An Altadena family who had been paying their mortgage on time following a loan modification they received from Ocwen Financial Corporation had their house literally sold out from under them. The unsuspecting family said that they first received a call and later a letter notifying them Ocwen had sold their loan to Nationstar Mortgage. Shortly after, they received a knock on the door telling them they had two weeks to leave their house because a company called Sage Equities had bought their home in foreclosure.
Stunned, the Sinclair’s contested that they had always paid their mortgage on time, in full, and had the documentation to prove it. But in June, after their first payment to Nationstar, the mortgage company sent a check back to them for the full amount. The family said they attempted to figure out why Nationstar was not taking their payment, but never received an answer and continued making their scheduled payments each month. What’s more interesting, Nationstar continued collecting their money, even as the Sinclair’s were repeatedly told by Sage Equities they had to leave their house.
After repeated attempts made by the Sinclair family to resolve this, a Nationstar representative finally gave them a reason for the foreclosure over the phone. They said they did not notarize one paper of the modification, when in fact they did. Following the confusion, Nationstar released the following statement: “We are very sorry for the situation Mr. Sinclair was in, and we deeply regret the difficulty he experienced. As a result of KABC bringing this situation to our attention, we were able to expedite our review and take two importation steps. First, we have rescinded the sale of the home, which means Mr. Sinclair will not have to leave his house. Second, we are going to honor the previous loan modification that was put in place.”
Unfortunately today, banks are foreclosing in ways that circumvent the law, taking a variety of shortcuts that place homeowners at a disadvantage. If this happens to you, consult an experienced foreclosure defense attorney and speak with your bank immediately. Fortunately for the Sinclair’s, they were able to stay in their home. But they say that it does not make up for the terrible experience they endured.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.