my house was foreclosed, back to the bank, and sold.

The second mortgage asked me to pay off the loan balance by making payments or pay the whole amount. I was told if the house already back to the bank and it was sold then I should be no pay/wiped out. Am I correct? What should I do on this matter?

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Hi Steve, I live in Oregon and just found out that CHASE made a HUGE error on my HAMP loan modification. Our property consists of 2 tax lots even though the zoning in our area currently would never allow them to be split, when CHASE calculated the new payment for the loan modification (I made the first new payment back in June of 2010) they never calculated in (or paid as they said they would) the taxes for the 2nd lot, only the first lot and the insurance. When I brought this to their attention (May or June of 2011) that there was still delinquent taxes due, they paid them quickly BUT now want to adjust my payment to reflect the new current escrow and that is much higher than I can currently afford. After MANY, MANY hours studying how they applied payments and talking to CHASE folks they have offered to take some principle payments and pay down the new arrears and put that on the back end of the loan but that does nothing to address the fact that my payment for 2012 and forward will be much higher due to the taxes for both lots now being part of the escrow.... Do I have any recourse for CHASE making such a grievous error on my HAMP to begin with? Does this nullify my HAMP? Where do I go from here? Any thoughts would be appreciated...

Answered by Anne


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Escrow amounts are almost always estimated, and usually have language to say that they can be adjusted to reflect errors, increases, etc. My guess is that there is little chance it would nullify anything. That said, if those expenses change the calculation they used to qualify you or set your payment then perhaps you could ask them to revisit it. Just keep in mind that such a review may result in your no longer being qualified for a HAMP modification which perhaps could result in your losing the modification and facing foreclosure. Certainly worth looking into, but tread carefully. Sean
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We live in CA, we bought a home in September 2006, had some financial difficulties and the house was foreclosed on June 2008, we had two loans used to purchased he house, never refinanced, Just today we received a phone call from a collection agency trying to collect from the first loan, can they do that? It's been more than 3 years, the loans where with the same bank, shouldn't they know hose has been foreclosed? Please help

Answered by Celia


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Two things: 1) CA is a one action state - if the first foreclosed that is their "one action" and they can't collect on the deficiency. 2) If you took the 2nd at the time of purchase as you stated, then you also benefit from CA's purchase money rule which leaves taking back the property as the lenders sole recourse on the loan. That said, collection agencies can be belligerent, so they may not take your word for it. If they won't stop, you should be able to find an attorney who can help you assert your rights for a few hundred bucks. Sean
Thank you so much Sean. Celia
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Hello my house foreclosed in 2006 and some body ended up getting it. And the only thing I got in the mail was how much the went for and I never got any statements or telling me I owed anything and here it is 2011 and now im being sued for 39grand can you help me by telling me I need to do

Answered by Robyn


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Hi Robyn, It sounds like you may have had a recourse 2nd mortgage that is now trying to collect?? Can you provide us with more information on the loans that were on the property when it went to foreclosure and which of those are trying to collect? You will undoubtedly want to seek legal assistance from someone that can look at your whole file. Michelle
I'm in the same boat. My house was foreclosed in 2008. In 2012 something showed up from HSBC mortage saying I owed $2900. When I call HSBC they give me the runaround. I asked for some verification of debt and she laughed at me and told me I should know what I owed because I signed the mortgage paper. I told her I never signed anything with HSBC and they sold my house for almost 10k more than I owed on it. I was never contacted saying I owed anything and she even told me it's not in collections and she refused to even talk to me about making payments because she says they are not trying to collect anything from me. It doesn't make any sense. But she treated me like crap and refused to give me ANY information about this supposed money I owe on a house that they sold for more than I owed. James M
Not to make your credit worse than it already might be, file for bankruptcy. A chapter 7. Babe
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HI.. my name is AJay Patel.. I lived in a condo for 5 years.. i tried to shortsale my property.. we went through 3 buyers.. the banks were taking forever to get an approval.. after about a year.. i got a letter in the mail stating that my home will be going to auction.. since we had an offer on the table... my agent tried to extend the auction date to see the result of our current offer... regardles.. the home was sold at auction.. 2 weeks later, we get an email from the bank stating that the short sold has beeen APPROVED!!.. (in reality it was sold at auction).... i have 2 credit cards with chase.. .CHASE is not my mortgage bank.. i looked at my online statement and it shows the the 2nd loan was tacked on to my statements for 61k!.. i had never refinanced or taken money out on my home..this was a PURCHASE MONEY LOAN... am i responsible for the 2nd?? i though everything was over with.. Please help.. thanks so much.

Answered by ajay patel


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oh.. and i live in orange county, ca ajay patel
oh.. and i live in orange county, ca ajay patel
Hi Ajay, Did you use the funds from the 2nd to purchase the property also? If you took out the second after you purchased the home then this is NOT considered a purchase money loan and although their lien against the property is wiped out by the foreclosure of the first this does not prevent them from attempting to collect on the balance of the 2nd. At this point the 2nd is basically an unsecured loan. It sounds like they are still sending you a loan statement on the 2nd? I have not heard of a lender tacking on the amount to an existing credit card statement but that may be a new tactic for collection. Michelle
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Hello, I have a few questions. I will try to make my story short and clear. I bought my home in 2007, and in 2008 I refinanced for a better rate. Both loans are with the same bank. The home foreclosed in 2010, due to hardship. The house sold back to the bank and a year later finally sold. The 1st shows closed, but the 2nd shows open and delinquent. I have been trying to file complaints with the bank regarding errors on their end for the modification, but am worried about them coming after me for the 2nd mortgage. Is there anything I can do to avoid them coming after me. Also whatever happened to bill SB 1178? Thanks- Any help would be great!

Answered by Katie


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I forgot to mention my home is in california. Also if i file for a BK can the bank go after me for any assets? Thanks-

Answered by Katie


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Hi Katie, When you refinanced these loans they became recourse loans. In CA we have what is called the one-action rule. The first has taken their one action by foreclosing on the property. Although the foreclosure wiped out the lien of the 2nd it did not wipe out your obligation to pay. Essentially the 2nd has now turned into an unsecured loan. They have not taken their one-action so they can pursue collection on this account. SB 1137 had to do with the lender making contact with a homeowner prior to foreclosing. The 2nd did not foreclose so this law does not affect them. The latest law regarding 2nds had to do with the lender of a 2nd approving a short sale. SB 458 which took affect in July had to do with 2nds approving short sales. Under this law if a 2nd approved a short sale they could not come after the homeowner to collect on any deficiency. Essentially this makes a short sale approval on any CA property with 2 loans a full satisfaction release. This law does not affect 2nds when the 1st has foreclosed. Unless you intend to file BK and wipe out this debt you may want to try to settle this account. Michelle
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If the house is being sold then you just need to pay the excess amount that the lender requires you to pay. Remember that it will always depend on the deal that you and your lender have dealt with. Better yet, go to your lender and ask for something that you need to do and clarify you payment obligations.

Answered by Liz


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my 1st home was foreclosed in texas in June 2010 and now i had a call from the dept. of treasury saying i owed over $60,000 for deferred principal, it was originally $48,000 deferred principal but when they received they tacked on $20,000. The agency who sold it for what i owed on it. How can i actually get the amount they sold it for?

Answered by marivel


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Hi Marivel, I am not that familiar with Texas laws but I believe that even in Texas you can see the transfer value on the most recent grant deed. Try contacting your local title company and ask for a property profile with the most current vesting deed. That should help you find the last transfer value but I have no idea if that will help you with any potential tax liability or deficiency issue. Michelle
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I was unemployed for 27 months. I just got a job. My house was repossessed and sold at auction. Will the bank come after me for the balance? I am in Michigan.

Answered by anna


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Hi Anna, Unfortunately we do not cover Michigan and we are not familiar with the laws in that state. You may want to reach out to a free housing counsellor by going to Makinghomeaffordable.gov. You will find a list of HUD approved counsellors in your area. If they cannot answer your question they should be able to refer you to someone in your area that can. Depending on your situation you may also want to consult with a Bankruptcy attorney in your area. They would not only be able to tell you if the lender has any recourse but they would also be able to tell you if you are a candidate for Bankruptcy to wipe out that potential debt. Michelle
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p.s. It was a second home turned rental. The value dropped 80% and it wasn't renting for much at all. We could not afford to keep it.

Answered by kelly


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Hi Kelly, The "one action rule" also applies in Nevada. If the lender foreclosed on the property then they have taken their one action and cannot seek a deficiency (even though deficiency judgments are allowed in NV). Make a note that there is one exception and that has to do with bad faith waste or fraud. If you did massive damage to the property or committed fraud when getting the loan then they could seek a deficiency. Michelle
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I am in dire straits. My landlady just showed me a certified letter from the bank indicating that the house I am now renting a room in is going to be auction off on November 30, 2009 at 10:30am. I was not told when I rented the room in Washington DC NW area that the property was in foreclosure. Was I deceived by the landlord? How much time do I have to remain in the house after the auction? It is getting cold, I have no place else to go, what are my legal rights?

Answered by LizBrooks


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thank you!

Answered by kelly


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Is it illegal to rent an apartment or a room in the District of Columbia if the landlord had full knowledge that the property was in foreclosure? What is the law? Where can I go to get him please. Thank you

Answered by LizBrooks


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Hi Eric, If you included the loans in your BK then the lender could not seek a deficiency judgment. Given the complexity of your situation it sounds like you should listen to your attorney. Sometimes it is better to cut bait and move on then stay and fight a losing battle. Home ownership is the American Dream but we are also the land of second chances.

Answered by Michelle


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MY WIFE HAD A ACCIDENT COULD NOT WORK FOR 3 MONTH WE HAD A 1ST & SMALL SECOND FROM SAME BANK COUNTRY WIDE HOME LOANS. WE AGREED TO DO A CO-OP SHORT SALE, WE BOTH AGREED BANK THEY WAITED 90 DAYS NO OFFERS THEN ASK TO REDUCE PRICE FOR 30 DAYS WE AGREED , THEN W/OUT WARNING THEY TOOK IT BACK SOLD IT ARE WE RESPONSIBLE FOR THE 1ST OR SECOND SINCE THEY DID NOT WAIT THE 30 DAYS AN TOOK IT BACK BEFORE 30 DAYS( BROKE CONTRACT BETWEEN WIFE AN I .

Answered by BILL


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Hi Bill, The contract between you and your wife does not have an impact on the right of the lender to foreclose. If your 1st and 2nd were both purchase money loans (both loans were used to purchase the property) then these loans are non-recourse loans. If you took out the 2nd after you purchased the property and the 1st foreclosed then it is possible that this 2nd has now become an unsecured debt and you would still be responsible for paying this balance. It does not matter if the loans are with the same lender. What matters is if they were purchase money loans. Michelle
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I purchased my home in December of 2006 in Virginia for $312K, put $12K down. My mortgage is through VHDA and it is interest only so I have been paying $300.00 per month additional to pay down the principle. I have never been late on a payment even once. My home is now worth $176K. Other than messing my credit up with a short sale, is there anything I can do?

Answered by Laura


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Hi Laura, You can certainly try to get a modification. Although principle reductions are rare they do happen on occasion. The only real options that you have would be to try to modify the loan, short sale the property or let the property go to foreclosure. Of course, if you like the home and can afford the payment you can certainly just continue to make the payment. This is where you have to look at your own specific situation and decide what is best for YOU. If you decide short sale or foreclose it could take many months and hopefully allow you to save some money. After 3 years you can potentially qualify for a new home loan. If you do not believe that the prices will bounce back in your area withing 3 years this is something to consider. At the end of the day only you can really make the decision. You may also consider that walking away from a home and allowing it to go to foreclosure, even when you make a conscious decision to do so does create some stress and anxiety. Your credit takes a huge hit and it could affect security clearances, insurances and other credit accounts as your credit scores plummet. I wish there was an easy answer to your question. All I can say is do your due diligence, get all of your questions answered (consult with an attorney and a tax professional) and then make the decision that is right for you. Michelle
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Hi Sean: PLEASE HELP!!! We own 2 rental units in NEVADA (2 condos), we have two loans on each unit (1st and a HELOC). The HELOC was to purchase the properties! The loans were with Countrywide originally, but are now with Bank of America! We are having troubles paying Mortgage on these rentals, as with high unemployment in NEVADA, we had to lower rent by $150.00! We paid originally $182,00 for each unit, but we have learned there is many Foreclosures in the complex and the same units are being auctioned between $50,000 to $60,000! My husband and I would like to walk out of these units after Rental Leases end, as we do not feel it is worth sacrificing the $1,000 negative we carry, even after Modifications! Please advise, if we are putting ourselves at RISK of any JUDGEMENTS against us! Thanks so very much for your help! Ana

Answered by Ana


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"Submitted by Michelle - 07/27/2011 - 2:31pm Hi Justin, This is certainly a great question and unfortunately points out damage that is done to homeowners through the delays in the foreclosure process. We wrote a blog post on this called Foreclosure Roulette, A Game of Extend and Pretend that outlines the reasons why the banks are taking so long to foreclose. http://www.foreclosuretruth.com/blog/sean/foreclosure-roulette/ Essentially they are using foreclosures as balance sheet management. There is no legal recourse that I am aware of to punish the lender for delaying the foreclosure. You are correct in that the lenders will start the credit repair time line from the date of the foreclosure which means 3 years for FHA loans. The government is so consumed with foreclosure prevention and delaying the process that this is the unfortunate consequences of that action. Even if you had sent them a Deed in Lieu of Foreclosure the bank is not obligated to accept it." Question? Can I send a "Deed in Lieu of Foreclosure" form not using the one my lender sent me (including a 15 page application)? And try to get outta this alive?

