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2nd Mortgage Holder Sold Our Home?

  • Almost 2 years ago, we knew that my parents' house in California was inevitably going to enter foreclosure. My father was terminally ill and they were losing everything (they didn't live in the CA home). It appears that their 2nd Mortgage Holder (?), NDEX West, sold the home for the amount of the 2nd loan! The public records show that it sold for $77,000 (it was worth more than $300,000 at that time and there was over $350,000 owed), called an "NT TRUSTEE SALE". However, Wachovia has constantly harassed my mom for payment. She has told them what has happened, but they won't stop. There is a new owner. Last year, my mom received a form from the IRS that showed 'forgiveness' of the 1st mortgage amount (which in turn looked like income). Wachovia still won't stop. This evening, the new owner hunted down my mom's phone number to call her and ask her for permission to talk to Wachovia about the mortgage, because they are now coming after her and threatening foreclosure! The public records now show "DEFAULT" in my parents' name as of 2 months ago, but the"TRUSTEES DEED" from Grantors to new Grantee happened almost 2 years ago! Besides the fact that my mom has been constantly harassed by Wachovia without them offering any help in finding out what has happened, it certainly seems like something fraudulent may be going on with the company that 'sold' our home. This new 'owner' has her mom living there, and both she and my mom are being threatened with foreclosure and being hit up for money on the mortgage. How can this happen?! Any help would be greatly appreciated!! Thank you!!

  • Answer:

    There is NO WAY THAT HOUSE WAS SOLD by the 2nd mortgage holder. The house can only be sold with the agreement of the 1st mortgage holder. There is no way the title changed without the permission of the 1st mortgage holder. SO...contact a lawyer...cause that house could not be sold without a foreclosure by the 1st mortgage holder FIRST. Your information is wrong...or someone is playing games. Call a lawyer

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She is still financially responsible for that loan. The other bank forgave the first but the second has not forgiven the second and they do not have to. They can sue her, have her pay garnished, take money from her accounts, etc.

It is up to the mortgage holder to decide on recourse. The 2nd mortgage holder had to have permission from the 1st mortgage holder in order to sell the home. I imagine they feel that if your parents owned 2homes, then they have the means to pay the money they owe. I know the circumstances are hard, but you have to look at it from s business standpoint, not a personal standpoint.

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