Trustee Foreclose Sale Without Poa

Speedy

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Jul 12, 2017
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Hello everyone just want to say thanks for letting me join the Forum I'm actually in a foreclosure right now it was done on June 6th of 2017 however the trustee which is Wilmington Savings fund Society FSB doing business as Christiana trust for pretium mortgage.

So basically this is what happened I went ahead and filed a chapter 7 on Monday because usually where I live they have the foreclosures on Tuesday's however the servicer decided to override the bankruptcy and proceed with the Foreclosure the trustee end up purchasing the property in the amount of I don't know.

They retained property through a wrongful foreclosure then attempted to evict me on June 21st I had a hearing today the attorney for the bank showed up. He had the nerve to ask me if I could give him documents that I filed in regards to the dispossessory notice and then added he'll give me 30 days to leave. I have no idea what he's defending and he is now asking the judge for 30 more days. unbelievable!!

Now mind you I've checked my assignments I just want to let people know if you should ever question what's going on with your loan look in your recorders office and check the assignments against your deed you'd be amazed at what you can find.

I found a cancellation of security Deeds. I found rescission of security deed to secure debt; so unless somebody could explain to me. I don't owe them anything. I believe when you do a rescission and rescind a loan it is now void.

Your thoughts.
 
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Moe Bedard

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Hello Speedy,

Did you file bankruptcy after the foreclosure sale on June 6, 2017? In any event, a bankruptcy only puts what is called an automatic stay on the foreclosure which is temporary and the bank can ask that it s lifted so they can proceed with foreclosure.

In regards to the assignments and cancellation of security deeds etc., it is well known that the banks had securitized and sliced and diced these loans before the last crisis to the point that there was some shady things that went on legally and still do. Unfortunately, they have been given somewhat of a free pass by the courts to foreclose on defaulted borrowers regardless the mistakes and or missing notes etc.

In the last 10 years since I have been doing this, I have seen 2 loans rescinded and they were all done through a lawyer who is a personal friend. How did you go about rescinding the loan?
 

Speedy

LoanSafe Member
Jul 12, 2017
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49
Hello Speedy,

Did you file bankruptcy after the foreclosure sale on June 6, 2017? In any event, a bankruptcy only puts what is called an automatic stay on the foreclosure which is temporary and the bank can ask that it s lifted so they can proceed with foreclosure.

In regards to the assignments and cancellation of security deeds etc., it is well known that the banks had securitized and sliced and diced these loans before the last crisis to the point that there was some shady things that went on legally and still do. Unfortunately, they have been given somewhat of a free pass by the courts to foreclose on defaulted borrowers regardless the mistakes and or missing notes etc.

In the last 10 years since I have been doing this, I have seen 2 loans rescinded and they were all done through a lawyer who is a personal friend. How did you go about rescinding the loan?
I did not rescind it. That was done by JPMorgan last year 2016. I filed the bankruptcy the day before the sale. I am also in a non-judicial state.
 

isisis

LoanSafe Member
Jun 22, 2010
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Hello Speedy,

I know how to rescind a mortgage loan in a non judicial state, in my case California. If you're interested in how it's done just post back. Since this thread is a few months old I just want to make sure you're still wanting to know about rescission before explaining the process.
 

Speedy

LoanSafe Member
Jul 12, 2017
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Hello Speedy,

I know how to rescind a mortgage loan in a non judicial state, in my case California. If you're interested in how it's done just post back. Since this thread is a few months old I just want to make sure you're still wanting to know about rescission before explaining the process.
Hi Isis is,
Thanks for getting back to me. So the foreclosure happened in June and I appeal the eviction dispossessory proceeding. Now they want me to pay into the court rent. I just found something about rescinding a foreclosure is that what you're pertaining to, or the actual loan? I'm ready for whatever information you can give me regarding rescission. Merry Christmas.
 

Speedy

LoanSafe Member
Jul 12, 2017
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Hello Speedy,

I know how to rescind a mortgage loan in a non judicial state, in my case California. If you're interested in how it's done just post back. Since this thread is a few months old I just want to make sure you're still wanting to know about rescission before explaining the process.
You can reach me by email [email protected]
 

isisis

LoanSafe Member
Jun 22, 2010
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North bay
Hi Speedy,

I misunderstood. I thought you wanted to know about how to rescind the loan contract to challenge a foreclosure sale preemptively. I've been using common law rescission - actually in California statutory law to cancel the contract and prevent them from selling. If it's done properly and you have reasons justifying a rescission of contract theoretically it can be done. Frankly I don't know if anyone else is trying this so I'm kind of the guinea pig here.

