Do I have any legal recourse after foreclosure? 7 Answers as of March 07, 2012

I was 4 months behind on my mortgage payment. I contacted the lender and offered to pay half immediately and the two other in payments every month. They refused alleging that I needed to contact Loss & Mitigation Deptartment and make a re-payment agreement. I did. They said they'll send a package with forms for me to fill and send back. I never got it. I called again, they promised to send it. Never got it. Three weeks after my first contact they forclosured my property and the bank took it back.

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J.M. Cook, P.A. | J.M. Cook
No. You were in default and the only thing they are required to do is notify you of that default. The foreclosure process itself has notice requirements but they do not have to offer you loss mitigation under your loan documents. Some banks that accept government money are required to offer these programs but they can pursue foreclosure at the same time as they are reviewing your modification package.
Answer Applies to: North Carolina
Replied: 3/7/2012
H. Scott Basham, Attorney at Law, P.C. | H. Scott Basham
Unless you have writings (letters, e-mails) documenting the understanding you had with the bank about a re-payment agreement, it will be hard for you to prove. It will be your word against theirs.
Answer Applies to: Georgia
Replied: 3/7/2012
Law Office of Jeffrey Solomon
Law Office of Jeffrey Solomon | Jeffrey Solomon
A bank is not obligated to accept partial payment. However, they would still have to go through an entire foreclosure process on real property, so when you say they took it back, I am unclear. However, there would be an expedited process for mobile homes.
Answer Applies to: Florida
Replied: 3/6/2012
Quitmeier Law Firm, P.C.
Quitmeier Law Firm, P.C. | William M. Quitmeier
If the foreclosing bank bought the property at the sale they may be willing to transfer the home back to you in response to your claim for wrongful repossession (breach of contract and promissory estoppel). If a third party bought the property then what could be proved as damages.
Answer Applies to: Missouri
Replied: 3/6/2012
Kern Law | Robert Kern
The answer is "Maybe". What exactly do you mean when you say you did make a repayment agreement? Did you sign something? If so, then there's a good chance you have a legitimate claim. If not, it would depend on other circumstances, but would be a lot more difficult to argue. Be aware that there is a statute of limitations on such claims of 90 days from the foreclosure date. You should talk to a lawyer asap if this is something you wish to pursue.
Answer Applies to: Nevada
Replied: 3/6/2012
    Albert Law Group
    Albert Law Group | Alvin S. Albert
    If you somehow think the foreclosure was wrongful, you should consult with an appropriate attorney. Unfortunately, there really is no law against bad customer service. Your situation is quite common in the current foreclosure climate. Promising to send a modification/repayment package is not the same as promising to stop the foreclosure. Again, if you believe the foreclosure process itself was flawed, contact an attorney.
    Answer Applies to: Georgia
    Replied: 3/6/2012
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