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KJL LAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 1625
Experience:  Attorney at Law Office of KJLLAW
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Must provide applicable law.

Customer Question

must provide applicable law for payment.
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
Illinois real estate.
My home was first purchased in 1994, and has since transferred banks many times. In 2003, it was added in a Chapter 13 bankruptcy, but was excluded from the debt, and paid outside the chapter 13. I moved out of the home in in 1999, and haven’t been there since. In 2008, we bought another home, but we needed update the payments on the first home, but haven’t made another payment (The home was charged off in 2006 or 2007, and stayed on my credit for 7 years). Long story short, the home is not worth anything and should be condemned. We had a buyer for a short sale in 2008, but the bank refused, so I told them I would never make another payment if they refused. The person at GMAC mentioned they would foreclose, and I said do you promise? He replied it is a guarantee. It is now almost another 8 years later, and I haven’t made one payment since October 2008 or have ever responded to any communication they sent (they have only ever sent a bill through a collection agency). I just want to burn the house down through the local fire department. Is there a process for me to claim the property outright since there has been no action take in 8 years?
Expert:  KJL LAW replied 1 year ago.

Good morning. The bank still has the mortgage and note on the property, and if they did not foreclose and gain possession, then they still could be the legal mortgage holder. Unfortunately your rights in the property do not increase if they do not pursue collection or legally foreclose. You should check the county records in the property to determine if any foreclosure action was taken by the bank. If you remain the deeded owner then you still own the property and are legally responsible for it. I hope this helps with your question.