Posted on: 16th Mar, 2010 08:55 pm
My husband and I are in foreclosure . We had a Taylor bean and Whitaker loan.They lost the federal funding due to illegal dealings and loans.
It took months for us to find out who would be assuming the loan.Now Bank of America says they are wanting the money or taking our home.
Is there anyway I can get a new loan or sue TB&W ? We had no where to send a payment and now that we do,they said no.It is not our fault we couldnt pay.TB&W went out of business.I need a little advice.
TY
It took months for us to find out who would be assuming the loan.Now Bank of America says they are wanting the money or taking our home.
Is there anyway I can get a new loan or sue TB&W ? We had no where to send a payment and now that we do,they said no.It is not our fault we couldnt pay.TB&W went out of business.I need a little advice.
TY
Hi jeannef,
Are you sure Bank of America currently holds your mortgage? You should first verify if they actually hold your mortgage and whether they have the right to foreclose your home. If they have the legal right to collect the mortgage from you and foreclose your home in case of a default, you can talk to them regarding the debt. I believe they would be more willing to work with you than foreclosing your home. Also, try and make extra payments so as to get current on the mortgage. The quickly you can make up for the late payments and get current on the loan, the better it is for you.
Are you sure Bank of America currently holds your mortgage? You should first verify if they actually hold your mortgage and whether they have the right to foreclose your home. If they have the legal right to collect the mortgage from you and foreclose your home in case of a default, you can talk to them regarding the debt. I believe they would be more willing to work with you than foreclosing your home. Also, try and make extra payments so as to get current on the mortgage. The quickly you can make up for the late payments and get current on the loan, the better it is for you.
As Taylor, Bean and Whitaker went out of business, I don't think you would be able to sue them now. As far as Bank of America is concerned, you will have to negotiate with them and pay off the dues till date. This will help you in saving the property. As your property is in foreclosure, I don't think any lender would be able to help you with a new loan.