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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 40977
Experience:  Texas Attorney for 30 years dealing in real estate
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After the bank take the lien off property can they do a forecloser

Customer Question

after the bank take the lien off property can they do a forecloser .we had a bankrupcy
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ray replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today. Here in Florida all the lender can do is foreclose and take back the property.The debt here is discharged in Chapter 7 and usually they offer you the chance to reaffirm the debt if you want to keep the house. If it is underwater or you don't want to reaffirm for other reasons the lender can take back the property but no deficiency judgment against you. So you have options to contact lender if you want property and reaffirm the debt or stay in it until they foreclose.This can take awhile maybe a year or more but eventually they can foreclose and evict you. You are free to remain in the house as long as you can or again contact lender and reaffirm the debt and keep it.Once reaffirmed then you continue to make payments on the amount you still owe. I appreciate the chance to help you today.Please let me know if you have more follow up it is not a problem.Thanks again .
Expert:  Ray replied 2 years ago.
I am here if you have more,thanks.
Expert:  Ray replied 2 years ago.
The debt is discharged but the lender still has a lien on the property and they can foreclose through the courts on the property.They cannot get a judgment on you but can only take it back.Florida law permits them to do a judicial foreclosure.This is a suit through the courts.You will be served here with suit and should answer it to get you more time.You also have option to contact lender and reaffirm the note and keep on like before you filed.This amounts to you reaquiring your old note here and the balance due on it.
Thanks again.