Posted on: 25th Jan, 2011 12:26 pm
I have not made a payment to Wells Fargo since 9-09. past due interest is over 20k. I am still getting a regular statement. This is a 5 year commercial property business loan. I received foreclosure docs just like when I lost my home last year and about the same time only without the county trustee sale signatures. I requested all original closing docs and found that they used only my quarter(25%) interest deed on title from my late mother. after a buy-out I acquired 50%( I owned 75%total before closing) which did not show up on my loan docs. A Wells Lawyer contacted me wanting me to sign the rest over threatening a judicial foreclosure. My uncle retains his 25% and has no knowledge of this loan and never signed a quit claim. I am hoping that after a long trial the most they will get is a quarter of three lots. I made all of this aware to the broker (except for my ignorance of the 50%deed) and did not intend on ever getting the loan. I of course spent every last borrowed penny. Will I lose the family store? :?
Welcome deadbreed,
The lender will foreclose the property if it does not receive the dues. As your uncle owns a portion of the property, he will receive his share after the foreclosure sale takes place.
The lender will foreclose the property if it does not receive the dues. As your uncle owns a portion of the property, he will receive his share after the foreclosure sale takes place.