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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 118809
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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my home in NM has been in foreclosure for the last couple years,(purchased

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my home in NM has been in foreclosure for the last couple years,(purchased in 2006,,at the high of the market, after a divorce)
I went through the usual restructuring, and sending them forms, which they lost..
last year I filed chapter 7(job loss, car accident injuries)
put both the 1st and the second on the paperwork,
and the debts where discharged.. the bank continued w;/ the process... it was scheduled to sell oct 16th......

Checking w/ the courts.. I just saw the following,
Plaitiff(Bank of A) only notified the sale one week, 9/13.
.not the 3/4weeks required in NM
F.J court on 9/25 motion to return original note to plaintiff..
F.J court on 10/9 release of original note...

How do I proceed? my home is not worth the 269k they now have on it, and they refused to lower my principal, lower the interest rate( I have a arm,interest only loan)
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

You need to get your attorney to file a motion to dismiss the foreclosure or to stay the foreclosure proceedings based on them not following the law an d giving improper notice. Unfortunately, this merely delays the inevitable, but it does give your attorney chance to look at the mortgage document closely and determine if this is one of those BoA fraudulent mortgages or to determine if BoA breached the mortgage contract as well. If your attorney can prove this is a predatory loan or that somehow BoA violated the terms of the mortgage, then they will usually be forced to renegotiate this mortgage with you.

I understand that you have little income, but these foreclosures require close inspection of the loan documents and an audit of the loan to make the proper determinations of whether or not the bank is in violation, so getting a local attorney to file to object to the foreclosure and seek a stay of the sale will allow the attorney to properly examine your documents to see what BoA has done to violate your mortgage (usually they are able to find at least something to force BoA to negotiate because the bank is not usually good at following their mortgage contracts or the laws).

At the very least in the delay you can try to get them to agree to a short sale to avoid foreclosure. Also, it might be possible to file bankruptcy which also could at least delay the foreclosure and the attorney will examine each of those options for you because your assets and debts have to be examined in addition to the mortgage contact for any BoA violations.

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Customer: replied 4 years ago.

confirming that I filed for ch 7 in NM

the Bqcy was discharged july2012..


What does the courts 'releasing the original note' mean?



THank you for your response.

Sorry, I did not see the BK, was the house included in the BK? If it was not, then them releasing the note means it was back into effect and could be pursued and they did not extinguish the note.