Answered by Jimmy


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"Submitted by Michelle - 07/27/2011 - 2:31pm Hi Justin, This is certainly a great question and unfortunately points out damage that is done to homeowners through the delays in the foreclosure process. We wrote a blog post on this called Foreclosure Roulette, A Game of Extend and Pretend that outlines the reasons why the banks are taking so long to foreclose. http://www.foreclosuretruth.com/blog/sean/foreclosure-roulette/ Essentially they are using foreclosures as balance sheet management. There is no legal recourse that I am aware of to punish the lender for delaying the foreclosure. You are correct in that the lenders will start the credit repair time line from the date of the foreclosure which means 3 years for FHA loans. The government is so consumed with foreclosure prevention and delaying the process that this is the unfortunate consequences of that action. Even if you had sent them a Deed in Lieu of Foreclosure the bank is not obligated to accept it." Question? Can I send a "Deed in Lieu of Foreclosure" form not using the one my lender sent me (including a 15 page application)? And try to get outta this alive?

Answered by Jimmy


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Hi Jimmy, In CA the lender does not legally have to accept a Deed in Lieu of Foreclosure. Your best bet is to fill out their forms and work with them or just wait for them to foreclose. Michelle
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My home went into foreclosure while in the process of mitigation (loan modification) with the lender and now my home has sold!!!! I was not notified until then and am still occupuying the home. Is there any options left for me............PLEASE HELP!!!!!!!!!!!!!!!!!!!!

Answered by Veronica


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Hi Veronica, Unfortunately we hear this from a lot of people. Lenders routinely dual track a modification and a foreclosure. You can hire an attorney to make sure that the proper procedures were followed and the foreclosure was legally completed. We have seen numerous people that have been in the process of a modification when their property went to sale. A friend of mine had a verbal approval on their mod when it went to foreclosure. They would not rescind the sale and she lost the house. Michelle
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I am looking for info as fannie mae has declined me (after approving me for short sale. I had the first buyer leave and a back up is now being denied, can i protest this with fannie? this was a wells fargo loan, hardship was job relocation...

Answered by katie


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Hi Katie, A lender is not obligated by law to approve a short sale or a modification. They are also not obligated to allow you to substitute a buyer on an approval. Michelle
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hi, Im shreya working in firm n i have 1 query, my sis took education loan back 6 years ago for 10Lac and ma parents for soem reason forgot to pay premium after 1 years consquently. Now when i met with an bank manager to ask how much i hve to start paying if i want to pay the loan he said it is now 20lac. I m so surprise n i dont hve tht much money with me now. So ma questions is i kept my house whihc cost almost for 40 Lac, can i sell my house n give bck money to bank. As a matter of fact i do know my papers r there with bank, bt plz advise can i do this . Please help me with correct answer as im in mess.......... Thanks

Answered by shreya


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Need some help please !! in 1999 we bought a house in Rhode island. in 2003 we started doing major remodeling and found mold, structure damage and the house was condemmed by the town. We moved out and paid the mortgage until 2004 and stopped after the insurancce company refused to help in any way financially. After all this time they finally forclosed on us in 04/2011. only took 7 years of non-payments. We pulled out credit report this past december and it stated that it was going to stop being reported as of March 2012. now we just found out that it was sold to another mortgage company and they can out it on our redit report for another 10 years for the same thing. the house has been bank owed for some time now and it is still on the market as a foreclosure. can they do that to us. it feels like we are going to be punished for 18 years and never be able to buy another house again. we did not lose it because we could not afford the mortgage payment (I pay more in rent now)

Answered by laura n bob


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Hi Laura n Bob, The foreclosure will typically show on your credit report for 7 years from the date of the foreclosure sale NOT when the foreclosure started. This means that it will show 7 years from 4/2011. This is one of the ways that foreclosure delays actually hurt homeowners. If you are looking to repurchase you can potentially qualify for a FHA loan 3 years from a foreclosure. If you qualify for a VA loan I understand it is 2 years. Keep in mind that the rules are changing all the time. You never know when a new loan program may come along to help folks qualify a bit faster. Michelle
Wrong - The foreclosure will show on your credit report for up to 7 years from the date of first delinquency (providing, of course, that the account was never brought current after first being delinquent - if the account IS/WAS brought current, a new date of first delinquency is established at the next missed payment and the clock starts over again). The foreclosure activity (including the sale date) is immaterial. It all has to do with when the account first goes delinquent. By the way, credit bureaus DO NOT report foreclosure actions from the courts - only the foreclosure-related activity on the creditor account itself). And just a clarification regarding the "rules changing all the time" comment - Michelle's talking about the foreclosure rules, not the credit reporting rules. If you're wondering, I'm in a position to have unique knowledge of this information. edward
Hi Edward, I was talking about the underwriting guidelines when referring to the "rules". Most people only care about when they can repurchase and that means the "rules" to getting qualified for a loan. For loan qualification purposes it is no mortgage lates in the past 12 months and if you want to get technical the loan app (1003) asks you if you have had a BK or Foreclosure in the last 10 years. We already know that FHA will approve a loan 3 years from the foreclosure date but conventional financing it is 7 years. There was a credit union that had a program where they would consider making a loan 12 months from the foreclosure date. Even Fannie and Freddie only look at mortgage lates back 24 months. Thanks for your input Edward. As you pointed out the rules are different in each state (judicial/non judicial) and I would also point out that some states also allow deficiency judgements. Michelle
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I live in California .the bank actioned the house after six month of being late .where I was advised by the bank agent not to pay to qualify for case review an Lon modification ,I ended by filing ch7 on march 2010 to stop the sale..on Dec 2010 HSBC bank foreclosed and sold it to fanne Mae same investor..without any notice of sale.during the time I was trying to get the loan mod approve.I put all my life and time .I had one loan with 7.88 interest .all I was trying to get lower interest rate based on Obama news making home affordable ..I put down 150k I bought the house on 2008 ..price nocked down from 500k my purchase price to 320k ..I loved my home didn't wanna this happen to me ,,I been victimized by hsbc bank game and Obama HAMP program ,,I am single mom with 4 kids. What is my right ? How I can buy the house back ? is there bay way I stay at my home as renters? Please I need your help to these questions..I received I U/D papers...I don't wanna move out

Answered by Linda rami


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Hi Linda, Sadly, I am not sure that you have any alternatives left. The lender would have received the relief of stay from the bankruptcy court in order to proceed with the sale. The lender is under no legal requirement to offer a modification or approve a refinance under any of the Obama plans. It sounds as if the foreclosure was legal and they are now formally evicting you from the property. At this point it is probably unlikely that you can purchase the property back because of the bankruptcy. Most lenders will not make a new loan to you until after 7 years from a chapter 7 bankruptcy. I wish I had a magic wand that I could use to help you. It is not only sad that you have lost so much money but it is really sad that you have been so confused by this process. It sounds like you tried your best to do whatever you could and the process failed you. I understand that sometimes a home cannot be saved from foreclosure but I do not understand why they cannot clearly communicate that with a homeowner. Linda, you have done all that you can. You have fought a good fight. Now it is time for you to move on with the business of living your life. These 4 kids need you and need you to be in a good mental and physical place. It is way more about the quality of life than it is about where you live. It is time for you to claim victory and move on. You did all that you can to fight this and now it is time to get busy restarting your life. This experience will teach your children more about being resilient and starting over than about failure. Find a rental you can afford, put up a Christmas tree, start setting your goals for the new year, plan a vacation, get in touch with what is really important. I can assure you what is really important has nothing to do with that wooden structure you call a house. America is that land of second chances. Get out there and get focused on living a better quality of life!!! Trust me, there is a lot of life to live after you close the door on that house. Michelle
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I friend of mine was several payments behind and his house went into forclosure. He payed the amount that was owed the day before it was going to be auctioned. A couple of days later the lady that bought the house showed up at his house. He made the payment just on time but they still sold his house. The mortgage acknowledges the mistake and are "trying" to reverse the mistake. It's been a week since the house has been sold but they haven't given him a straight answer except that they are aware of it and are working on it. How likely is it that he will keep his house?

Answered by Fabiola Reyes


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M my family recentl lost there home and now they're on the forclosure images for my grandfather died and he was makin the payments on it and thay took it

Answered by Terrance


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Hi I went through a divorce this year and my house was approved for a short sale except the bank did not accept the offer. Instead I got a letter that the house was going to auction which didn't get sold either. Apparently the bank bought bank the house. I live in West Virginia will they hold me responsible for the difference they sell the house and what I owed?

Answered by Aida


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Hi Aida, In W VA the lender MAY seek a deficiency judgment by instituting a suit after the conclusion of the foreclosure sale. A lender may NOT seek a deficiency judgment if the purchase price at trustee sale is less than 2/4 fair market value of the property. Michelle
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We live in San Jose, CA and cannot keep up with our loan payments any longer. We decided to stop making payments and hope the bank will re-negotiate our loan but if not we are ready to go the foreclosure route. Our loan was with Countrywide now serviced by BofA and the full loan amount was for the purchase of the house. My questions are: -Do we have any tax liability after foreclosure? -Do I still need to pay property taxes while going thru foreclosure? -Also I took a HELOC out of another property I own to use as part of the down payment for the new home. What happens if I stop the payment on on that loan? Thanks!

Answered by Lenny


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You would want to talk to a tax advisor about any tax consequences. This would be specific to your situation. With the insolvency rules and the fact that your loan was a purchase money loan and owner occupied it sounds like there may not be huge tax consequences in your case. If you modify the terms of the loan you would still owe property taxes and the corresponding late fees if you fail to pay the property taxes on time. If the bank forecloses on the property then the past due property taxes run with the property. The heloc is attached to another property. If you stop paying on the heloc that lender could foreclose on that property. Michelle
Thanks for your comments, I believe i will be fine if i decide to stop payments on my primary residence. I really hope BofA will offer us a loan modification. For the HELOC, is going to be interesting because BofA issued the HELOC for $130K but we have the primary mortgage with US Bank for $760K. I don't believe US Banks will let BofA foreclose on the property. Your opinion? Lenny
US Bank would not be concerned if B of A foreclosed since US Bank is in the senior loan position. If B of A foreclosed the bank or 3rd party investor would still need to pay US Bank. If US Bank foreclosed then B of A would be wiped out on the property but you still may be liable for the payment if it was not a purchase money HELOC. If your goal is to keep the property you will want to try to negotiate a modification on both loans. Even if you modify the US Bank 1st and B of A could still foreclose on the 2nd. Michelle
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Hello, Question: I looked at my closing docs and read that my first and second are Conventional loans. My home foreclosed in 2010. First is closed. Can the bank come after me for the second? Home is in CA. Thank you!

Answered by Katie


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Hi Katie, If your second was a purchase money loan (the loan on the 2nd was used solely to purchase the property and you did not receive any cash out) then both of your loans are non-recourse loans. This means that if the first foreclosed the 2nd was wiped out and they cannot seek any type of deficiency. Michelle
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Hi, I live in MN and am considering buying a new home. My current home was refinanced by the same bank (one bank) in 2009. I am wondering if I am unable to sell my home to break even, and also unable to short sale and had to foreclose my home, will the bank come after me or my new home?

Answered by Ge


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Hi GE, In MN deficiencies are prohibited. That said, you should absolutely seek legal advice on this matter before you proceed. It is always better to be safe than sorry. Michelle
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hi, my house was foreclosed and the bank got the title back. We also have a 2nd mortgage about 4 years ago when we fell behind. We will have to pay the 2nd and will we have to pay taxes on the 1st. I am also being threatend by the real estate agent BofA hired to get us out of our home. not sure what to do

Answered by Liz Perez


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Hi Liz, The laws vary from state to state. Typically a lender can collect on a 2nd that was not a purchase money loan. If the home qualifies as your primary residence or you qualify under the IRS rules as insolvent then your tax preparer may be able to eliminate any tax consequences. Once the property goes to sale the bank/investor is not obligated to give you notice to vacate. They can start the formal eviction process after giving you the appropriate notice for you area. It is always best to try to negotiate with them. Oftentimes they will offer you a cash incentive to leave the property in good condition by a certain date. It is always best to avoid an eviction since that can be more damaging than a foreclosure when trying to rent a property. Michelle
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Okay so here is my story I had a trustee sale on my property on 8-16-2011 but I was going thru a shortsale the bank had accept the offer we was schdule to close on the 25 of this month well come to find out that the bank sold the property . So that same day I file for chapter 13 bankrupcy I did it a hr later then the sale time is it possible to get my home back thank you in advance for your help....j cammy

Answered by cammy


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oh failed to tell you that the property is here in California... cammy
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We had a 1st and 2nd mortgage on our home both used to purchase the home. We ended up losing the home and it was auctioned off in 2008. The home sold for enough to cover the 1st mortgage but not the 2nd. We live in AZ so the bank cannot come after us for the difference and due to the 2nd was used to purchase the home we are in the clear...however the 2nd mortgage company is still showing the 2nd mortgage open and still reporting it as late to all the credit agencies. It's been 3 1/2 years and the they still call daily and send us a statement every month. I have explained to them the house no longer belongs to us and we are not responsible for the 2nd mortgage but they just keep dinging our credit. Is anyone else having this same issue? We would love to purchase a home in the future but having them ding our credit every month for the past 3 1/2 years...I am seriously doubting we will ever be able to purchase a home again. Is this legal in the state of Arizona? Any suggestions?

