Need help - foreclosure of the residential property was dismissed. Eight months later bank withdrew the foreclosure case. Year later nothing is happening.What the owner should do or expect? What are the options in this situation? Should the owner file legal action against the bank?
The owner should resume making payments. 360 months later owner owns the house free and clear.
Why would the owner file action against the bank? Is the debt legally valid? Does the borrower owe the money? Was the lien correctly put on the property?
Why was the foreclosure dismissed?
Is there any good reason not to speak to a lawyer to get the real facts?
Thank you for your respond. The bank can not provide proper promisory note. The original loan was sold twice.
Assume for a minute that you pay a lawyer and go to court. What are you going to ask the court to do? There is a lender even if the ‘current’ lender can not prove they are the lender. Maybe you can have the loan wiped out if the ‘real’ lender does not come forward.
One way to deal with this is to get a quote from a lawyer to see what they will charge you to take the case. Then you can decide if it is worth your while going to court.
You right, thank you!
No Promissory Note? No Proof of Debt.
The owner may be able to get his house back free and clear of all liens and encumbrances just like the two cases I read about in Florida.
I am trying to find the right attorney for that. Any ideas or recommendations?
Law is regulated at the state level so we would need to know what state the property is in.
Can you afford to pay a lawyer up front?
What your attorney can guaranty for taking money up front?
Hey BTL, could you file a “quiet title” law suit with the courts and get the house?
If the title was not clear and the only way to get it sorted was to have the court force the issue, then it would make sense. Hard to tell what is going on without the details for the specific case. A title company could be a good way to test things. If someone is willing to buy a policy then the title company would look into if they wanted to issue the policy.
I’m an Independent Real Estate Consultant looking to Provide Short Sales Services to Pre-Foreclosure Clients – Any Resources - Leads where I can find a lot of these clients ??
Real estate law is different in every state. If you need a legel advice consult a licensed attorney in your state.
Indeed. Real estate professionals and experts knows almost everything so don’t be hesitant to consult to them but be more cautious in choosing one.
Filing legal action will only help to bring the issue to someone’s attention at the bank. They may have a backlog of foreclosures they’re trying to get to. The lawsuit will only ensure that the owner’s property gets dug up and placed on the top of the list.
If I were the owner, I’d invest some money into getting a title search. This will let them know for sure who the current owner is. If title is clear, there are no worries. If a lender is found, new or old, start making those mortgage payments to them immediately. At some point, the foreclosure will resume. Making payments now may at least be an incentive for the lender to work with them on a loan modification when they get to their turn on the foreclosure list.