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Can they steal my money?

I did chapter 11 in 2009 and if I pay off my mortgage from wellsfargo w/o reformation can they just keep the money?; Is it possible to get the mortgage title without reformation, and could they come back on me at a later time claiming it was their property?I have $77,000 left, and is there a way to get them to give me a better price? by nosaddles169 from Taylors, South Carolina. Sep 15th 2014 Reply


Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

An aggressive way to do this is with a quiet title action, in which you ask the court to determine who owns the property. In rare cases, Wells may not answer (and you get a free property); in most cases you can work out a discount, if you have cash available to pay off the mortgage. (The cash can come from a refi, but you have to do this as a separate action, in the right sequence).

Sep 15th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

There is a lot to your question- sounds like you may need some legal advice, or contact a HUD cerfified housing counseling agency. Find an agency serving your area at: http://www.nfcc.org/FirstStep/firststep_03.cfm or call 800-388-2227.

Sep 15th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Chapter 11 is a corporate bankruptcy.. most individuals file either BK 13 or BK 7... but if this is what you did, and the court did not make you sell the property, then you still have ownership rights.. and so long as the payments are made, they cannot take the property from you..Bankruptcy does not give you the property "Free n Clear".. it only relieves you of any unpaid debt, so if you walked away from the property, and they foreclosed and lost money, bankruptcy would protect you from having to pay the deficit. But if you pay off the full amount, your lender is still required to file a deed of release.. It's possible you can negotiate the balance with them, however they would have the option of showing it as a "Settled Account" on your credit report, and that would be a bad mark. this would prevent you from obtaining mortgage finance for the next 3 to 7 years. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sep 15th 2014
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Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 110 contributions

I would get some legal advice.

Sep 16th 2014
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