Can a home in foreclosure be sold without permission ?
So here’s my delema-I got into a hardship status,and along with my own home,and three rental properties in the San Jose area-I didnt have any money to pay for mortgages,and so the first two to default (mom and dads home and my first home in bay area)were as having $ 500,000 in equity on EACH-both valued at about$ 750,000-I called my property managment company,and with thier real estate agent present -we decided to allow my prop.man. to have permission to act as third party to the mortgage people,and ,along with the hardship letter and financial disclosure-they was supposed to negotiate with lender to sell one of the other rental homes,and pay off both loans on the other homes-which they did not-according to the lender,time came down to last minute,and as the homes was to go to auction at 10 am-at 8″30am I was told they were sold already?-ok,number one? is: isn’t prop management responible for this?why can a lender sell home without permission-and before auction even starts?Why am I not entitled to the equity at least?
Currently I am six months behind on my mortgage. This was because BackGround: I was laid off of my Job. I did not have a job for 3 months and on the 2nd month of being unemployed i started to miss my mortgage payments. I got a new Job for less salary but I can still afford my mortgage payments. By the time i got my finances in order i had missed now 4 payments. I contacted the bank and they requested me to fill out a “hardship” and apply for a loan modification. I filled this information out and it took the bank 1 month and a half to recieve my paper work???? Currently my application is under review for the next 30-60 days. It has been approximently 30 days and now i am approx. 6 months passed due and in “Active Foreclosure”. This news is the most recent/new when i called the bank to find out the status of my modification application .(They told me that i will get a letter with results in the next 30 days of the application)
Around the fourth month the bank suggested that I make make payments to try to make my account current. I chose not to do this for two reasons. The past due amount is not affordable and logically it did not make sense to me to make a payment if the bank was going to foreclose on me anyways.
The way i look at it is I am really not losing anything (except a poor credit score) is the bank forcloses. I am upside down approx $ 90,000 anyways.
Overall i would like a loan modification that takes my pass due amount and puts it at the end of my loan and changes my loan from a interest only to a 30 year fix.
I am still waiting to hear back from IndyMac about the modification application, but what concerns me is the “Active Foreclosure”. I have not recieved anything in the mail. This info was only given to me over the phone along with my modification application under review.
Am i screwed? are there any suggestions?