We are currently suing the bank but somehow they can still foreclose...anything to stop that?
Hey Reddit,
My dad has had his house wrapped up in litigation for almost the past year. As part of it, he stopped paying his house payments, because he was told that while the lawsuit was active there would be one of two endings:
1) The bank settled and at best we could renegotiate the loan with maybe even some equity.
2) They didn't settle and then foreclosure would happen.
But either way the lawsuit would run it's course before they could kick us out.
Now it seems that they can still foreclose even though we are suing them... WTF?
So if we win down the road, are they going to give us our house back? lol yeah right
We are in California btw and my dad renegotiated something in the past which we knew might have been a problem. But we haven't even gotten to that point and we are 1.5 months away from being foreclosed on my dad thinks but more than that for the lawsuit to wrap up.
There anything we can do? I really don't get how the bank can still foreclose when we are actively in litigation over the property... Like if I want to sue someone they can just say, "nah we don't want to be sued so suck it." Doesn't a judge or jury or something have to give a final judgement before they can take the house??
It seems the faster we get kicked out the faster the bank gets its insurance check paid for by the Fed's...funded by our taxes. Lol wow.
Thanks for any help!
btw my dad has attorney that he is paying a lot of money to. Just making sure that money is worth it and nothing has been overlooked...because my dad doesn't sound too positive right now and he's one of those people that's worked his ass off his entire life and done things "right." I'm trying to stay a little more positive though!
Posted Mar 24, 2012, 8:49 PM UTC