Answered by Terry


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WE INHERITED A HOUSE BACK IN 2000 WE TOOK A 1ST MORGAGE FOR 75K, WE DID SOME IMPROVEMENTS AND IN 2007 TOOK A 2ND MTG. FOR 14K. BOTH WERE DRIVE-BY APPRASIALS AND THE 2ND WAS ONLY A STATED VALUE LOAN. NOW WE CAN'T AFFORD THE PAYMENTS ON BOTH, AND THE TAXES ARE BEHIND. WE WANT TO WALK AWAY FROM THE HOUSE, THE 1ST MTG SAID WE HAD IT DISCHARGED IN A BANKRUPTSY WE HAD IN 2004 AND THAT WE ARE NOT LEGALLY RESPONSIBLE TO PAY BECAUSE OF THE BANKRUPTSY, THEY ONLY HOLD THE LIEN ON THE HOUSE. THE 2ND MTG ALSO HAS A LIEN. WE HAD IT APPRAISED ABOUT 1 YEAR AGO, AND IT WAS WORTH 65K AT THE MOST. WHAT WILL WE BE RESPONSIBLE FOR? OR WHO WILL COME AFTER US FOR THE MONEY. WE ARE IN PA. AND STILL OWE 67 ON FIRST MTG. AND 14K ON 2ND.

Answered by diane kramer


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My home was sold in an auction to the beneficiary yesterday for 459k, they were asking for 613k what happens to me and my kids? We are in Cali and i don't have a job or anywhere to go...what will the beneficiary do now...how much time do i have?

Answered by helga


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Hey Sean, Thanks for answering us all! I have a question. I received a notice my property was up for auction in June. I haven't heard ANYTHING from either lender (1st and 2nd were used to purchase house). HOA keeps bothering me. Should I keep waiting? My tax person says I am going to need a form from them. I am hoping not to pay any penalties since I am in CA. Any advise on what to do would be appreciated.

Answered by Cherise


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Hi I am renting a home in MN & my lease is up in mid Feb. The owner notified me of the upcoming sheriffs sale & I was also told that I would have to be out by end of March because its up to the lender when they want the tenant out & take over the home. My understanding is that after all parties involved receive notification that the home has been purchased by a private party or the lender, I have 12 months to find another place to live. Isnt that true???????

Answered by Debbie Rogers


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Hi Debbie, Under the Protecting Tenants in Foreclosure Act they are obligated to give you a 90 day notice after a foreclosure or honor the terms of your lease. Your lease is up in February so you would qualify for the 90 day notice. Michelle
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Answered by Reliance Trust Finance
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I had a house that Foreclosed on by the mortgage company in Feb of 2010 in Georgia. I had a realtor that tried for 1 yr to short sale the house, everytime she would get a offer the bank turned it down. All very positive offers and offers for more sometimes than the house appraised for...the bank played the game of all the papers are not in order, you are missing docs, etc for a year.. my realtor was very professional and always sent every detail and called to see if there was anything they needed daily. After all the denials, for short sale, I decided to Deed in Leau.. the bank said ok and asked for 5,000. I did not have the money so they denied. They turned me down on a loan modification several times, two interest only loans, same bank. I even had a legal contract on the house when it was foreclosed on and the bank took that buyer for themselves away from a very hard working realtor. The realtor was out of one year of very hard work and I lost the house to foreclosure. I would like to find legal representation for the injustice that was done to myself . Is there any recourse? Many factors why the house was lost to foreclosure. The rest of this story is about a crime that happened to me... I could not keep the house, bank would not work with me.

Answered by Jessie


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Jessie - while I absolutely feel for you and truly believe the bank should have worked with you on a loan mod, short sale or deed-in-lieu, I also find your question to be a bit silly. The loan documents you signed give the bank the right to foreclose if you don't make your payments. Nothing in that document requires they negotiate with you to find some other solution. And nothing in the law overrides that agreement to force them to accept anything other than payment in full to allow you to avoid foreclosure. And there aren't really any "factors" that change that. The banks are entitled to foreclose on people who are sick, who are dying, who have lost their job, or suffer any other calamity. The law, as it stands today, says that you either make your payments, or the bank can take your home. As such, unless the loan itself was flawed, or there was a significant error in the foreclosure itself, you would likely be throwing good money after bad to pursue a lawsuit against the bank. Sean
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can a bank foreclose on a your house after missing two months payments. i live in the state of ga

Answered by shawn


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Hi Shawn, Typically a lender will wait for 90 days and start with a notice of intent to foreclose. They can start the foreclosure process at any time after the 1st missed payment. Most lenders will wait until at least 3 payments have been missed and in these unprecedented times they may wait much longer to start the foreclosure process. Michelle
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our house was sold in foreclosure can wr make negotiations tp get iy back thanks

Answered by sara


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Answered by MARCEL VOLZKE
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my sisters home was foreclosed and sold to a bank i think.she has been served with an evicition notice.my question is that shes been trying for the past 2 yrs to get a modification and PERFORMANCEONE and BOFA

Answered by hope


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Hi Sean. I'm in CA and just found out that my second mort. is foreclosing on the first which are both with the same bank. If I'm correct, the second is opting for a non-judicial foreclosure and using their one action rule to pay off the first, which was a HELOC, and I will only receive a 1099 for the amount forgiven? Thanks

Answered by Flex


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I actually meant that the 2nd was a HELOC

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my house was resently auctioned i want to know what can i do to get my house back and lower my morgage or how can i erase my debt or get low payments know that ive lost my home. When i was three payments late i had previously tryed making a deal to lower my morgage they denied two payments when i had three payments late and said my house was going to be foreclosed i am layed off from work because the company i worked for closed down also i had surgery and im not able to work because of the injury but i did have my home buissness on the side so i do have an income my son and wife have a stedy income and i filled thepaper work to use them as well to lower my payments. I filled out and send papers to lower the morgage i called the bank a week before my home was date to be auctioned the bank said i did not complete or send the right information to be approved for lower payments i also want to know how can i use that in a lawsuit against them or will this help to get my home back. I live in ca,la im looking for a solution to save my home im days away from being evicted.

Answered by javier


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Hi Javier - doesn't sound to me like the bank did anything technically wrong. When you get a loan you agree to make payments, if you don't make payments then they can foreclose. Unfortunately nothing in that deal changes just because you lost your job, or got ill. You still have to make your payments. Once your home is sold at a foreclosure auction, you can try to have the sale overturned, but the lender will have to have made a pretty significant error for you to have any chance of that. If you think they have you should contact an attorney and have them review your case. Otherwise its time to come to terms with the fact that you will have to move. Do your best to negotiate a cash payment for moving quickly and leaving the home clean when the Realtor or new owner comes to talk to you about moving out. Sean
Curious of what became of your Home? I am in the same situation right at this moment. Thanks any info would be outstanding. rockrockin
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OUR HOME WAS RECENTLY SOLD THRU OUR BANK AT AUCTION BY A PRIVATE HOUSE FLIPPING COMPANY.WE LIVE IN CALIFORNIA AND I AM TRYING TO FIND OUT WHY IN THE SALE OF THE HOME OUR LENDER WHO HAS OUR SECOND WAS NOT INFORMED AND WAS NOT PAID OFF EITHER ? ALSO DOES THIS MEAN WE WILL BE RESPONDSIBLE FOR STILL PAYING THE SECOND ?

Answered by CORI


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Foreclosure auctions are conducted by auctioneers who have been hired by the trustee under your Deed of Trust. When you took the loan you gave this trustee the right to sell your home either back to the bank, or to a third party payment if you failed to make your payments. If the second mortgage on your home was properly recorded, they almost certainly were informed. If the first was sold at auction, then the seconds secured interest in your home was wiped out... though, yes, they still can come after you for whatever you owe on the second. There is one exception in California, and that is if the second loan was taken at the time you purchased the home - "purchase money" loans are non-recourse, meaning they can't come after you personally. If the loan was taken some time later, then yes, you still owe it and they will likely try to collect. Sean
We did take it out later to help.pay off some debts.and we did go thru a title company.Our second lender states he never was notified ever and he says our loan was designed in such that if home is sold he would be paid .Also he should have even been given a chance to bring it current or taken over loan .but again he was issued nothing.my only concern is that we certainly cant afford any more debts .and since we cant afford a lawyer either i do not want to be held respondsible .But i also dont want my lender to be out either .He requested us to.not pay anything to him.right now till his lawyer verifies everything thru wachovia first .what would you recommend us to do at this point ? cori
Hi Cori, The lender on a junior lien will typically record a "request for notice" which would notify them when a senior lien or loan was foreclosing and potentially wiping out their interest. In your case your home was not "sold" a senior lien holder foreclosed which wiped out any security by the 2nd deed of trust. If there was a lenders policy purchased when he took out this loan then the lender on the 2nd should file a title claim based on the fact that he was not notified of any trustee sale on a senior lien or loan. Michelle
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my brother just lost his house in Indiana and it was set to be auctioned here shortly i herd that he could buy it back for the purchased price from they bank because the had to hold it for 90 days before closing to give time to the person who lost it to reclaim the property. Is this true?

Answered by Shawn


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My house in Vegas had 2 mortgages. The 2nd was a cash out 2nd which was used to purchase another home. Then I lost my job. Still made payments on all debt for 1.5 yrs until all cash ran out. The first foreclosed and the 2nd was wiped out and shows a -0- balance write off on my credit report. I am filing chapter 7 now in hopes to avoid deficiency amounts. Can either mortgage try and stop my bankruptcy? The bankruptcy trustee has not yet issued a no asset report, so I am concerned about the homestead that was purchased.

Answered by Karen


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Hi Karen, Mortgage Debt is typically wiped out if you qualify for a Chapter 7 BK. I have not heard of any bankruptcy judge that has ruled in favor of a lender. It is highly likely that all of these debts will be charged off. The fact that this is how it already shows on your credit report is a good sign. Michelle
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Answered by Fredrick Black Bar


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Answered by Eric Jones
from NY


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A friend is way behind on mortgage payments, is facing foreclosure, and is on disability. I suggested she declare bankrupcy, get into an affordable rental, and move forward. She could apply for Section 8 Housing. Is it better to secure the Section 8 housing before or after declaring bankrupcy?

Answered by Kathleen Flynn Barron


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Hi Kathleen, From what I know about Section 8 the qualification is based on your income and not your credit. I know that the waiting list can be very long in some areas. I found a great site at http://housing-guide.com/?split_id=104 that will answer your questions and allow you to see the programs available in your area. Michelle
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My house foreclosed the loan and dead is on my wife name ,she left the house but I didn't what can I do to save the house? She don't want to give me any information mortgage Compony also don't want to talk to me since my name is not on tittle but i stil occupying the house . I don't know how long I can continue doing this and there is any way to negotiating them to buy the house. Back or pay them rent?

Answered by Mosen


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My house foreclosed the loan and dead is on my wife name ,she left the house but I didn't what can I do to save the house? She don't want to give me any information mortgage Compony also don't want to talk to me since my name is not on tittle but i stil occupying the house . I don't know how long I can continue doing this and there is any way to negotiating them to buy the house. Back or pay them rent?

Answered by Mosen


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Hi Mosen, Your only option if the home has already gone to trustee sale would be to purchase the property from the bank that now owns it. Depending on the lender they may be willing to negotiate the sale with you without requiring you to move out. In most cases the lender would require all occupants to vacate the premises before they will sell it. If they have not foreclosed on the property yet (it is not bank owned) then your only option would be to negotiate the sale/transfer from your wife. Michelle
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A friend of mine failed to make some payments to her mortgage on an AZ home that she has lived in for over 20 years and she loves dearly for reason of sentimental value. She failed to pay mortgage because she is taking care of a disabled person who cannot walk and keeps being denied caretakers wages by the gov. she has been taking care of him for approx. 9mth's and she just got served papers saying that her house has been sold and she has 5 days to be out and is devastated to the point of mental breakdown because she has been fighting for caretakers wages for 9 mths. and now she can no longer be a caretaker for lack of a home so she'll not be recieving backpay for those mnths and will lose the home her children grew up in. Is there any way I can help her to keep her home or is there any way that a sale can be reversed due to lack of gov. payment for a dis. person being taken care of in the home thats been foreclosed and foresold for reason of this lack of payment?

Answered by Chase Loveless


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Hi Chase, Your only hope is to find an attorney that is willing to take her case. You may also want to reach out to your elected officials (congressmen, senators) and see if there is anything that can be done. If you need fast help or a referral you may want to reach out to a housing counselor. You can find a HUD approved housing counselor in your area by going to www.makinghomeaffordable.gov. There are no guarantees but this sounds like a situation where there could be some intervention. If that doesn't work then the media may be another option if this case is as sad as it sounds. Michelle
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Currently live in California, mortgage is underwater, owe $30k on top of the $412k. I am making the Minimum Payments each month though. Last week, out of nowhere, I got a phone solicitation from a company offering to do a Short Sale. Then I got two letters in the mail from local Real Estate Agents who say to the effect "sorry to hear you're in Foreclosure. Would you like a Short Sale?" Are they trolling the waters or has BofA started the Foreclosure Process? How do I find if a Notice of Default has been filed?

