Posted on: 09th Jul, 2010 06:58 am
I refinanced with Ameriquest Mortgage in 2005, to do home improvements. In April 2007 I lost my job, and fell behind on my mortgage. I contacted a Bankruptcy attorney, and was advised to let the home go into foreclosure. My last payment was in April of 2007. Toward the end of the year, the mortgage company started foreclosure proceedings. For four months, they continued to postpone the sheriff sale of the property. Finally in April of 2008, I contacted them to see if the home was sold at the sheriff sale. I was informed that the home was paid in full. I inquired if it had been sold. I was informed that they did a charge off. That same year, I received a letter from the insurance company stating the home owner insurance was canceled. For over two years, I have not heard anything from the mortgage company, or anyone else concerning the property. I recently went to the register of deeds, and was informed that the mortgage company never recorded a charge off. That they instead recorded a foreclosure, and months later a sheriff sale in the amount of $99,000, (I owed $83,000). I still reside in the home, and know that the home was not sold for any amount two years ago. When I contact the mortgage company, they only say that the account is closed, and cannot offer any information. The property taxes are now delinquent and face foreclosure with the county. I can pay the property taxes, but I am hesitant, because I don't know what to expect. Please advise!
A charge-off isn't recorded with the county, it is a mark that is put on your credit report. Who was the purchaser at the sheriffs sale? When a sheriff sale occurs the property goes to the highest bidder, the bank that owns the home usually makes the initial offer on whatever amount is owed, and then the price goes up from there. It could've been that there was a bidding war but Ameriquest eventually was the highest bidder - since it was 2 years ago if it was an individual who purchased it I'd imagine they would've started eviction proceedings soon afterwards which can take up to 12 months for you to be forcefully evicted. I wouldn't recommend you pay anything on the property, including the property taxes, until you have ascertained who actually owns your home right now. If you want to still remain in the home then after you find out the above information I'd recommend you consult a real estate attorney in your state to go over what options you may have.