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KimberlyLaw
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4198
Experience:  13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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Form 4 Order of Dismissal and Foreclosure Vacated

Customer Question

Form 4 Order of Dismissal and Foreclosure Vacated
Submitted: 11 months ago.
Category: Real Estate Law
Customer: replied 11 months ago.
What does that mean? I am in SC
Expert:  KimberlyLaw replied 11 months ago.

Hello, I am happy to assist you today.

If you have received an Order of Dismissal and Foreclosure Vacated from the court regarding a foreclosure action against you, this means that the case was dismissed, and that the foreclosure order is no longer in effect.

That does not mean that the bank will not try to proceed again, it is just not going forward right now. I don't know the background here, but you should take a look at the court's reasoning for the Order.

Take care,

Kim

Customer: replied 11 months ago.
I've been doing this for the past 4 years with Wells Fargo... Never goes through... Haven't made a payment in quite some time... Wells Fargo can never get their act together
Customer: replied 11 months ago.
They have screwed me over and over then can not back up their claims
Expert:  KimberlyLaw replied 11 months ago.

Ok, well it sounds like you have been successful in your efforts. I have seen foreclosures (as a former attorney for the major banks) take years and years, during which time the borrower wasn't paying anything and staying in the home, so this is not completely uncommon.

Sorry to hear that the bank hasn't handled your case well. There are a lot of mistakes that happen with mortgage loans, often without intent, but then those mistakes can escalate if they are not handled properly, and end up in foreclosure. At no fault of the borrower. I have seen it many times. So good job fighting them and hopefully you can get to stay in the home now without the burden of the loan.

Best of luck,

Kim

Customer: replied 11 months ago.
What does this do about making payments? I'll be back to making them or not?
Customer: replied 11 months ago.
What should I do now?
Expert:  KimberlyLaw replied 11 months ago.

Well you haven't given me any information about your situation, you only asked about the order, so I don't actually know what your situation is.

If you haven't paid in 2 years then your credit is already impacted, so there probably isn't any sense in making payments if they can't foreclose on you. And if they decide to foreclose again, then they have to go through the whole process again, so you will be able to participate in the process.

It's your call, but you could contact the attorney for the bank and ask for an accounting to see where you stand, and whether you think that you are able to get back on track. There will probably be a very large payment required up front to do that, if they allow it at all, because they have already accelerated the loan. That means that right now you owe the full amount of the loan and it is up to them if they want to allow you to start making payments again. That would be called a forbearance agreement and would require a flat payment most likely to get started.

Otherwise you can just wait and see if they contact you, which is probably what I would do.

Kim

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