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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38223
Experience:  17 years real estate, Realtor. Landlord 26 years
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In 2002 took out a small home equity loan on our house all

Customer Question

In 2002 took out a small home equity loan on our house all was good untill 2006 when I has my first heart attack. The loan was 1rst through full spectrum then countrywide then Bank of America and now Portfolio services we have trie 6or 7 modifications all turned down, we tried send payments in 2008 they sent the checks back we have not made a payment in 10 years. I was making 1200 a month disability at the time of the loan. With my increasing health problems I need a resolution the stress has torn our family apart and my health I was wonder if I can fall under the adverse property law.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  TJ, Esq. replied 1 year ago.
Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.Which state is this in? Also, is the property worth less than what is owed on the first, and are you up to date on the first?
Customer: replied 1 year ago.
I'm in Arkansas, the property is worth a lot more than owed and we have not made a payment in 10 years, although we tried they Bank of America sent them back
Customer: replied 1 year ago.
I'm I going to get an answer to my above mentioned question ?
Expert:  Barrister replied 1 year ago.

Hello, new expert here..

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It appears as though the other expert assisting you was called away on other business..

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Adverse possession won't work here because it requires your possession to be "adverse" or "hostile" in other words. If the deed is still in your name, then you can't possess something hostilly that you already own..

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What you could try is to file a "quiet title" lawsuit against the bank and seek to have the debt declared beyond the 5 year statute of limitations for breach of contract and then voided out and unenforceable.

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This is something that you would need a local real estate attorney to assist with as this isn't something you want to go up against the bank by yourself on as they will definitely have an attorney representing them.

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thanks

Barrister