Answered by Matt Morgan


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Hi Matt, If you are making the minimum payments then they should not have started the foreclosure process. Is your second mortgage delinquent? There are services that run mailing lists based on homeowners that are underwater. Interestingly enough the credit bureaus also sell mortgage late data (if you have missed a payment your name would appear on the list). At ForeclosureRadar we track the public record data. If a Notice of Default was filed we would show that record. You can certainly reach out to a Realtor in your area that specializes in short sale and they can look up your information and tell you if a notice has been filed. You are also welcome to send your address to support@ForeclosureRadar.com and we can tell you if there has been a Notice of Default. When a Notice of Default is filed the lender will mail you a copy. If you are getting other solicitations sometimes this information can get buried. Michelle
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I bought a CA mobile home in 2007 for 95k. I do not own the land. The park does so there is space rent. I put 20k .down ..for athe 75k interest only loan for the 'coach'. The realtor lied to me at purchase. That I could buy the land, and that I could rent it out. It is owner occupation only. She also pushed the bank and park for qualifying me even though I shouldn't have. I was presenting with an appraisal after escrow at signing. She was quite devious. I lost my job in 2009 and an illness has been preventing me to find work. Unable to qualify for loan mods, augsauting my savings .I defaulted on the loan on dec '11. My house 'coach' was sold back to the bank.....(yesterday) at auction for 32k. I. Can the bank lien on me for the diffference?. Once I notify the mobile home park that I am vacating. Please tell me they can't hold me responsible for future space rent while it is empty. I am hoping the bank will assume responsible. This is one rock I am trying to get out from under me before I get crushed. Help! yesterday. I am partial owners on rental property. Can they Lien on me.

Answered by LittleC


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Hi LittleC, The rules regarding manufactured homes are very different than when there is real property included in the Deed of Trust. You would want to review the terms of your loan to see if they are allowed to see a deficiency judgment for the balance. A bankruptcy would potentially wipe out any deficiency judgment/collection. Michelle
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I assumed the mortage on my house out of my grandmother's estate. It was willed to me. My ex lived in the house and was not making payments. I could not make the payments either. It went into foreclosure and sold at a sheriff's sale. This happened in the state of Alabama. Now I am in a position to pay for it. Am I able to get it back. The loan was with Bank of America. I am not able to get answers anywhere. Please help!

Answered by Julie


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HI Julie, The State of Alabama has a one year redemption period. You can redeem the property within one year of the foreclosure sale. Michelle
What are my options for redeeming...I am totally lost in all this...thanks! Julie
Hi Julie, The redemption statutes can be found in the Code of Alabama 6-5-247 through 6-5-257. This code will provide all of the details on who is entitled to redeem, how to go about redeeming a property and how the redemption price is calculated. Michelle
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Thanks for the info Michelle. Yes, the 2nd is delinquent. I did call the Realtor who sent the letter, apparently there is a company who is now the overlord of my loan and there's a Trustee # attached to it as well. So, I'm 99% sure that's it's on it's way to Foreclosure. But, I had previously started a Chapter 13 and in the process of finishing as we speak. Question: I know that Chapter 13 will stop Foreclosure but will it force BofA to do a repayment or Loan Mod? I've tried to do that previously w/ BofA (3 attempts.) It was a JOKE. BofA blows! I owe $437k on the house with the first. The assessed value is $299,900 so that would probably put me well into the category of "underwater" I figured out that about 47% of my income goes to housing. Hopefully, I can get some relief and stay in my home. I DON"T want to lose it. I love my home!

Answered by Matt Morgan


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Hi Matt, 1) If you have a trustee # you are in foreclosure - either a notice of default has been filed, or its in the process of being filed on one of your loans. 2) Chap 13 typically does NOT "stop" foreclosure, it only delays it, and it will not force your lender to do anything but file a "motion for relief from stay", which will allow them to proceed with the foreclosure once the motion is granted (that process usually takes a few months). May help as a delay tactic, but do you really want the hit to your credit for that. Please note we aren't attorneys, and we would recommend discussing the specifics of your situation with one. Sean
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I live in Texas. In 2005 my husband and I bought a home (the note is in his name only), we did an 80/20 mtg with no down payment. We lost our home to foreclosure (the bank took it back) in Oct. 2011, we had 4 weeks to vacate the property, which we were able to do. The home has since sold to investors and placed up for rent, it sold for about $50,000 less than it was worth, tho it was worth more than we owed on it. I noticed today that we have still been getting statements from our former mtg co for the small loan so I called them today (of course I always get someone in India and not America) but I was told that we are still responsible for the small loan that it's like we took a second mtg at the time of the purchase to buy the house, it was purchase money. They suggested we "settle". We have no money to "settle" with them. What are the laws in TX regarding this "second" mtg? Are we still responsible for it or should it be removed as it was purchase money and not a refi or HELOC loan? Both loans are/were with the same lender. Should we file bankruptcy to get out of this debt if we are in fact still responsible for it? We cannot afford this loan of $42,000 that still remains. Help.

Answered by Staci


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HI Staci, We do not cover Texas and the laws vary from state to state. in CA a purchase money loan has no recourse. Not sure about Texas. You should reach out to a housing counselor or attorney in your area that can answer this question. You can find a Free HUD approved counselor by going to www.makinghomeaffordable.gov. If you qualify for a BK then that will wipe out the debt. A BK attorney should also be able to answer your questions. Michelle
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I'm no lawyer either but I do know that Chapter 13 has/is designed as a repayment plan. So, the Bank would "hopefully' wish to negotiate a loan mod as opposed to a foreclosure as loan mods are less expensive. Correct?

Answered by Matt Morgan


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Hi Matt, Typically lenders on 2nd mortgages are willing to negotiate because they know that they are in a less secure position than the 1st. I have seen some pretty interesting offers from lenders that hold 2nds. In some cases they have settled the account for cents on the dollar. In the case of Bank of America loans it is really hard to tell what they will do. You have to keep in mind that BofA services loans for over 500 different investors and it is up to the investor that holds the paper on your loan whether or not they will approve a modification or accept a settlement on the account for less than what is owed. Sometimes their decision is not based on what "makes sense". I have seen lenders decline short sales and then foreclose and sell the property for less than the short sale offer. Your best bet is to keep trying. It will undoubtedly be a test of your patience but sometimes the right attitude can make all of the difference. Always remember that the person you are talking to is just an employee at the bank trying to keep their job. The right attitude with the right contact can produce mini miracles. Michelle
I believe the mortgage on your primary residence must be repaid in full under Chapter 13. So if you are looking for lower payments it won't help. I think the only help it provides is allowing you to repay past due amounts in full over 3 years - something your bank would likely allow you to do without declaring Chapter 13. But if I'm correct, you'll be making payments over those 3 years of you current full payment PLUS 1/36th of the past due amounts each month under a Chapter 13 to keep your house. Sean
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My Ohio Home did not sell at auction. So now It is a REO home. How long till the bank contacts me to inform me to move?

Answered by sook


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Hi Sook, Typically the lender will assign a local real estate agent to make contact with any occupants. Depending on the lender this could take a couple of days to a few weeks. Although rare, it could even take them a few months. There is no way to tell. Michelle
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i live in the state of georgia my house was foreclosed about 6 months ago for 55,000 but the same bank bought it back and now im being sued for the remaining balance of 109,000 plus the banks legal fees. What is the worst thing the judge could rule?

Answered by Amy


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HI Amy, The State of Georgia does allow for deficiency judgments. The amount of the deficiency is calculated by subtracting the highest bid received at the foreclosure sale from the total amount of the debt including the foreclosure fees. They must also prove that the property was sold for fair market value. Michelle
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Even I received copy of letters from the bank asking to the jugge to stop the sale, I recive also the paper of the final modification from the bank, my house was sold the bank and reveives notification of the sale 20 days after the sale. What can i do?

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Answered by mrs lily
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My wife and I have been having trouble making payments on our Illinois house over the past couple years. We bought in 2007 for $235,000 with an 80/15 loan putting down 5% cash. The house is been appraised for $160,000 and the houses in our neighborhood are selling in the high $140,000. I'm of the mind to keep trying to fight and save the house. We currently still owe $215,000 on the house (though i don't know how that's possible b/c we only stopped recently making payments and it was not an interest only loan). If we allow our house to go into foreclosure, would we be financially responsible for the balance on either of our mortages (the 80 or the 15) or would I just be strapped with a terrible credit rating for the next decade?

Answered by Michael83


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Hi Michael, The State of Illinois does allow for deficiency judgments. After reading a bit about the foreclosure process in Illinois I would highly suggest contacting your lender to see if there are any other options available. Before you simply decide to walk away explore all of your options. The state specifically lists foreclosure alternatives such as Forbearance Arrangements (modifications & repayment plans) Consent foreclosures and Deed in Lieu foreclosures that could potentially relieve you of any personal liability of the debt if approved. I would highly suggest that you look at all alternatives before making a final decision. There may just be options available to you that you were not aware existed. Start by contacting your lender. Michelle
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My house is in California. I stopped making mortgage payments in the end of 2007. I was unemployed. In August 2010 I received the first notification that my home was being sold on the county steps. I was able to push the sale till today. Today the house was sold to the beneficiary. Well.... that's the lender! Making them selves the buyers. Why would they do that. Would that be the same thing as being the beneficiary because they still own the loan and therefore own the house? What does that mean to me and my kids?

Answered by Ana


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Hi Ana, When the property goes to trustee sale the lender on the foreclosing loan (beneficiary) gets to make the first bid. If no one bids above their bid then the property goes back to the beneficiary (foreclosing lender). Once this happens the lender will typically assign this property to a local agent that will make contact with you. They usually will knock on your door to do an occupancy check. At this time they will either serve you with the required paperwork to start the eviction process or (in most cases) they will attempt to negotiate a cash for keys agreement. This usually means they will give you a sum of money if you agree to be out by a certain date and leave the property in a reasonable condition. Michelle
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I am recently separated and being forced to allow my house to go into foreclosure as I cannot afford the $100/month loan modification amount offered to me. I was told by CitiMortgage that my house was going into foreclosure and was scheduled to sell August 3, 2012. In the meantime, we received a letter saying they sold our loan and just today, papers saying they are suing us for foreclosure! Can they do that if they sold the loan? Wouldn't the company that bought the loan be pursuing that at this point? We live in Indiana and I have found that CitiMortgage did very little to try to help my kids and I stay in my home but want to scream at me now because I couldn't afford any of the offers they made. I just want to know what I am really up against here! Thank you for your help!

Answered by Deb


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Hi Deb, A lender does have the right to sell the loan or transfer the servicing. If the payments are not being made then they have the right to foreclose. At this time a lender is not obligated to approve a modification of the loan terms. Whether or not they have recorded everything properly and have filed the foreclosure papers in accordance with the laws of your state could only be answered by having an attorney or housing counselor review your case. Michelle
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(In California) My 2nd mortgage was not a purchase money loan. It was refinanced early 2007. Does that mean that the 2nd will continue to go after me to collect their debt? There is NO WAY I can pay them off. Is bankruptcy my only way out from the collectors for this 2nd mortgage? (The beneficiary purchase the house at today's auction) I live paycheck to paycheck since I lost my career when the marked sunk in 2007.

Answered by Ana


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Hi Ana, The lender on the 2nd can attempt to collect on the now unsecured debt. You could negotiate with the 2nd. We have heard of some 2nds taking 10 cents on the dollar. A bankruptcy could wipe this debt out as well. You should consult with a BK attorney to see if you qualify for a BK. Michelle
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My house was sold at an auction by the housing authorities in Maryland , is there a way of me getting my house back or save it from being lost for good ?

Answered by Everett Samuel


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We do not cover Maryland and are unfamiliar with the foreclosure laws in that state. It sounds like you need to consult with an attorney or legal advisor as quickly as possible. I local realtor who is familiar with the foreclosure process in your area may be able to refer you to someone that could help. Michelle
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Long story short I live in Utah and lost my job and income. Some time before that I was divorced. I have since found a new job and I was remarried this last year too. My new wife has lived with me for about half a year and my home is going to auction soon. We have wanted to keep this home and attempted to no avail to short sell it to a third party that would sell it back to her. In the end we were advised that this was a bad idea. Subsequently we stopped and waited for foreclosure. Would there be anything to prevent her from buying this home at the foreclosure auction? She has credit and money independent of me and qualifies for a loan that would work for this home at current market value. Additionally I have found family money to pay for the home at auction between now and her getting the loan. Is it an arms length transaction for her or should I have someone else buy at auction? Will her current address (the same as the home being foreclosed) be an issue for conventional lenders? I realize that my butt is to the wind when it comes to a deficiency judgement so I am looking at bk options to prevent that from happening but I am not playing games. I can not afford the home and frankly we could not afford the home with its current loan but she can independent of me at or near current market value. What say you??

Answered by Brian


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Hi Brian, I would say that you need to consult with an attorney in Utah. I personally do not believe this would pass the non arms length test because you are married. Utah has some very interesting community property laws and it would be terrible if the debt could reattach because you are married. Get some legal advice before you proceed. I hope you will come back and tell us what you find out. Michelle
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Hello! We were unable to sell our home in 2009 when we moved from Arizona to Iowa. We obtained another loan for a home in Iowa when we rented the home in Arizona. We found a couple that wanted the home but didn't qualify for a loan, so we had them come in and rent to own it under a contract that would give them the option to buy in a year so they could have time to qualify for a loan for the home. They just notified us that they are moving out at the end of the month and so we will be responsible for the entire mortgage again and cannot afford both mortgages. What will happen if we just allow that Arizona mortgage go unpaid?

Answered by Jeff


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Hello! We were unable to sell our home in 2009 when we moved from Arizona to Iowa. We obtained another loan for a home in Iowa when we rented the home in Arizona. We found a couple that wanted the home but didn't qualify for a loan, so we had them come in and rent to own it under a contract that would give them the option to buy in a year so they could have time to qualify for a loan for the home. They just notified us that they are moving out at the end of the month and so we will be responsible for the entire mortgage again and cannot afford both mortgages. What will happen if we just allow that Arizona mortgage go unpaid?

