Upside Down Mortgage

Posts Tagged ‘legal experts’

I have a 1 yr. lease on a fairly new home with 2 other people on the lease with me. We are in the 8th month now and we all have plans to end it after the year is up.

Last week, and just today, we received in the mail a notice titled "Notice of HUD Rights" from a company called National Foreclosure Relief based in NV (addressed to the landlord/homeowner). At first, I thought this was some type of solicitation and threw the first one away. It states that the notice is not an attempt to collect a debt but that the time to enter into a repayment plan is running out.

On the back is states:
"As of Jan. 19, 2001, the US. Department of Urban Development mandated that all borrowers who had loans governed by their loss mitigation guidelines be informed as to their rights to repayment programs."...

The Homeowners have other properties they manage/lease aside from working in separate professions. I am almost certain that if a foreclosure is of concern then they would know about it.

My question is that if there is a foreclosure, do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us?

Also, my question is do we have a right to know if there is a foreclosure, and do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us? Thank you

Thanks in advance.

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