F.D.I.C.
So a couple of lenders in my area are in the process of being "resolved". One was shut down last week, re-opened the next day as a subsidiary of a Garland Texas bank.
Anyway, the news coverage says that the Texas guys took over all the deposit accounts (naturally) and all of the PERFORMING loans but its not clear what happened to the non-performing loans (except that they seem to reside with the FDIC until further action.
So how would I go about approaching the FDIC about buying those notes (presumably at a big discount)?
CommercialKing,
See if this helps.
http://www.pehub.com/43832/how-to-buy-loans-from-the-fdic/
John $Cash$ Locke
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There are many court cases going on right now throughout the US where the plaintiffs (homeowners in default), are requesting/demanding through the courts, that the lender produce ORIGINAL loan docs in order to complete a foreclosure proceeding.
Because you know that the lender can not produce these documents in your case, it brings up a very interesting point. Must the lender produce these documents in order to complete a foreclosure proceeding?
I am hearing from friends who have tried using this tactic in the Nevada courts and have been shut down, because the ORIGINAL DOCUMENTS, at one time, had to have been produced to the county recorder when recorded, so therefore the recorded documents are as valid for foreclosure purposes as the originals held by the lender.
It sounds like your documents were never recorded since they were never signed, so do they really exist for foreclosure purposes…I can’t answer that question.
I recommend you contact an attorney for an actual answer to your question, especially since you have this unique situation. Good to hear that you are continuing to live up to your obligation with the lender.
John (LV)
Normally, the Bank cannot touch her 401(k) or her homesteaded property.
It will make her feel better to consult with a Florida foreclosure attorney for a complete legal interpretation.
[addsig]
Thank you