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socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39043
Experience:  Retired (mostly)
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Hi, we recently had our foreclosure dismissed without prejudice.

Customer Question

Hi, we recently had our foreclosure dismissed without prejudice. Our second mortgage is now coming after us because of non payment. What can we do?
Submitted: 4 years ago.
Category: Legal
Expert:  socrateaser replied 4 years ago.

1. Why was your foreclosure dismissed?

2. Was the foreclosure plaintiff the 1st mortgage holder?

3. What do you mean by "coming after us," the 2nd lender threatening to sue (or actually suing) you?

4. If #3 is "actually suing you, is the lawsuit for foreclosure, or is it a breach of contract action?

Thanks in advance.
Customer: replied 4 years ago.

Hi, foreclosure was dismissed because the plaintiff our bank did not show up. Yes, the foreclosure plaintiff is our 1st mortgage holder. The second mortgage holder is filing a complaint against us for not paying for some time. So it would be a breach of contract. The second mortgage holder couldn't do anything while we were in the foreclosure process up until recently.

Expert:  socrateaser replied 4 years ago.
Okay, that raises a couple of other questions, so please bear with me:

1. What is the approximate current fair market value of your property?

2. What is the approximate current unpaid balance of your 1st mortgage?

3. What is the approximate current unpaid balance of your 2nd mortgage?

4. Do you have any non-retirement assets of substantial/high value (stocks, bonds, brokerage accounts, artwork, collectibles, etc.)? Note: Retirement assets means 401(k), IRA, employer or government pension or disability benefits; non-retirement, means everything else).

5. If #4 is yes, then how much are the non-retirement assets worth (approximately)?

6. Do you have regular income from a job?

7. If yes, what are your gross monthly wages for you (and if you're married, then also from your spouse)?

I don't mean to be intrusive, but you want to know what you can do about the situation, and in many respects, the answer comes down to an accounting problem. If you don't want to answer these questions, I understand completely, but without the information, I cannot answer your question, except with a very generalized response.

Thanks in advance.
Customer: replied 4 years ago.

Not really interested into a full blown conversation at this time. I realize for $36.00 bucks I cant expect the world to stop. Never the less I will seek out counsel here locally and try to stop this from happening.





Expert:  socrateaser replied 4 years ago.
Okay, well, the bottom line is that depending upon your financial circumstances, your best way out of the problem is to file for bankruptcy. Florida courts permits something called "lien stripping" in Chapter 7, which is permitted nowhere else in the USA, and could be used to wipe out the 2nd mortgage on your property -- leaving you with only the 1st mortgage to pay.

If you want to explore this further, in private, than for a bankruptcy attorney referral, see this link.

Hope this helps.