Foreclosure Notice...what to do next

[ahrice]

What is the name of your state (only U.S. law)? Tennessee
I lost my job in April 2008 when the company I worked for closed. I have gone from making $1300/week to $275/week. My husband is disabled and receives no income. Our COBRA payments are $740/month.

I received a notice from a law firm in Memphis about foreclosure proceedings beginning. I've used all my savings, 401K's and sold household furniture in order to make as many payments as I could to the bank. I know with my income minus expenses there's no way they will consider me for a loan modification. I've already had my 1998 car voluntarily repossessed.

Does this law firm have to produce the original note in order to foreclose? I switched from an 80/20 to an "interest only", which I didn't ask for, with Quicken Loan, made one payment to Quicken, then the loan was transferred to IndyMac Federal Bank, which was taken over by the FDIC. Can I request "discovery docs" from the law firm? If they can't produce the note, is the foreclosure legal?

[HomeGuru]

Originally Posted by ahrice

What is the name of your state (only U.S. law)? Tennessee
I lost my job in April 2008 when the company I worked for closed. I have gone from making $1300/week to $275/week. My husband is disabled and receives no income. Our COBRA payments are $740/month.

I received a notice from a law firm in Memphis about foreclosure proceedings beginning. I've used all my savings, 401K's and sold household furniture in order to make as many payments as I could to the bank. I know with my income minus expenses there's no way they will consider me for a loan modification. I've already had my 1998 car voluntarily repossessed.

Does this law firm have to produce the original note in order to foreclose? I switched from an 80/20 to an "interest only", which I didn't ask for, with Quicken Loan, made one payment to Quicken, then the loan was transferred to IndyMac Federal Bank, which was taken over by the FDIC. Can I request "discovery docs" from the law firm? If they can't produce the note, is the foreclosure legal?

**A: how much is your mortgage payment?

[ahrice]

Mortgage Payment is $1400/month