coverexile

I hope I'm in the right area. So I have judgments and liens all attached to my home. I have 4 junior liens attached to my Deed of Trust.I just had a Title search just to confirm my suspicions. The judgments are all from 2009/2010 and the liensattached are also from the same period. My real estate business failed in 2009 so hence these issues.In my state the SOL is 10 years so the judgments should all be off in the next few months.However the junior liens concern me the most. Here's a breakdown of them:1) First mortgage 2) CIT SBA backed loan 3) Woodlands Bank 4) An individual#3 & #4 are 2009 plus 15 years to mature. On #2 CIT SBA I plan to make a Offer to Compromise. Hopefully thatwill work to get the lien removed.However on #3 & 4 an attorney told me the following:"For a deed of trust to expire, the statute requires either 15 years from the date the final payment is due or 35 years from when it was signed. The title insurance company will have to make a determination as to whether the final payment date is definitely stated in the document. If it has, then the deed of trust will have the shorter 15 years for expiration. If not, 35 years from signing, which is substantially longer in your situation."He didn't seem very confident the 15 years will stick and I'm not understanding why. If anyone can offer any insight or opinion onthis I would be grateful. Also any thoughts on a OIC to SBA.Thanks

Oops...DUH on my part Thanks!

This is called dual track. Yes, if you get the mod it will stop the foreclosure. Because you are so delinquent they have also put you into FCL, however a modification will stop that from progressing. Good Luck! Hi- Thanks so much for responding and the insight. May I ask what FCL is? Thanks.

Thanks so much for your response. AP means "Adverse Proceeding" in our BK case. My attorney unfortunately was worth less and the Trustee accused us of hiding things. I had nothing to hide and honestly can't believe how incompetent our attorney was. I take blame for my mistakes and own up to them, but I hired a "professional" and anticipated a good job. Oh well nothing I can do about it now.

Hi, new here albeit my situation is probably not unique. Hopefully I can get some insight and good advice on my dilemma. Brief history. 2.5 years ago my business failed and I started spiraling downhill. I fell way behind on my mortgage with Countrywide,now BOA of course. In 8/2010 my house was in foreclosure with a sale date. I filed for BK in 09/2010. This of course gave me a stay of relief. I never got the discharge as a AP was filed on us but in order to get the AP lifted we had to waive our right for a discharge. But anyway, since Oct/Nov.2011 I have been speaking on a regular basis with our Account Manager with BOA in regard to a loan modification. I recently spoke with our AM a few days ago and was informed our income went through verification and they are in the process of working on a trial mod.to a permanent mod. She mentioned a "silent second" was also a possible option to bring the past due current. So I'm feeling good and excited that I'm taking my family to Disney World next week! I'm feeling positive on everything now. Have a new car,good job,spouse and I, and working on this loan modification. BUT--- I get a solicitation letter from a foreclosure chasing attorney firm out of state offering their services to hold off foreclosure and work on a loan mod! This intrigued,and concerned me so I checked the local attorney website that handles most of the foreclosures around her and lo and behold there it was, my house listed with a sale date! My heart of course sunk. So, what do I do now?? I plan to call my account manager tomorrow and see where exactly where we are. If we get a loan modification then does this halt the foreclosure sale? Any and all advice greatly welcomed. Thank you for taking the time to read this.