Question: My investment property was foreclosed on ten years ago. The house had a first and second mortgages on it. The house was foreclosed on and sold, but the lender for the second mortgage was never notified that I no longer have the house and up to now, they were still reporting me with an active loan. The second mortgage company has now been informed and they are now reporting my loan as a charge off. How did the law office foreclose and sell my home with an active loan on it and not inform the second mortgage company? Do I have any recourse to go after the law firm that foreclosed on my investment property?
Response: A charge off is when the bank writes off a loan and usually ends up selling it to a collection agency. Loans generally get charged off when you haven't paid in a while and there is no more equity in the home for the bank to go after. You can look at your foreclosure papers to notice if the 2nd mortgage holder was put on notice by checking if their address is mentioned there. If a mistake indeed occurred, then the first mortgagee would need to conduct a strict foreclosure, i.e., commencing another foreclosure action and serving only the unnamed defendant. Otherwise, the 1st bank does not have clear title to the property and would not be able to conduct a foreclosure sale. You should definitely write a letter to the three major credit bureaus, reporting a dispute of the reported information and sending them the supporting evidence.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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