Legal Question in Real Estate Law in Texas

part 4 of predatory lending & foreclosure by Ameriquest

he told me he would pull the loan from foreclosure until we could work something out. Feb. 1st I got a letter saying for me to call the home retention department again that a sale was immanent on the property. That was a Friday afternoon. First thing Monday I called & was told there was nothing I could do it was being sold the next day. Now I am told the pay off was $80,386.81 plus $1,200 in attorney fees. I keep talking to every person I could get on the phone & getting no where. I was told it did not sale & then it did. Now I am told the same company bought the loan back. I do not understand all of these Foreclosure papers I have received. Somehow Deutsche Bank National Trust is tied into it & AMC Mortgage as well as Ameriquest. Now also Citi Residential Lending.

We have not been evicted yet so we are still living in the house. We bought this house when we were 19 & 21 yrs. old. Only financing $30,000. We have been in this house for 14 years. It is the only home my 2 sons know. Before this equity loan we were not behind on our payments or in jeopardy of foreclosure. Now we are upside down in the house and with foreclosure on our credit no one else will finance it. What can I do to keep my home? PLEASE HELP.


Asked on 3/21/08, 8:32 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: part 4 of predatory lending & foreclosure by Ameriquest

For all who are reading this answer, this is a prime example of why no one should EVER take money out of their home equity! Your home is your security, your hedge against inflation, and your retirement, and you should always do whatever you can to pay it off. There are vultures out there and it is a dangerous world. Oh, and I forgot the part about never signing anything that you don't understand. With that said, if your home has been foreclosed, it is time to approach it from the reverse angle. I know of people who have lived in a foreclosed house for over a year before being evicted. Chances are the house was bought back by the lender because it wasn't worth the amount of the loan. It could be offered for sale for much less than the $80K. Contact the REO (real estate owned) Department of the bank. Maybe you can find an investor to buy it from the bank and re-sell it to you. I am not sure you can do anything else except pray for a guardian angel. Best of luck.

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Answered on 3/22/08, 6:48 am


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