Answered by Jeff


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You would want to consult with a tax specialist since there could be tax consequences. If the loan on the AZ house was purchase money then there would be no recourse. If you have a 2nd mortgage and the first forecloses you could potentially still be responsible for payment of that loan. You would want to consults with a real estate professional that specializes in Arizona Foreclosures and can look at all of the details in your specific case. Michelle
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We live in Ohio and our home is in foreclosure status. We found out the day of the auction that our house was auctioned back to the finance company. Do we have any chance of saving our home? We weren't notified of the auction, but I heard that it was in the paper. We owe more money than they will ever get for it, what are our options?

Answered by cindy


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Hi Cindy, In Ohio there is not a redemption period. Unless you can prove that the foreclosure process was not done in compliance with the law then there is not much that you can do at this point. Ohio is a judicial foreclosure state which means that a court approved this foreclosure. The great news is that you can qualify for a new loan under FHA guidelines after only 3 years. You are now free from the debt. Move into a rental, enjoy life, save some money and in 3 years buy a property like (probably for a lot less). No one thinks that property values are going to increase dramatically over the next 3 years so start the healing and rebuilding process and be ready to jump back into home ownership in 3 years. Michelle
If you have a robo-sign by the bank on your loan or a lack of proper paperwork regarding your title by the bank... you definitely have legal options to go after your lender for a wrongful foreclosure. If you call me (Andrew) at xxx-xxx-xxxx ext. xxx, I can go over exactly what I am talking about. I look forward to speaking with you. Andrew
Hi Andrew, We have just sent you a direct email message about your posts. We have removed them, and edited this one to remove the phone number. Please not that we don't allow ads, though if you have valuable information to share we would appreciate your answers to the specific questions, and if you provide specific answers (not "call me"), we may allow you to include your contact info in your signature. Michelle
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I live in WV and our home went to foreclosure. We owed $152,000 it was appraised at $78,000 and sold on the courthouse steps at auction for $166,000. Confusing issue is that the buyer was the lien holder. Why would a bank buy the home back at a higher value than the debt I owed? And if there were profit would I be entitled to that profit since I am getting hit with a tax debt on it?

Answered by Dave


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We lost a home to foreclosure in 2009, and heard nothing from B of A since then no notice of outstanding debt, nothing. This year we finally saw our credit climb back and tried to get a small loan only to be told there was still a substantial outstanding loan out for us and get declined. We pulled a credit report and found the 2nd mortgage was indeed still outstanding, we called BofA and they told us it was closed, great can u pleas send a letter confirming this, sure let me get you to customer service (we'd been transferred 5 times by now) the bottom line is they did close out our 2nd loan but they didn't forgive the remaining 16k and have NEVER billed us, only in this investigation did we find that what we were told of no further action after the foreclosure comes to no we owe 16k and we've had it confirmed they had our new address. Is this legal can they hold us like this over something they told us 3 years ago was gone only to find its not and they've never billed us on it?

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Is a "cash out" loan the same as a "purchase money loan" or is it another term for "refinance loan" or something completely different?

Answered by Sue L.


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Hi Sue, A purchase money loan is a loan where the entire amount was used for purchasing the property. This loan is recorded the same day that you purchased the property. If you refi that balance a month later then you lose that purchase money loan protection. A cash out loan is the same as a refinance. Michelle
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We deeded the family farm in MN to our 2 kids 8 years ago. Daughter had Son signed some papers to give her permission to build a house. We just found out the papers included a quit claim deed giving her the whole property. She took the money and blew it. He did not get a cent. She's been sending Son foreclosure warnings from the bank. We asked her if she quit paying on the loan. She said yes. Son lives there, daughter does not. We have the cash to buy the farm back at the sheriff sale, but heard she can reclaim the mortgage or property within 6 months after the sale. Is this true? If so, will we lose the money and the property or will we get our money back?

Answered by Northlander


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My home in MD recently forclosed. It is currently in the possession of the Mortagor I believe... I owe on a home equity line to Bank Of America, but I would think that it was more effective for the bank to go after its share of the homes sale (instead of me Ms. Forclosure). I am thinking of stoping payments to force this, but didnt know for sure... Any suggestions? Thank you so much for helping everyone here. Its tough to go through.

Answered by christina


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Hi Christina, When the lender on the 1st forecloses the 2nd is wiped out. This means that the 2nd loan (home equity line) is no longer secured by the property. This does not mean that you are no longer responsible for the loan. You can settle with them for sometimes cents on the dollar or a BK would wipe out the debt. Michelle
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I lost my job in Nevada and as a result of the bank being unwilling to work with me I put my condo up for a short sale, I got a few bites but the bank (chase on both 1st and 2nd) waited too long (8 months) to get back to the buyer and as a result I lost the sale. Chase (1st) foreclosed on me in May 2011 and sold it for about 9K less then my last short sale offer. Chase (2nd) has now turned me over for collection. What do I do now? (ignore it? get an attorney? Also I am no longer in Nevada, had to relocate to Texas. If I need an attorney do I need to get one in Nevada? Thanks!

Answered by Deanna


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Hi Deanna, Unfortunately the 2nd does have the right to try to collect on the debt after the 1st has foreclosed. You can certainly offer to settle with them. Sometimes they will settle for cents on the dollar. If you are filing BK then they could be eliminated in a bankruptcy. The one thing you do not want to do is to ignore them. As long as they have contacted you they have years to try to collect on the debt. Michelle
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PS Daughter quit claim deeded her half of the property back to Son shortlly after she got the money so nobody would notice what she did.

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If you buy a property at sheriff sale in a state with a "redemption" period, and the current "owner" then redeems the loan, you would get repaid (you get the money not the bank, because the bank already has your money). That said, it would likely be better to work with her and the bank prior to the sale and payoff the loan rather than let it continue to accrue fees through the foreclosure process. Just make sure you get her completely off the property as part of the deal. I'd HIGHLY recommend working with a local attorney to make sure everything gets documented properly. Sean
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Hi K, In Texas the statute of limitations for initiating a deficiency lawsuit is two years from the date of the foreclosure sale. Texas law does not permit the garnishment of wages or seizure of exempt property. Because of the liberal debtor exemptions most deficiency judgments are noncollectable because the borrower would be considered "judgment proof". A deficiency judgment would be enforceable against any non-exempt property located in the county where the judgment has been recorded. Whenever there has been a "write off" of debt or a credit account settled for less than what is owed that does create a taxable event. You would want to provide all documentation to your tax preparer. There are numerous ways for them to reduce and eliminate tax consequences. The one thing you would not want to do is to ignore the issue when you file your taxes. It is always good to consult with and attorney and a tax professional before you take any action or make any decisions.

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Hi Sean...Please Help! I am in Minnesota. I signed for a house for my sister. It was forclosed. The house was sold. It had 2 mortgages used for buying the house. The first mortgage was wiped out but the second still exists. Do I have to pay this Mortgage even tho it was also used to buy the same house?

Answered by Justin


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Hi Justin, We do not cover MN and the laws vary from state to state. In CA a purchase money loan is a non-recourse loan. You should contact an attorney that is familiar with the laws in MN to find out if MN is a non-recourse state on purchase money 2nds. Michelle
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I bought my house in December 2007. In February 2009 my wife was going on paternity leave and my hours were cut from 40 to 28 hours a week. I call them to report these changes, looking for a little help or a loan modification. They told me I had to be three months behind before they can even consider helping us, we tried to make partial payments and they wouldn’t accept them. We got behind and then applied for loan modification, three months later they replied and denied us; at this point they have already started the foreclosure process. We didn’t know what to do we were just screwed. We filed bankruptcy which was the only option offer to us. In July 2011 the house was sold for 30k more than what we owed; are we entitled to any money? And also were we mislead by our mortgage company to believe that they would help us and letting us fall behind with promise to help. We live in Connecticut.

Answered by shane


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Hi Shane, URGENT-Time is of the essence!!! You have a 90 day redemption period in Connecticut. If you file for emergency mortgage assistance and/or request mediation the judgment and the redemption period expiration dates could be extended bu 30-60 days. You can reach out to a free HUD approved housing counselor in your area that could assist you are at least refer you to someone that can. Go to www.makinghomeaffordable.gov. Michelle
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Lost rental property to forclosure. Lender bought back property at county court house for78,000. more than what i owe. do i owe anything, or do i have to wait until they sell it to purchaser to know what i might owe???

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Sorry, property in Texas. Also, what's my 1099 in this case

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I recently went thru a divorce and our house was forclosed on Dec of 2012. We owed $195k on the loan and it sold back to the bank at the courthouse steps in Dec for $161k. I have read that legally the lender has 30 days in Georgia to supply a written letter to us for any deficiency they plan to collect. It has now been over 30 days with no word so I was wondering if that is correct or if there is another length of time for them to try to claim? We paid like 5 months in 2012 so we should be getting a tax form soon from them? Should I expect the tax form to show all this when it comes?

Answered by Brett


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Hi Brett, From what I have read they must confirm the sale and file the separate court action of seeking the deficiency judgment within 30 days. They must also serve you and give you adequate time to respond and defend the action. Michelle
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I sold my home in homestead, fl and yes it was close to foreclosure. but i received the check and i have 46 pages to prove transaction. i checked my credit report and it is showing as a foreclosed property this was 2005. i contacted the mortgage company and explained to them this house was sold and i had the information as proof. reps would state they would look into it. i had the acct no. everything. i even faxed info. i made these calls for about 2 wks straight and of course i spoke with a diff person each time then. reps said that they couldnt find my acct info with my acct no or my social which they could before. they just blocked me out when i called. so i protested to credit bureau and sent them all the info i had even bank statements when i received check and the credit bureau sent me back a letter stating the mortgage co. disputed info and said it still stands. i still foreclosure on my credit help me please. i even had a lawyer write a ltr i guess there wasnt enough money involved he sent them a ltr mortgage company didnt even respond bac k what is my next step

Answered by frances williams


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File a complaint with the FTC: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm Sean
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I am in the same situation.   Looking for an answer to the same question.  My house was in Nevada.  Hoping Sean will have the answer. Where is your house located?

Answered by chefcarlisle


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we live in Altadena California amee
If you home is foreclosed and indeed you have a deficiency judgement how many years do you have to pay it back? . bob
I am also in the same situation. My wife and I purchased a home in Lawrenceville Georgia.. moved back to California. Could not sell and or short sale as well. Home foreclosed and the 2nd loan still shows as active on our credit for $40,000. We still cannot afford this. Is there any programs and or state help that can assist us in this situation? Is bankruptcy a good option? Please all help is great help...thanks Tony
HI Tony, A BK would wipe out that debt if you qualify for a BK. You may want to reach out to the lender to see if you can "settle" the debt. Oftentimes the 2nd will settle for cents on the dollar and you can then avoid bk. Michelle
Thanks Michelle, Is there any other programs out there that can help with the 2nd loan? Just can't afford that right now.. tony
Hey Tony, It wouldn't hurt to at least make contact and see what you can negotiate. It is possible that they are willing to simply charge off the debt given your current financial hardship. You may also want to consult with a BK attorney. The foreclosure laws vary from state to state and it is better to do your research now then wait until this situation chases you down. Hopefully think will improve for you in the future and you do not want to have to deal with this down the road. Oftentimes these debt collectors will wait to pursue collection for several months/potentially years with the hope that you will recover financially and they will have something to gain. In cases like deficiencies on loans I think it is always better to try to deal with it sooner than later. Michelle
Hey Tony, It wouldn't hurt to at least make contact and see what you can negotiate. It is possible that they are willing to simply charge off the debt given your current financial hardship. You may also want to consult with a BK attorney. The foreclosure laws vary from state to state and it is better to do your research now then wait until this situation chases you down. Hopefully think will improve for you in the future and you do not want to have to deal with this down the road. Oftentimes these debt collectors will wait to pursue collection for several months/potentially years with the hope that you will recover financially and they will have something to gain. In cases like deficiencies on loans I think it is always better to try to deal with it sooner than later. Michelle
My home was forclosed on and sold we were notified we had to move out right away and was given a 3 day notice we had no choice we moved. did we have any other options? We need help we are still looking for a place to live. samantha
If you are in CA, the 3 day notice is required before they can START the eviction process by filing an "unlawful detainer" lawsuit against you. The full process usually takes 45-60 days, but a the end the bank / investor will get a judgement against you for fair market rent for the entire time you occupied the home. I'd suggest asking whomever is evicting you if they are willing to provide "cash-4-keys" to help you with the move. Sean
If it was a Non recourse forcloseure,you owe nothing. California has the one action rule. If you went to court then you had recourse forecloseure,and the court give some type of settlement. So now you have find which forecloserue you had . Good Luck Robert
Hi Bob, The laws vary from state to state. You would need to check with the laws in your state to determine whether or not you have a deficiency. In some states the lender must file a separate action in order to collect on the deficiency. If you do have a deficiency judgement then you would need to pay on that until it is paid off (however long that takes). The only way you would get out of it would be to file BK. Michelle
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The key to understanding this issue is to know that you are liable for the loan AND the lender has a secured interest in the property. When a 1st forecloses it wipes out the 2nd's secured interest in the property, but it does NOT remove your liability for repaying it. In some states, like CA, you may not be liable for the 2nd if it was a purchase money loan (a loan used to buy the house rather than refinance). The theory being that the lender made the purchase possible and should not have done so if they weren't willing to accept the house as their only collateral. So the answer is NO they were not wiped out with respect to their ability to come after you for the balance. This is why we advise homeowners to do a short sale, and if that does not work, to stop paying on the 2nd first to force it to use its one action in foreclosure giving up their right to a deficiency judgement (at least in CA).

