Real Estate Law
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Thanks for your question and good evening.Can you please give me some more information here?Was this a foreclosure suit and the lender withdrew?Thanks ..
I really dont think so but we had entered into a chapter 13 but was later drop from the program but when we checked our statements it did not show any money from the chapter 13 had been given to our bank
The letter appears to show that the court here withdrew --had suit dismissed and that mortgage company made the motion to do so.
So what do we do next ? is the home under foreclosurer ?
The lender here if the bankruptcy was dismissed for failure to complete payments would be free to pursue foreclosure.
So you are saying that the bank is now going to start foreclosure
Here is the normal Louisiana foreclosure process for your information.
There are two types of judicial foreclosure proceedings in Louisiana, executory and ordinary process.
The executory process takes place when the lender uses a mortgage that includes an "authentic act that imparts a confession of judgment", as provided in the Louisiana statutes. What this means is the borrower signed and acknowledged the obligations of the mortgage in the presence of a notary public and two witnesses. This type of mortgage makes the foreclosure process easier for the lender because once the suit has been filed and the original note and a certified copy of the mortgage has been provided, the court will issue an order for the process to begin.
Once ordered, the borrower must be then be served with a demand for the delinquent payments. The borrower has three (3) days to provide the delinquent payments or the court will order a writ of seizure and sale and the property will be sold after proper notice has been advertised for thirty (30) days.
Lenders may also sue to obtain a deficiency judgment as well.
the papers stated a certified copy of the promissory note andcorresponding notary certification and the certified copy of the mortage be sent
The bankruptcy filing Chapter 13 would have stopped the foreclosure.If it was dismissed the lender may refile here for judicial foreclosure.They probably dropped the original suit here but may yet refile.
If the loan is still in default they can still file a foreclosure suit--they would have to reserve you in this situation.
so what should i do at this point
It appears they may have dropped original suit and again they may refile.You would not have to do anything here--wait and see if they do so.
Save your money.Once they serve you again you would have an idea that you may need to look for a another place to live.But you do not have to leave here until foreclosure is complete, that might mean another year of free rent here.
So do i contiune making payments, call them or just try to get a lower rate
what would you do?
If you are behind here by all means call them and ask for loan modification, it cannot hurt.Ask for options including refinance.
Deed in lieu here--deeding it back or short sale are better than foreclosure, see if they offer that as well.
The lender should talk to you here and may offer all of these.Since you are out of Chapter 13 you are free to talk to them to see if they will offer you refinance or other means to keep the house.
Thanks for letting me help you tonight.I wish you the best here.I appreciate the chance to help.
If you can leave positive feedback it is much appreciated.Take care.
if not i can always go back in a chapter13 right
Yes you can.Thats a last resort here to save it.
I hope it works out for you.
thank you again
Have good evening.
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