I have a mortgage that is held by Fannie Mae and my mortgage is serviced by service provider "A". In April of 2013, I receive a letter from service provider "A" that they will no longer be servicing my mortgage and that I will now be serviced by provider "B". In July of 2013, I receive a Sheriff's sale notice with service provider "A" as the one initiating the sale. Can service provider "A" proceed with the sale since they are no longer the service provider for my mortgage?
1 Answer from Attorneys
The changing of servicers or owners of a mortgage normally has no effect on either your rights or those of the lender. Rather, the exact same positions for both you and the lender are transferred intact to the new entity and therefore should not affect any pending lawsuits. Although this would be a creative and interesting argument to attempt, you will probably end up living on the street by the time you assert if if you do not prevent the sheriff's sale. The only way I know of to prevent it would be the filing of a bankruptcy proceeding, preferably a chapter 13, which can permit you to reinstate your mortgage, provided that you resume your normal payment and catch up on your arrearage over a five year repayment plan. You therefore urgently need to consult with a licensed bankruptcy/foreclosure defense attorney. Please do not assume that I am your attorney because of my response here, but feel free to call my office in Racine (262-633-3090 or email firstname.lastname@example.org) for clarifications regarding my answer. Otherwise, under the rules of this website, I would not be taking any further action on your case. See me on the web at www.jayknixonlaw.com. View my past answers at http://www.avvo.com/attorneys/53401-wi-jay-nixon-1529181/answers.html?sort=recency , or see an even larger collection of responses at http://www.lawguru.com/answers/search/attorney/jknixon, . Answers may contain attorney advertising materials..
Related Questions & Answers
We have been divorced for 3 years, i found out we have a joint savings account, can... Asked 2/23/13, 6:54 am in United States Wisconsin Banking Law
I had a mortgage with a credit union. They started foreclosure proceedings, but... Asked 7/13/12, 8:40 pm in United States Wisconsin Banking Law
I took out a business line of credit in wisconsin and it was for only 6months they... Asked 12/19/11, 2:16 pm in United States Wisconsin Banking Law
Can a bank with hold your money even thou you owe the bank nothing and can they... Asked 6/11/10, 9:04 am in United States Wisconsin Banking Law
We are over 70 days late on our house payment and have been served a legal notice,... Asked 8/22/09, 12:43 pm in United States Wisconsin Banking Law