Answered by Sean


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my home foreclosed earlier this year.  i had 2 loans to make up the original loan.  what happens tax wise about this.  do i get to claim the loss? it sold back to the bank for 50-60K less than what i baught it for.  i'm just trying to get things in order for tax season.  i see that the house is on the market for awhole 150K less than what i paid for it 3 years ago.  i'm just a little consfused you might say.   PLEASE HELP!!! kisha
Hi Kisha, It is unlikely you will have any tax consequences. It sold for less than you bought it for so there should be no capital gains. And with recent changes to the law you shouldn't have to worry about forgiven debt income. My bigger concern is that the bank may be able to come after you for thier losses depending on the state you live in and whether or not the loans were used to purchase the house or refi. If you're in CA and they were purchase money you have no worries. Sean
Hi Sean,   Question?  Our first was paid off in March "08" and I had paid our 2nd for Dec and Jan, Feb...spoke to an agent in Feb, told him 1st paid off, husband laid off but we were working on getting the 2nd paid off in full.... He said no worries, keep in contact which I did, I believe sometime towards the end of april and sometime in may 08.  I was handed notice of defaut in july 08,they say house was up for Auction July 7.08.  I cannot recall the exact date but it was mid july.  The next day or so I gentleman knocked on my door and said he was a realtor working with the lender and he said he would speak with them and maybe we could work something out.  He called me within the next day or 2 and told me to call neal at residential mortgage because he said he was willing to try and work something out.  Guess what,I called neal that same day and he said that he could not help us,that there was nothing could do...   We have an attorney who deals with realistate and we have filed the propper paper,etc, etc,.   I need some input.   Thanks, Debbie ozzydeo
First, please tell me what state you are in. Foreclosure laws vary a great deal by state. Typically a notice of default has to be filed months before an auction is held, and you should have received multiple notices prior to the sale. Hard for me to imagine that you could have been so careless to let this get so far along with a recently paid off first mortgage. Hopefully for you that means the lender made a mistake. If in fact it legitimately went to sale all of your equity could have been wiped out with, as Neal said, nothing you can do. Even if that was the case I would immediately hire an aggressive, competent, attorney who is willing to play hard ball with the lender. Have them look for any flaw in the loan docs, and file a lis pendens on the property making some claim regardless. Perhaps such aggressive action will get the lender to reconsider and cut you some slack (assuming the lender is now the owner, and not a 3rd party bidder at the sale - in which case odds are very much against you). Sean
can they take that money from your bank? ezi washington
what are the rules for rhode Island regarding foreclosure and paying future property taxes? Nancy
what are the rules for rhode Island regarding foreclosure and paying future property taxes? Nancy
What about Rhode Island? In some states, like CA, you may not be liable for the 2nd if it was a purchase money loan (a loan used to buy the house rather than refinance). The theory being that the lender made the purchase possible and should not have done so if they weren't willing to accept the house as their only collateral. Kim Bailey
Sean: my home in iowa was foreclosed back in march 2009, and there were three loans from two different banks, the second still has status of open according the people from the bank, but the credit report said it is charge off account. the other bank sold the property, that 2nd loan is inactive since dec, 2006. can you help me understand with the law in iowa? should it be wiped off already since the home was foreclosured? thank you! lily
Hi Lily, In CA if the 2nd was a non purchase money loan then they would have the right to collect after the foreclosure of the first. It sounds like this could also be the case in Iowa if the bank is still saying that the account is open. You may want to reach out to a housing counselor in your area or even a local real estate agent that specializes in foreclosures. If you can afford to consult with a real estate attorney that is always a good option. You can find a free housing counselor at www.makinghomeaffordable.gov. Michelle
thank you for much for your info, Michelle. lily
thank you for much for your info, Michelle. lily
thank you for much for your info, Michelle. lily
I am in Oregon. Have a similar situation. The second was by the same lender as the first and also a purchase money loan (no refinancing has been done) Both loans are original loans. Can the bank come after me for the balance that is left after the house is sold at auction? david
I am in Oregon. Have a similar situation. The second was by the same lender as the first and also a purchase money loan (no refinancing has been done) Both loans are original loans. Can the bank come after me for the balance that is left after the house is sold at auction? david
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Sean - We had a forclosure on a home in Oklahoma. It went to auction and the bank purchased it for 104,000. We owed 78,000 at the time of forclosure. Why would the bank do this? Why would they pay more than the appraised value and finally what should we expect next?

Answered by christopOK


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I had the same thing happen to me, and its looks like I do not owe the bank any money. What happens after the bank get more than you owed? Do I still have to pay anything back? What happen in yoor case? Jason
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Hello, I bought a home in AZ @ 2 years ago, payed too much for it and now it's worth obviously less. Since then, I met a girl and am in the process for a new home...one we can live in for many years together(7-10). I am contemplating walking away from home # 1 due to late payments looming. My question is in reference to AZ law and the banks options. House #1 is under 2.5 acres and is a single family home. There is 1st and 2nd(used to buy not refi). Any help would be much appreciated.

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Hi, we are in MI and I inherited my mom's home. I am living in her home, the same home I was born and reaised in. She passed away in May but her lender already had her in foreclosure. The sheriff sale date was January 19th of this year. The redemption ended July 19th. The lender, BOA and foreclosure attorneys refused to work with us as my girlfriend has $50,000 to redeem the property. It went to sale for $60,000. Yet they have refused any offer to redeem on our behalf. I even called BOA over the summer to see if they would negotiate or allow us to redeem. I received no respone. Our eviction date is February 17th. With the circumstances do I have any rights remaining so I can stay in the home? Or any suggestions on how they will consider my bid of $50,000 cash? thank you!

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Hi, I'm had my home forecolsed and i do know it was sold. So what now, what happens to me? I live in Kansas City, Kansas . It was my first home.

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did you ever get a reply. I am in the same situation. What do i do now.  The house was sold for about 30,000 less than we owe.  Do i need to file bankruptcy.!? I cant pay back $30,000 i need some help as well.  Thanks   Anonymous
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Hi, we are in MI and I inherited my mom's home. I am living in her home, the same home I was born and reaised in. She passed away in May but her lender already had her in foreclosure. The sheriff sale date was January 19th of this year. The redemption ended July 19th. The lender, BOA and foreclosure attorneys refused to work with us as my girlfriend has $50,000 to redeem the property. It went to sale for $60,000. Yet they have refused any offer to redeem on our behalf. I even called BOA over the summer to see if they would negotiate or allow us to redeem. I received no respone. Our eviction date is February 17th. With the circumstances do I have any rights remaining so I can stay in the home? Or any suggestions on how they will consider my bid of $50,000 cash? thank you!

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Hi Bryan, You would want to consult with an attorney that is familiar with the laws in MI. I do not believe that the lender is obligated to accept a reduced amount. It also sounds like your redemption period has expired and the lender has had to formally evict you from the property. I believe that you waited too long to take action and missed the window of opportunity to redeem the property. Michelle
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my home was supposed to be on the court house steps the first tuesday in march.  how do i know if it sold or not.  we ha d a 2nd mortgage,the first is who foreclosed.  i do not understand the what will happen nor what has happened.  will we have to repay anything or will we have to repay the 2nd being that the first called the loan in. im confused and i do not know my rights. what is going to happen  did my house sale

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What state are you in? Sean
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I live in NY, however, i owned this home in Georgia back in 2006. I foreclosed in 2008 and the property sold in 2009 for just over 10,000 less than the original loan amount. i wanted to know whether i'm still liable for the balance of this foreclosed property. If the balance is "forgiven", then how long will this record stay on my credit? thanks.

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Hi Gabriela, It would likely show as a foreclosure on your credit report. It is my understanding that this foreclosure will stay on your record for 7-10 years. As stated above the lender in Georgia has 30 days after a foreclosure to seek a deficiency judgment. Although it does not appear that the lender is pursuing a judgment that does not mean that the foreclosure will not impact your credit report. It simply means that they are not trying to collect on the deficiency. Michelle
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I live in CA and we lost our home in 2007. It was auctioned off. but now we are getting sued for the second on the house because it was a line of credit not used to purchase the house. I never heard from the first.  The line of credit was used for home improvements. can they garnish what little wages we have? Im just frustrated, if we had the money then we wouldn't have lost it. what can we do?

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Doesn't sound like the line of credit was used to purchase the home, so you likely remain on the hook for it. Your choices as I see them are:   1. Avoidance (never a good plan). 2. Pay it. 3. Try to settle for less than the amount in full (I'd target 5 to 10 percent of the balance). 4. Declare bankruptcy and try to have it discharged in bankruptcy court.   A good bankruptcy attorney should be able to walk you through these options. By good, I mean one that helps you explore all of your possibilities, not just BK (the bad ones just start filling out the BK forms). Sean
My house sold in forclosure sale Oct 2011 Citi had the first and B of A has the 2nd equity line. I was told to do cash for keys by Feb 5 but im interested and buying the house back from now B of A owned property. Can I work work out with the Bank a purchase for reduced price. How much time do I have to vacate if I refuse the cash for keys offer? Need Help Ralph
Hi Ralph, If you do not accept the cash for keys deal and vacate the property the lender would be forced to formally evict you which could take a couple of months. You would want to talk to the agent assigned to the property about the possibility of repurchasing the property. Although rare, I have heard from REO agents where this type of sale has occurred. Keep in mind that if the 2nd foreclosed you would still need to pay off the 1st with Citi. Michelle
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Our home in OK was foreclosed on and we have lived in ca now for 4 years. We had a 2nd mortage which had insurance pim i think, anyway the insurance company paid the 2nd mortgage off and I just now started getting calls from a collection agency saying we have to pay the insurance company. I know there is a ststue of limitations for suing. Do they go by where the house was or where we reside? Also I thought that was why there is insurance, to cover a debt if not paid, so why do I have to pay the insurance company..They didnt pay me back on previous houses I bought when I didnt use them.

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Hi Susan, Mortgage Insurance is an insurance policy that covers the lender and not the homeowner. In your case it sounds like the MI company paid and claim and is now collecting on that claim which means collecting from you the former owner. Michelle
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Scared and not sure what to do. My home went to auction on 11-26-11, however the home went back to the bank. Today 12-13-11, I received a occupant relocation assistance package. Giving me one month to move. I call BOA per the notice and the agent, only for BOA to tell me to talk to the agent because they have more anwser. It seem it nevers ends. I have submitted all the documents BOA has asked for and they continue to tel me that I did not make enough money. I need to know if there are papers I can file to extend the time and allow me to move out on a later date. I am on a limited income, I am a foster parent now having to send the child to a group home. BOA also gave me a time limit of 5 day to reply, I wanted to know from them could we neg a rental, again they {BOA} could not reply. What can I do. Please HELP, Never been in this situation of and eviction.

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Dear sirece, I'm so sorry that this has happened to you. If you feel that you have submitted in all docs and what are the income guidelines they are or were telling you? there are many of progrmas out there that they can look into that can meet your income needs for such modifications. have you talked to them about a temporary forbarance on the home? Also I would gather all your documents and letters that they have sent you and contact an attorney- you may still be able to save your home... Also depending on what state you live in there is a time frame on how long you have to get your home back before its sold. I wish you all the best, God bless Mortgage Collector
Hello, Here comes an Affordable loan that will change your life for ever, I am Mrs Lily Brown a certified loan lender, I offer loan to individual and public sector that are in need of financial Assistance in a low interest rate of 2%. Bad credit acceptable,The Terms and Conditions are very simple and considerate.You will never regret anything in this loan transaction because i will make you smile. I Mrs Lily Brown, will render the best of my services to all legitimate borrowers.You will never be disappointed by me in this transaction because you were not born to be a loser.Any interested clients should contact me Asap via Email(mrslilybrownco9@gmail.com) for further proceeds. Please fill the below application form and get back if interested and you will be glad of knowing a loan lender like Mrs Lily Brown. BORROWER'S DATA 1)Full Names: 2)Country: 3)address: 4)State: 5)Sex: 6)Marital Status: 7)Occupation: 8)Phone Number: 10)Monthly income: 11)Next of Kin: 12)Loan Amount Needed: 13)Loan Duration: 14)Purpose of Loan: As soon as you fill the form above, I will send you my loan Terms And Conditions Asap in order for us to proceed. I will be looking forward to hear from you so as to proceed. With Regards, mrs lily
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I have a question not a comment. My Mom passed away in a nursing home. I was told her house was sold before she entered the nursing home. I have recevied a tax sale summons for the house she use to have. I don't want it, and don't have the funds to pay what they want to save in not to mention ther money to keep taxes ect up on it till it would be sold. The house is in very poor shape. They are saying if I don't write a letter, and give a fee a judgement can go against me, and they can garnish my salary. I live paycheck to paycheck. This is in NJ How can I protect myself, and can they do this to me if my name isn't on the deed, and may have been sold?