After a sale I don't think it's possible to rescind as the contract was already terminated by foreclosure.

However you still have the option of bringing a suit against the bank for wrongful foreclosure
 

Speedy

LoanSafe Member
Jul 12, 2017
29
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3
49
Hi Speedy,

I misunderstood. I thought you wanted to know about how to rescind the loan contract to challenge a foreclosure sale preemptively. I've been using common law rescission - actually in California statutory law to cancel the contract and prevent them from selling. If it's done properly and you have reasons justifying a rescission of contract theoretically it can be done. Frankly I don't know if anyone else is trying this so I'm kind of the guinea pig here.

After a sale I don't think it's possible to rescind as the contract was already terminated by foreclosure.

However you still have the option of bringing a suit against the bank for wrongful foreclosure
Hi Isisis,
Well I am at the stage now where I lost the dispossessory, but I filed an appeal in the Superior Court. On December 19th I received a copy of a motion filed by the bank attorney wanted me to pay into the court registry for rent which they failed to get in the original dispossessory.
I'm not sure how to respond because I have not received a court date on the appeal yet. I believe I have 30 days to respond any help on how to tackle this rental tenant thing? BTW, have you heard of Regulation Z or consummation?
I hope it works out for you and you can help others. I'm trying everything I can right now and if I'm successful I'll definitely share my insight. Good luck!! Happy New Year!! let me know how things go you can reach me on my email directly if you need to [email protected]
 

isisis

LoanSafe Member
Jun 22, 2010
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Wish I had info that might help you. What little I know about fighting after a sale is in a non judicial state. Maybe you could try a quiet title or conceivably adverse possession if you'd been paying property taxes.

I'm familiar with TILA and it's SOL. My loan originated in 2001 so the only way of tolling it would be recoupment in Chapter 13. Neil Garfield's consummation argument would be a hard sell with the courts is my guess. Thing is with all the hoopla around TILA common law rescission has been overlooked and there are many of the same advantages. Rescission is effected by giving notice and alleging tender if a valid reason to justify rescission exists. Just like TILA notice will be ignored and the borrower will need to file suit to enforce the rescission. In either common law or TILA tender will always be the issue even though the order is reversed. The advantage to common law rescission is that tender is far less if a borrower has been making payments for many years given the nature of amortization. Somewhere approximately around the twelve year mark one will have made payments that total the amount borrowed with principal and interest. While the principal balance reflects the amount borrowed less the portion of payments that went to the principal a rescission tender includes interest because the goal of rescission is to place the other party in their position before contracting.

Here's the 9th Circuit formula: amount borrowed less finance charges less payments made. Theoretically a rescission tender could be $0. In my case it was considerably more even so it made sense not just to allege tender but send a certified check for the tender amount. Putting your money on the table like that or "doing equity" wins points with judges.

Naturally they're putting up a fight but now it comes down to the interpretation of legal theory. Think I'm on pretty solid ground there although even contract law scholars disagree to some extent on certain aspects of rescission and restitution.

Isn't it strange that us homeowners have had no choice but to become conversent in so many areas of the law generally only familiar to attorneys?
 

Speedy

LoanSafe Member
Jul 12, 2017
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Happy New Year Isisis,
I actually found a case that would help me as far as the foreclosure and the bankruptcy one day apart. The rescission was done from the servicer's end on my deed assignment.

In my opinion I believe once it was voided it went back to the Builder. I'm going to break down the code as much as I possibly can to benefit me.

I also revoked the power of attorney before the sale. This foreclosure was expedited quickly due to the fact that I asked them to validate their debt. Those charges were not adding up.
 

isisis

LoanSafe Member
Jun 22, 2010
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North bay
Again, I'm only familiar with non judicial but if you filed bankruptcy one day after a foreclosure sale and at that point there was no trustees dead - sheriff's deed in judicial - on record in the county then it can be possible to challenge the foreclosure.

Also if the assignment was rescinded then only the previous assignee could foreclose if I'm understanding you correctly.