start at thirty percent of the บ้านมือสอง ราคาถูก amount due and work up to fifty percent but not much higher.
Lenders will have an appraisal done and gladly sell at 80% of this appraisal in most cases without fighting. Deeper discounts require a condition problem in your home.
If there is a second mortgage or an equity line (HELOC) on the property, these folks will be lucky to get 5% of the amount due unless there is equity in the property above the amount due the "junior" note holder(s). These junior lien holders are often the deal killers in doing a successful short sale, short pay or mortgage assignment. Don't let them bluff you, they have to give in or get nothing for their stubbornness. You can always look to buy your home back at the foreclosure auction or as an REO (bank-owned property).
The more common issue with a lender assigning your note after you already purchased your home is "Was it done properly?" First, both the note and the mortgage must be transferred properly. The "new" note holder can legally foreclose only if he owns both the note and the mortgage.
The Assignment of Mortgage must be attached to the complaint or the plaintiff may not have the right to foreclose at all. This absence of the Assignment of Note could allow your attorney to seek dismissal of the complaint. If the lender gets the Assignment signed after the filing date of the complaint, this "doesn't count" and is a flawed response. This is one of the more common issues in a foreclosure defense but it is becoming less applicable as lenders' attorneys are facing more challenges to their pleadings.
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