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My home went into foreclosure in Georgia on Feb 3 this year.  I owed $355K and was 40K behind... Just reciently i found an old marketplace information item that showed my home sold for $405K on Feb 3rd 2009.   What does that mean for me?  Is that a profit for me? Does that mean that the bank got their money and i am free and clear? Will i end up owing anyone?   I am very afraid that i am going to get this huge bill sometime in my near future

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My house was suppose to be shorsale. My realtor doesn't know what happend because she was on the phone with the bank, every day. It ended up being forclosed. I had two leins on the house a hoa and income tax lien. An investor bought the house at auction, is he liable for my liens? Patty Chacon
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Hi Helga, The bank will send a representative to do an occupancy check (talk to you) and then they will either offer you an amount to leave (cash for keys) or they will proceed with an eviction if you do not move. If you go to www.makinghomeaffordable.gov or call 888-995-4673 they can put you in touch with a free counselor that may be able to help. They will also be able to tell you if there are any housing assistance program for families in your area. Our thoughts are with you during this difficult time.

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I live in CA but the property that was foreclosed is in Navada, the loan were purchase money can the second lender still collect or sue me.

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my house was recently sold to the bank and we were'nt informed or notified I was working with a morgage modifier and she told me there's nothing I can do except send the company a complaint what do you think

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Similar situation-- We were in the midst of a loan mod and I even sent paperwork to the mortgage co on Monday, I was awaiting a reply, but, the bank sold our house at auction on Friday. Can we get it back? What can we do? Wanda
We just discovered our home was sold while we were still living in it! We were never given a warning because the att'y sent our notices to a nonexistent address. We went away for Christmas and came home to find our belongings are gone--what do we do? Betty
Hi Betty, In every state the lender is required to use either a non-judicial or judicial foreclosure process. The process varies from state to state. In CA they are required to post a notice on the property in foreclosure and advertise in the newspaper in addition to a laundry list of other requirements. It is hard to believe that you had absolutely no notice that the property was in foreclosure. Once the property goes to foreclosure sale then the lender/investor would typically do the occupancy check to see if anyone is living in the property. It sounds like you would need to hire an attorney to review your case and verify the information that you have written in this post. Michelle
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Do illinois have a redemption period

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Hi Anonymous, Any redemption period should be set forth in the judgment for foreclosure and sale. It is usually calculated by the later of (1) seven months from the date of service for residential or (2) three months from the date of the judgment. Michelle
The insurance company gave it to a collector whos says we owe 47,000 but will settle for 4000 if I pay now or they would have to send it back to the insurance companys legal team. I asked them to send me copies of the papers that said i would pay the insurance company back and they said they would. I thought you didnt have to pay insurance compays back susan churchwell
Hi Susan, The insurance that I believe you are talking about is Mortgage Insurance. The MI is there to protect the lender not the homeowner. Although I have not heard of MI companies trying to collect from homeowners it is conceivable that it could happen. I suggest consulting with an attorney before sending them any money. The one thing about collection agencies is that they are great at what they do and not necessary the best at understanding the foreclosure laws. Michelle
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I have a similar situation to many of the others with a few differences, so I will spare you all of the details. The facts: I live in CA. I was upside down in my house, about 130k at beginning of 2011. Lost about $25k in income due to demotion at work at end of 2010. Asked B of A to review my account to refinance my loan to todays low rates of 3-4% instead of the 6.75% I was at in an effort to lower payment. I was told they would do nothing due to my loan being current and in good standing. Should note that I had an 800 credit score and had perfect payment history for 10 years. I stopped making payments to attempt to get them to work with me .... 90 days later I was approached re: loan mod by B of A ... Started process and started making trial payments for 3 months... Again, all on time At end of trial period, I was told they would make the modification by lowering interest rate to 4.3% thus lowering payments ... I was ecstatic !! In fourth month, I called to make payment and was told a foreclosure sale date was set for the next month... The next month flew by with several phone calls, a "new loan mod" started with Fannie Mae, hired an attorney to delay the sale by way of a declaratory relief action,, which we did not do to minimize my financial exposure ... End result, Fannie Mae is still working on loan mod, sale date past, house sold yesterday to a third party, and I am in a purgatory of sorts ... Any advice would be much appreciated ..

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Hi Dominic, The truly unfortunate news is that BofA (or any lender for that matter) is not legally obligated to approve a modification. What is even more unfortunate is that they string you along through the process. It sounds like they were dual tracking your file and they finally decided to proceed with the foreclosure. Although this is not illegal you could certainly hire an attorney to review the documents and make sure that the foreclosure was handled properly. I would love to tell you that there is a magical way to fight this but in the majority of the cases I have heard about the homeowner has not been able to find a legal reason to rescind the sale. Sean wrote a blog about this almost 2 years ago http://www.foreclosuretruth.com/blog/sean/loan-modification-denied-dont-worry-be-happy/ I am truly sorry that this happened to you. I think that the worst part about this situation is that you have been on a wild roller coaster ride for no reason. The good news is that the ride is almost over and although it didn't end the way you wanted you are now free to move on and start the rebuilding process. You will not have this debt hanging over your head. In 3 years you will be able to buy a house like that for the current market value (no one thinks real estate is going to go up in the next 3 years). You have fought the good fight. Done everything in your power to save your home and now it is time to claim victory and move on. Get into a rental that allows you to save some money each month, payoff other bills and maybe go on a vacation. Get back to the business of living instead of fighting to save your home. In a few months you will come to find out that this lender probably did you a favor. Hopefully you will realize that on a beach somewhere sipping a frosty beverage. Remember that home ownership is the American Dream but America is also the land of second chances. Everyone loves a good comeback story. Start planning yours!! Michelle
I worked with loan mods- my best advise for you is to contact an attorney and seek assistance- and the person that replied is correct they will string you along during the loan mosification process- which is very unfortunate- But one suggestion is that keep up on faxing in your documents every 30 days they may say do it every 60-90 days no for the mod to get processed and go quicker fax in all docs with all signatures and updated dates. Such docs are the hardship letter,4906-t form, bank statments over the last 90 days- financial worksheet, breakdwn of all outgoing expenses- and incoming money- ect.. Some lenders will not approve a loan mod its not the bank but the lender has the final word to approve it. Mortgage Collector
Hi, I help people willing to fight their foreclosures. The reason their is the loan modification process is a stall by the lender. They have thresholds on the number of foreclosures allowed by the Federal Reserve Bank. If the lender has to many foreclosures, it effects how their money is fractionalized. Mortgage Guy
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I have a confusing situation for me.  I lived in NY state, lost my job, put the home up for sale, moved to MI for a new job.  Lost the new job after three months.  Issue is:  the NY house is being foreclosed on, it has a first and second mortgage.  I'm on unemployment, and have little assets.  Will the banks come after me for the deficiencies after the auction??  I'm in a house in MI right now that we are buying under land contract, but of course have no deeds or anything in our name yet.  One of the banks threatened to put a lien on our new house after the foreclosure.  Can they do that?  Since we don't legally own it yet?  Very confused and concerned!

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Hello, I lost my job and we were forced to walk away from our home, in CA. We tried to work with the mortgage company, but they were unwilling. Even after we walked we asked (because of all the stuff we were hearing on the news...) if they could rework the loan to lower our payment, they said the best they could come up with was to lower our payment a hundred bucks...wasn't good enough for us financially...So now my house was sold by the bank in foreclosure, and we have heard nothing. Are we responsible for the balance? We owed something like 303 and it sold for like 165. How about back property taxes? We had to use all of our money we had from not paying the mortgage to move....Unfortunetly, I am still out of work, and this has me stressed, even more stressful is not hearing a word from the mortgage company or bank. Thanks for your help. Oh and it was just our first, no 2nd's...we only did a refi when times were good to update the kitchen and put a pool in and pay off some debt. Thanks in advance.

Answered by Dawn


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If it there was only one loan and they did a non-judicial foreclosure they can't come after you personally for the difference. The bank or buyer will take care of the property taxes, so you should be all set. Sean
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I am a buyer. I am trying to purchase a house in VA as a short sale. I made an offer, and the bank rejected it. I made another offer....rejected again. The seller has two mortgages one for 288K and the other for 90K. He told me the total pay "should-be" around 360. But the bank is asking for 408K. My agent told me...that......she is not sure why....but thinks its loan payoffs......plus commissions, back taxes, attorney fees....etc. Is it common for a bank to tack all this on to a buyer making a purchase like this? It is scheduled to go to auction.....should I take my chances at the Auction instead?? By the way.....I am already living in the house.....with a rental lease until I close. (if I close). The seller and I have a contract....but obviously needs bank approval. If it goes to auction....and it sells by the 1st lender....what happens to the 2nd? Does the 2nd still have a right to try and get the house.....or does it simply become a debt collection between them and the seller?

Answered by Sheridan


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Hi Sheridan, A lender is under no legal obligation to accept a short payoff. If the 1st goes to trustee sale then the 2nd is wiped out. (The security interest on the property is wiped out and the debt potentially becomes an unsecured loan for the prior owner). Of course you would have to be prepared to pay cash at the trustee sale and you would be responsible for any past due property taxes as well. Michelle
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hi sean,    My house is in washington state, and it's not in good condition. I bought it to have it flipped and the guy that was going to finance all this backed out. My question is, if it forecloses, and the bank obviously is going to take a huge loss. What are the chances of them coming after me for the difference?   Thanks

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We filed bankruptcy which was the only option offer to us. In July 2011 the house was sold for 30k more than what we owed; are we entitled to any money?

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Hi Shane, If the bankruptcy has been discharged and there are not any other creditors that have a claim to that money then you may be able to collect on any overage. Michelle
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I live in TN was house was foreclosed on May12,2009 what can i do to get my house back?

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my condo goes to auction o.6-25-09 for $115, 000...We recieived an offer for $ 160,000 and the 1st will not postpone the auction...I can't believe the bank would take the 115, over the 160!!! what is going on here?...i live in ca.

Answered by reidburns


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Likely being handled by two different departments at the lender with the right hand not talking to the left hand. Keep calling, it isn't too late until the auction is over. Sean
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My uncle was in the middle of a loan modification process with chase and hasn't paid his mortgage for 7 months. He had received foreclosure warnings and at the same time was receiving letters stating that they were working on trying to help him with the modification. Today he got a knock on his door from a man who claims he just bought his house at an auction. Could the bank really have auctioned the house and not even sent him a notice. Aren't there certain steps a bank has to take before they just auction a house to give the borrower a chance to pay before it is auctioned? Is there anything he can do if the house was illegally sold at an auction? Please advise. The house is in California.

Answered by Virginia


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Hi Virginia, Unfortunately the lender is under no legal obligation to approve a modification. Oftentimes there is a Notice of Trustee Sale filed and the sale is postponed for several months. Although they need to record, post and publish the Notice of Trustee Sale when they first set a sale date they only need to verbally announce a new sale date when the sale is postponed. In CA they can postpone the sale for up to one year before they need to rerecord a new notice. This sounds like it may be what happened in your case. Michelle
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Hello.  My house is not forclosed on yet!  I have three days to make a payment before they start the forclosure proceedings.  Not only am I behind on the payments but also the taxes.  I moved out of it and moved into a house that I owned that is paid in full(that I was using for rental property) I then leased the house that I was behind on to bring in money to be able to make the payments.  My lease occupants very first check bounced!  His bank account has been frozen by the state and he cannot pay.  Texas lease laws are complicated.  It will take me months to evict him from the property.  I have no idea what to do.  The mortgage company says I make too much money for them to help me.  But I'm so far  in debt  I cannot make the payments.  My employer has not paid me in three months! What a mess.  Any suggestions?

Answered by lis


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Seems hard for the lender to claim you make too much money if your employer isn't paying you. I'd try to aggressively work with the tenant to get him out. Knowingly bouncing a check is considered fraud and subject to criminal prosectuion in many states. You may find that threat leads to faster results than eviction. In any case I'd probably consult with an attorney if I was in your shoes. Sean
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Hi, My home foreclosed in California last year. I tried unsuccessfully for modification sending in all my financials twice. I have a second that the collection agency says they are willing to pay off at 10%, but they want my financials too. I am willing to pay to get the account closed (I refinanced so I think the second is fair game), and I'm willing to send a hardship letter, but no financials. Does the collection agency really need the financial information to make a deal?

Answered by Rod


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Hi Rod, I have had friends that successfully negotiated reduced payoffs on 2nds and did NOT provide detailed financial information. In my humble opinion you are doing the right thing by playing your cards close to your chest. I am not sure what good can come of you releasing your financial information to them. Are they looking to see if you have the ability to pay more?? I hope you will keep us posted on how this turns out. Michelle
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if my wife pulled out all the money from her home ( 1st and second)to buy a new one and then couldnt sell her old house in ca. and then lost the home in forclosure. does she have to repay it all back  or can she file for bankruptcy? do i have to file bankruptcy even do the house wasnt under my name? do we have to pay taxes on that money from the first house

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Perhaps. Really not enough detail here for me to guess, and you really should seek the help of a bankruptcy attorney and accountant given the situation. Sean
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I'm seeing a lot of questions from many states, but nothing about Minnesota. If the bank forecloses on my home and cannot sell it for the value of the current mortgage, will I be responsible for paying them the balance? Thanks!

