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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 6550
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
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If a Bank started a foreclosure in oct 2010 and has not moved

Customer Question

If a Bank started a foreclosure in oct 2010 and has not moved forward in the foreclosure process up to today 6/2015 what does this mean? The only document i have received was the court demanding a reason for why the Bank has been tardy in there process and would have to appear in court July 10 2015. I ran a title search and the loan was taken in 2010 and foreclosure also started in october 2010. Wells Fargo the original note holder at that point sold the loaned to Bank of Amercia all in the same year. Nothing else since 2010 shows up on the title search.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 2 years ago.
What did the lender do to start the process? Is this a judicial or non judicial foreclosure?
Customer: replied 2 years ago.
I think judicial since there where a court letter telling the bank they have to appear in court. I'm not sure the exact process so far but I can find out. I'm just given minimal info so far.
Expert:  Attyadvisor replied 2 years ago.
In a judicial foreclosure the lender would need to file a lis pendens
and serve you with a summons and complaint. Did you receive a summons and complaint?

http://www.nyshcr.org/Topics/Home/Owners/ForeclosurePrevention/FactSheets/Understanding-Foreclosure-Process-in-NYS-Fact-Sheet.pdf



http://www.dfs.ny.gov/consumer/hetptimeline.htm



The lis pendens needs to be filed in the county where the property is situation. You can check this with the county recorder. If the lender failed to follow the proper process the foreclosure could be vacated or dismissed and a quiet title action could restore clear title to you free from mortgage liens.

In New York once the loan has been accelerated the lender has 6 years to file a foreclosure action. This does not mean that the foreclosure must be completed in 6 years. http://www.pulversthompson.com/real-estate-law-nyc/statute-limitations/



That being said NY is very back logged with foreclosures. If anything was improper you can ask that the case be dismissed.

Please feel free to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.

If you would be kind enough to rate my service so I may receive credit for my work I would appreciate it.

Thank you for using JA!
Expert:  Attyadvisor replied 1 year ago.

I wanted to follow up with you to see if you had any additional questions with regard to this matter. Did you receive any additional information?

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