When lenders are faced with bad loans during foreclosure crisis, they reach homeowners and express how there may be some ways to be done to be saved from their loan troubles. However, when a third party is involved, things may prove to be a lot more difficult to handle, especially if the homeowner is no longer aware of who is the rightful owner of their loans.
Natalie Fuentes of Tampa, Florida, a homeowner in the verge of losing her home in a foreclosure battle after her divorce, had been stuck in such a situation. She had an agreement with her lender, Washington Mutual, that some modifications on the loan may be done to allow her to keep their place until a new loan is finalized.
A month later, she found herself locked out of her home with all her possessions gone! She was clueless how this could have happened especially after having been assured her eviction would be held off. To her surprise, she found out Washington Mutual was no longer the holder of her loan, after having been sold to Freddie Mac, who without any intentions of having more foreclosures, has already started selling the home.
Being the rightful owner of the home at that point, Freddie Mac says the agreement between Washington Mutual, being the loan servicer, and Fuentes maybe made however, their approval would still be needed as owner. Freddie claims no knowledge of the said agreement. On the contrary, spokesman Brad German of Freddie Mac said that they were in the process of having the title to the loan.
It is an S.O.P. for Freddie Mac to hire a real estate company in the area to access, secure, and market the foreclosed home for resale. Had the home still had occupants, an eviction is filed by the company. Otherwise, the agent carries on with selling.
Tim Smiljanich from James, Hoyer, Newcomer & Smiljanich Firm in Tampa claims the act to have been outrageous. Freddie Mac did not have authority to clean Fuentes’ place out especially since they did not have the title yet.
At this point, Freddie Mac has no further intentions of still keeping more foreclosures, leaving the Fuentes depressed with their home for sale still and her family staying on a rented apartment costing more than her mortgage.
Leticia Carvalho has been educated in the finer points of the foreclosures market over 5 years. Read about the following article Shocking Foreclosures by Lender Mix-ups Gone Bad by Letícia Carvalho on BankForeclosuresSale.com - Your online source for bank foreclosures.
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