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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 28385
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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What does a motion mean?

Customer Question

What does a motion for foreclosure mean?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 2 years ago.
A motion is a written request or proposal to the court to obtain an asked-for order, ruling, or direction. In this case, the motion is likely being made by the bank, who is the plaintiff and wants to foreclose on the home the defendant is living in, since they likely defaulted on their mortgage.
Customer: replied 2 years ago.
What happens next?
Expert:  RealEstateAnswer replied 2 years ago.
Can you share with me what has happened so far?
Customer: replied 2 years ago.
My husband borrowed $1 million from the bank to purchase a new business. When the economy dropped, he had difficulty making his mortgage payments. He stopped doing so in February 2012.
Expert:  RealEstateAnswer replied 2 years ago.
Did he take out a HELOC or when he borrowed the money, was property used to secure the loan? You shared that he purchased a business, so I am curious as to how property was foreclosed on and how this is all related?
Customer: replied 2 years ago.
The property was used to secure the loan. Our house and his office are located on the same property.
Expert:  RealEstateAnswer replied 2 years ago.
Thank you. If the loan is not repaid pursuant the terms and conditions of it, the lender can foreclose on the property and force the sale, to satisfy what they are owed. You certainly can try and ask the lender for a modification, to help you continue paying and you have a legal right to contest the foreclosure action if it is filed.
Customer: replied 2 years ago.
How long can they possibly allow us to stay there without paying the mortgage?
Expert:  RealEstateAnswer replied 2 years ago.
It is up to them. It really depends on if they want to move fast or not with the foreclosure. You could have a few months or longer if it is contested.
Expert:  RealEstateAnswer replied 2 years ago.
I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!