Saturday, December 10, 2011, 12:06 PM
Posted by Administrator
I have seen some activity on foreclosures, thought that the mortgagee would finally push towards an end to the case----to throwing out my clients who had not paid a penny on their mortgage in a year-or two-or three----------only to find out that the mortgagee's motiviation was temporary. There was activity for a moment...then...nothing.

I did have some client's move out recently. Here is what happened.

They always wanted to move to be closer to the wife's work. They hadn't paid anything towards the mortgage in a long time. They filed bankruptcy and we thought that once the bankruptcy was over, the mortgagee (that's the bank or other entity that owns the mortgage) would move their foreclosure case forward. The bankruptcy stopped the case once it was filed---and the mortgagee never asked the bankruptcy court for permission to continue the case. Still, the bankruptcy was over---the "stay" on the foreclosure was lifted.


Then, they got an offer from the mortgagee to sell the house for far below what they had bought it for...maybe even for less than it was worth, now....and, in exchange for selling and moving out, the mortgaee would give them more than $10,000.

They got the money yesterday. I think they'd moved out a few months ago.
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