OUR STORY Part 42: FORECLOSURE SALE DATE

Today we received four Certified Mail envelopes from Barrett Daffin Frappier Turner & Engel, LLP. Tget are the foreclosure law firm representing Chase Home Finance. The envelopes contained notice of a public foreclosure sale date scheduled for September 6, 2011.

In twenty-four days Barrett Daffin Frappier Turner & Engel, LLP will knowingly and willfully proceed to represent Chase Home Finance in executing a gross injustice against my husband and I in the selling of our property through foreclosure. In essence, Chase is robbing us of the $80,000.00 cash down payment we provided under the influence of real estate fraud; unaware that we were purchasing a home illegally built on top a designated drainage easement, with the entire property located in the Special Hazard Flood Zone A.

This property was sold to us based on an erroneous appraisal purchased through our mortgage broker, assigned a value based on incomparable properties, none of which the house was built atop a drainage easement, and none of which were built in the Special Hazard Flood Zone A.

The appraised value and sale price was $392,000; however, the value of the home and land have since been devalued through a professional appraisal, and through a unanimous and uncontested vote by the Parker County Tax Appraisal District hearing board comprised of seven members. The house and improvements are valued at $0, the land devalued from $75,000 to $25,000.

Now Chase Home Finance and their foreclosure law firm, Barrett Daffin Frappier Turner & Engel, LLP, have full disclosure of documentation regarding the true characteristics of this house and property; yet they continue to enforce the original mortgage at the appraised value of $392,000.00, as well as a mandated flood insurance policy based on the loan.

Walls are splitting and cracking, columns shifted; the ceramic tiles which were laid just a year before we purchased the property have hairline cracks and separation throughout. According to Abaxial Inc. (a local engineering company) and the Parker County Flood Plain Administrator, the house is located an estimated 3 or more feet below the Base Flood Elevation (BFE) and the house has flooded.

Despite the fraud perpetrated against us, the problems with the house and land, and the grossly erroneous market value applied to our loan, we continued to pay our mortgage faithfully until we were depleted.

According to our math, if the land and structure (improvements) are currently devalued to $25,000 and we have invested a cash down payment of $80,000; then it appears instead of foreclosing on us that Chase Home Finance should be reimbursing us $55,000 which was overpaid to them along with the over estimated flood insurance premiums paid.

In an apparent effort to "shut us down" Chase Home Finance coincidentally sent a separate letter to us which arrived on the same date as the foreclosure notification in which they are refusing to communicate directly with Senator John Cornyn's office; stating that they can not communicate with the Senator's office directly because we are represented by counsel and Chase is represented by foreclosure counsel. However, they have been communicating with the Senator's office since May 5th, 2011. So why the shut down now? Moreover, our attorney is not representing us in any legal action against Chase. His involvement has simply been the civil action against the Realtors for fraud and negligence under the DTPA. His only actions with Chase Home Finance has been to inform them of the status of our litigation and to make them fully aware of the issues of the house and fraud.

At one point we even asked Chase why they would not take action against a mortgage brokerage firm that sold them a loan that was clearly initiated under fraud. The response from their legal department was that J.P.Morgan Chase is a big company and they wouldn't even feel it, and we are obligated to the loan! This was related to us by a cold hearted representative of Chase Home Finance who goes by the name of Rod Reuscher.