Getting A Free House From The Court
Sadly most of the people in the USA do not fight for their rights and go to court. Those few of you who go to court and challenge your bank or mortgage company to prove they own you loan, might win and stop a foreclosure on the home. But you will not get a free house. A lien will still exist on the property. You will not be able to sell the property with the lien on it. Your previous bank will no longer have a secured mortgage. But they very well could have huge unsecured debt. They could sue you in court and attach your wages and assets and even perhaps put a valid lien on your house. You might be able to launch a separate suit for title and get the lien stripped off your house. Even if you prevailed the legal fees would be astronomical. This is like in the very early days of California when land owners had to go to court to prove that they owned land granted to them under the Spanish land grants. The lawyers ended up with most of the properties because the owners could not pay the astronomical legal fees. Your only hope is to move out of your home and declare it a rental property. You can then get an up to date appraisal and file for Chapter 13 bankruptcy reorganization. The judge will have the authority to strip liens and give you the house at its fair market value today. The “catch” to all of this is that you will have to pay off the house in 5 years, if you can afford the payment.
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