My mortgage company sold my mortgage to another company, but filed foreclosure papers on our house. How can they file foreclosure on our house when they sold the mortgage?
1 Answer from Attorneys
It is always possible for any owner of a mortgage to sell or transfer its position, even late in a foreclosure. Such a transfer, however, should have no effect whatsoever on the rights of a homeowner. If you were not in default under the mortgage note obligations for the old owner, you will not be in default under the new owner either. Either way, however, if you want to save your home from foreclosure, you should immediately retain an experienced foreclosure defense or bankruptcy lawyer, who can advise you on possible defenses available to you. Fighting a foreclosure in order to avoid a judgment against you can give you a substantial disadvantage if you wish to cure your default via a chapter 13 bankruptcy reorganization plan. That would require you to resume your normal payment, then pay back the arrearage over up to five years via additional monthly payments. 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 [email protected]) 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..