Foreclosure University Forum

Jr. Lienholder Forecloses w/out Sr. Knowing

by TheyTookMyHome, Wednesday, February 18, 2009, 01:29 (3714 days ago) @ alisad

� The jr. lienholder on my loan foreclosed yesterday. the jr. is telling me they own the
� home to get out.

The same exact thing happened to me! What happens next is the Sr forecloses but not on the Jr's Trust Deed. The Sr forecloses on your original deed. How can the Title company transfer title from your name reverting it back to the Sr Lender when the title is now held by the Jr Lender> Why does the Jr Lender get all rights and 100% when their loan may have only been equal to 10% of your Sr Loan> How can the destroyed homeowner be held responsible for the Sr loan yet have no right to possession> Why does a foreclosed homeowner get thrown in with the eviction process set up for tenants yet don't get the 60 day notice>

When the Jr forecloses, they are suppose to take it subject to meaning they are suppose to pay your loan current. They don't! The Jr will try to sell it before the Sr forecloses. During that time, you are still responsible for the Sr, your credit is being even more destroyed, and the Jr gets all the equity (I had over $300k).

It's really ugly. The courts, the attorneys, the title companies, the bankruptcy courts, the Homeowners Associations, the realtors, the lenders, the judges, the investors... DO NOT UNDERSTAND the lien laws. Everyone is running around foreclosing, ordering docs, charging fees, evicting, and throwing us to the curb with a huge bill!

DO NOT LOOSE POSSESSION of your home! Once you are out, it's basically over.

I am still in my home and I can tell you what I did.


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