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Illegal repossession / foreclosure?

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  • Illegal repossession / foreclosure?

    I co-own a house with my cousin in Bay Area, California. Last year we decided to list it for short sale and then our agent quickly found a buyer. By the time bank approved the short sale (March 2010), the buyer dropped out. The agent said he can't do anything about it.

    We decided to keep the house and applied for loan modification (April 2010). Yesterday, when we called the bank (Chase), they said the loan modification has been rejected and the home went to their REO department and the bank owns the house now.

    It is bizzare because we never got any foreclosure notice and now they are saying the bank owns the house. When I mentioned this to the bank, they said they can't do anything about it now and the house is already with a broker for selling it.

    We did get a foreclosure notice back in November 2009 when we initiated the short sale, but then they postponed the foreclosure because of pending short sale on the home. Now, I wonder if the bank can legally take away the home without giving us any foreclosure notice again. We want to fight this. We want to know what rights we have and how to go about dealing with the bank now.