What to do if we stopped paying the morgage on our home 4 1/2 years ago but bank has not foreclosed.
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What to do if we stopped paying the morgage on our home 4 1/2 years ago but bank has not foreclosed.
Due to letters we moved out a year ago. This is continuing to affect our credit. They still have not foreclosed. Wondering if there is a way to sue for this? As we have tried to do everything the right way.
Asked on September 27, 2012 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Since the bank has not foreclosed upon your home despite not paying the mortgage on it for over four (4) years you do not have a legal or factual basis to due the lender for failing to foreclose upon the property.
If you want to try and move this forward to a conclusion you can consult with a bankruptcy attorney to see if you are a candidate for such a proceeding or retain a real estate attorney to try and see if the lender will accept a deed in lieu of foreclosure from you transferring title to the lender.
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