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Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
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We owned our own business for 25 years and closed the doors

Customer Question

We owned our own business for 25 years and closed the doors January 1, 2016 and we filed bankruptcy on the business in March, 2016. We owed our bank about $130,000. We gave them our shop which there was nothing owed and all our vehicles, enclosed trailers and equipment. The would just about have enough to clear up what was owed. But back in 2005 I guess there was a $100,000 loan taken against our home and they are saying we defaulted. I don't understand if we owed them that since 2005 there is no way they haven't gotten paid. We got served foreclosure papers yesterday saying it is getting auctioned off on December 5th and have to vacate the property in June, 2017. How can they get by with this and what do I do to save my home?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Damien Bosco replied 11 months ago.

Hello. My name is***** am an attorney. I will review your question. I may need to clarify facts first. I will answer & we can discuss issues.

Expert:  Damien Bosco replied 11 months ago.

When some filed for bankruptcy, they are to list all known creditors, which would include any mortgage or loan. So, a lender should be listed. If there was a discharge or a work out plan, the loan would have been discharged or a plan put in place. If now there was a foreclosure proceeding, there would be a possibility to stay the foreclosure or to have a court stop it. If there was a judicial foreclosure, a motion to vacate the judgment would be based on the discharge. If a non-judicial disclosure, a new proceeding would be opened; or possibly this can be addressed to the bankruptcy court if they were listed a as a creditor. We can discuss more if you would like to do so.

Expert:  Damien Bosco replied 11 months ago.

Hello Brenda! Checking in to see if you need further help. Your satisfaction is my goal, and I'm happy to answer a related follow-up question you may have. If I have not answered your question completely or missed a question, please let me know and I will attempt to answer it. If you are satisfied with your answer, please provide a positive rating between 3 and 5 stars. Best regards.