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I live in California and have 2 loans with B OF A. I have been ill for 1 year, surgery......... Have not been able to work. I received a Notice of Trusteed Sale for August 17th. How many days do I have to move out? I have to file BK. Do I need to pay any money back from the 1rst. or 2 nd. refinancing loan? Thanks, U

Answered by Anonymous


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If the 2nd is a refi and the 1st is foreclosing you will likely have BofA pursue you for payment of the 2nd in full. Bankruptcy won't save your house unless the only reason you can't make your payments is other debt that is dischargable. Be careful with when you file bankruptcy - if the foreclosure does go through you'll want to be able to have BofA's 2nd discharged. I'd recommend discussing your overall situation with a reputable bankruptcy attorney. Sean
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My siblings and I are in need of some advice. Our mother lives in CA in a home she bought in 1970. She is disabled (in a wheelchair) and over the years, has modified the house to suit her disability and allow her to remain independent. Unfortunately, she was not able to continue the payments and refinanced/modified (I'm not sure which one sealed her fate) with an agent who she felt misinformed and mislead her into a ARM that became impossible to make payments on for her. She hired an attorney and filed a lawsuit against the agent and the broker and then, the bank. Fast forward 2 years. She has not made a mortgage payment and is still in litigation with the bank. Originally, she told us she could not be foreclosed on because of it, but low and behold, she has been served. The 3 day notice was posted approximately mid August. So now that I've given you a bit of the background story (to the best of my knowledge), here's where I need your help. She has now been given or served the unlawful detainer on Monday September 5th. Her lawyer responded today, September 8th. So, now what should we expect? I work for a property management company so I'm fully aware that she is being evicted by the bank, but what is her timeframe to move? Her lawyer told her the bank has sold the house to itself illegally and he is going to pursue it to federal court. He says the way they handled it is illegal. Not sure about that one. Also, she has a lease with a tenant who rents a room and he says the bank has to honor his lease with her and provide him a 90 day notice.e. He told her he could have whoever he wants at the house, so she can stay while they get him out. The whole thing is absolutely bananas. I would appreciate any advice you can share. Mostly, I want to know when we should plan to move her out. It's going to take a small country. Thanks Sean.

Answered by Jen


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Hi Jen, There are 2 issues here. If the sale was in fact invalid then you would need to get the lawsuit filed asap. The fact that the attorney did not file the suit to stop the sale is a bit peculiar. You may want to seek additional legal advice. You may want to consider reaching out to the District Attorneys Office. They may be able to help you with an elder abuse/mortgage related fraud case or at least help you locate an attorney in your area that can provide a second opinion. The eviction is a separate action. The bank has filed the trustees deed and is the legal owner. They are now formally evicting the owner and the eviction judge will not be ruling on the validity of the trustee sale. The owner is not entitled to a 90 day notice but the tenant might be. Since you just filed your answer you should have a trial date within a month. If the judge rules in favor of the bank then the lockout could be scheduled within a matter of days. Michelle
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I live in Oklahoma and a few years back, I purchased a house. AT the time the loan coordinator said I needed to get a primary mortgage and a second mortgage to purchase the house. I did and then within a year my income was cut in half and I could not afford the payments. The mortgage company sent me some paperwork to fill out to try and re do the mortgage so I could make payments but I didn't qualify. Then one of their collectors told me to just live in the house and not make payments and they would stop calling me for a while about it. Me, not knowing any better, did that until I received in the mail that the house was going to the sheriff for auction and I would have to be out by a certain date. I left and did not hear anything else about it until just recently I was called by a collector saying that another company had my second mortgage and that I owed them for it. Looking at the other posts here, do I really owe it since it was actually part of the mortgaging that was needed to purchase the house?

Answered by Danny


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I purchased a house through taxes. There is a mortgage for 25,000 on the house from previous owner. I called the bank to ask about the debt and they said they couldn't talk about it. I figured I was out the money and the title wouldn't change over to my name. Months later I am getting the solid waste bill and the parcel is now in my name. Is there something I need to do, or anything I can do.

Answered by Kira


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HI Kira, Tax sales work differently depending on the state. You may want to reach out to a local title company to inquire about getting a title policy and insure that there are not any clouds on title from the tax lien sale. Michelle
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I was divorced AL. My ex, in the dissolution agreement, was to continue paying on the residence we once shared, which had a 1st/2nd Mortgage. While he attempted to sell it didn't bode well. I stopped asking about it. The realtor, however contacted me out of the blue, having had my contact info so I'd be able to sign the papers, to advise that the house was hitting the auction blocks as it was being foreclosed on. Of course I contacted the ex who said, it was a bank error from his having gotten behind on the second, but that the bank was fixing the problem. I stayed out of it thinking it wasn't my problem, since I'd not heard anything from anyone in all of this time. Some 6ish months ago I got an email saying the taxes had been paid from the lender, so I 'assumed' all was fine. Tonight I pulled my free credit report and found that the main mortgage was foreclosed on back in Sep of 2010, and that the second mortgage is $5K in arrears; over a year behind. So, no my question isn't about the ex-factor, I'm obviously divorced for a reason. My question is, can the lender legally foreclose on the property without having given me as the co-signer any notification whatsoever? This ruins my credit, which admittedly isn't perfect, but this is completely bottoming it out. Between having my email, and my employer being the same (only a new location) they could easily have gotten in touch with me. This doesn't seem, ethically or morally correct. Any input you have would be appreciated.

Answered by Renee


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Hi Renee, The lender is only responsible for following the foreclosure process in accordance with the laws of the state. In most states this does not mean personal service to all parties on the loan. The biggest problems with property settlements after a divorce is that unless the loan is refinanced or formally assumed both names continue to appear on the credit account. This means that the foreclosure will absolutely affect your credit. Unless you could prove that they did not follow the foreclosure laws of your state then I do not believe you have any recourse. Michelle
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Good day, My house was recently foreclosed on and sold at auction. I owe approx. $97,000 on a HELOC 2nd. My only source of income is a monthly private disability check. I had a small settlement from worker's comp recently, but not nearly enough to pay off the HELOC. I would like to negociate with the bank for a 10% payoff on the HELOC. If this fails, can they garnish, attach or levy my disability payments or worker's comp award? Or on worse case scenario, would it be better to file bankruptcy to keep these incomes safe from attachment? These are all I have to start over and I do not want to have a collection hanging over my head. Thanks in advance for any info. Hans

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I need to add. This is in Washington state. Hans

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Hi Hans, You can certainly start by contacting the lender to see if they will "settle" the account. If you are a candidate for bankruptcy then that would cover this second. I am not aware of any cases where a lender has garnished wages or disability payments but they can certainly treat this like an unsecured debt and make your life miserable attempting to collect. You should consider consulting with a bankruptcy attorney to better evaluate your options. Michelle
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Answered by mr brown
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Hello, My house was foreclosed and sold on 9/15/11. The last NOD was filed on 8/05/10. Is this a violation per foreclosure prevention act (2924f)? I need to know if I can sue lender for illegally foreclosed property without refiling the second NOD after 365 days have passed. What kind of damages should I seek? Background: The property is in CA. I stopped paying mort. in May 2010, in hope of getting a loan mod. but ended up filing for chap. 7 BK because lender wouldn't look at my case. The house was bought in 2006 for $385k and it's current market value is $195k. I have a primary loan of $210k. On 10/25/11 I was sent an eviction notice. My response was that they foreclosed the house in violation of foreslure prevention act 2924f. My question is can I sue lender for monetary damage, restore my credit? Will lender go after me for the difference that I owed on the mort.

Answered by Binh


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You've misread the civil code. It is the notice of trustee sale that must be filed after 365 days, not the notice of default (nod), and the clock starts ticking as of the first sale date, not the date the nod was recorded. Sean
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Our house was foreclosed and we sold it 2 days after in the redemption period---we are in Kansas and we moved out the end of April----when GMAC sent us the pay off figure they did not include the 2nd mortgage---we got about 30,000 after the sale and paid off debts---now they are saying we have to pay the 2nd mortgage---I have called and one person said we owe nothing and others say we absolutely have to pay---why would they not include the 2nd mortgage in the pay off figure---do we have to pay this?

Answered by connie


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Hi Sean I will like to know I have a investing home in merced california I buy the houses for 330k and today the valio is 120k more of the time i loose money becouses my month pay is$ 1154 now I have this houses for the pass 5 years I want to that the banck reposisition this houses i can no pay this houses any more in the same time I have a home that this is my home in campbell california and i have a credit line for $40k my question is the banck can caming from the houses that i live or the bank forsme to pay the merced houses with my credit line that total is 500k but I only use 40k i need to pay taxis if the bank take the home went i purche the houses i put 85k for down paymente so bisais this 85k i loose more money will you pleases let me know what can happeng to mi thanks Gabriel Tovar

Answered by Gabriel Tovar


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Gabriel - depends on the number of loans you have and how they foreclose. Decent chance they won't be able to come after you, and they certainly can't simply take your other home. I'd recommend having an attorney review the specifics of your situation. An attorney who knows foreclosure law should be able to give you an assessment of your situation with just an hour or two of billing which shouldn't be terribly expensive. Sean
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My house in orlando just got bought back by the bank for $76,000..I owed 139,000 on 1st mortagage and 425,000 on second..Will I have to pay any back and what if any will be tax consequences...I moved out of the house and tried to rent it and renter moved out and could not keep up with payments...I won a condo (me and the bank) in northern Florida that I live in...HELP glenda

Answered by glenda


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Hi Glenda, Florida does allow for deficiency judgments so you will want to consult with an attorney regarding your specific situation. Although there are potential tax consequences on any debt forgiveness there are a variety of ways to qualify for a reduction or elimination of any tax consequences. You will want to consult with your tax preparer for additional information. The fact that you "won" a condo could also create tax liabilities so we strongly suggest you find a good tax professional to discuss your situation. Michelle
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We walked away from our home 3 years ago because of a bad foundation. The taxes have poiled up. My wages have been garnished. How do I get this house out of my name? The bank wrote it off.

Answered by Rosalind Davis


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Hi Rosalind, Can you clarify who has garnished your wages? Michelle
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Hi Danny, The laws vary from state to state and Oklahoma does allow for deficiency judgments. The purchase money exemption may or may not apply in OK. You may want to reach out to a local attorney or housing counselor at Makinghomeaffordable.gov.

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Some of you that needed clarification on your second mortgage- for instance in the state of california the Legislation passed a law in November that if your home was forclosed in November of 2011 and continuing in the presant that you are not responsible for this debt anymore. If your home was forclosed on before November of 2011 -the past years you are still responsible for that amount due. But you can do a settlement on that second mortgage starting at 50% of the orig balance- going all the way down to 10% if approved by the servicer. The best option i advise is to work out a settlement with the company's to help avoid any further collection activity and legal actions such as liens against your name, ect. Plus by working with these companys it helps stop the phone calls. Offering assistance to those in need of anwsers.

Answered by Mortgage Collector


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My husband and I have owned our home in Florida for 14 years. Eight years ago, after losing my job and suffering some serious health issues, we were forced to file Chapter 7 bankruptcy. In the bankruptcy, the house was listed as ‘exempt property, and after the bankruptcy, we never reaffirmed the mortgage debt, (I’m not positive what that means), although we remained in the house and continued to make payments on time, until this past June of 2011. Last spring, my husband was transferred from Florida to Alabama, and then in June, I lost my job, and I still haven’t found another one. Today, neither of us desire, nor can we afford, the house in Florida. The house is currently in foreclosure. We have just received a summons from the court, stating that Wells Fargo has filed a lawsuit to foreclose against us. What is the worst thing that can happen to us? Because of the 2004 bankruptcy, are we responsible for any deficiency that may arise from the auction of the home? Can Wells Fargo place a lien on our property in Alabama, which was purchased with cash this year? Can they levy our checking and savings accounts or garnish my husband’s wages? Any information you can provide will be greatly appreciated. Thank you.

Answered by Sue


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Hi Sue, The laws in each state are different. In Florida the lender can seek a deficiency judgment following a foreclosure. You did not include this debt in your BK which means that it is unlikely that the Chapter 7 will protect you from the deficiency. Although they can attempt to collect on the deficiency it is doubtful that the lender will lien the Alabama property or garnish wages. You should definitely reach out to an attorney that is familiar with the laws in Florida. You may have other options like short selling the property that could be a better alternative. It is better to seek legal advice now then wait for the foreclosure and make a bad situation worse. Michelle
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Need Help.... I have been unemployed for a year and could not make payments for several months.. Eventually house went on foreclosure and it was auctioned off two weeks ago.. Is there anyway I can over turn the sale and save my house.???

Answered by Sy


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Hello, I was told that my house was going to be sold October 6th. I have no idea if it has been. What are the ways to find out? I was wondering if there is anyway that I can reverse the sell. I have a tenant in there right now and even though she signed a 2 year lease, Bank of America is not working with me because I owed 12K to reinstate the loan. I told them that I was going back to school and they did not exempt that as a hardship. I got scerwed by my property manager telling me that because my house was on the market, it wouldn't go into foreclosure. Then I get a letter in the mail telling me there was a sell date in two weeks. Do you know of any agencies that I may qualify for? My house is in Houston, TX and I am in grad school in Berkeley, CA. I am 28 and I wanted to check out any options before I finally gave up. Thanks

Answered by Tasharuss


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going throug a tax foreclosure the original eviction order from the sherriffs stated if we didnt move out by said date our belongings would be put in storage. we went beyond that date was escorted off the premises at that time the sherriffs said our vehicles and personal effects EVERYTHING was now the property of the new owner. We sought an attorney "young kid" he said he would act as a mediator and approach the new owner where as initially he got the owner to agree to draw up a contract through his lawyer to allow us to send in movers to remove all of our things. later that afternoon he call our pathetic so called attorney to tell him that he is no longer going to permit us to get our things that he said he had a mover come out and he said the mover said he wouldnt move he and he wouldnt be able to find a mover to move it because of the condition of the property. Our ugh attorney said there is nothing more he can do. I think the new owner played him and wont give our things HELP !

Answered by MICHAEL MANN


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my father in law house is in the process of for closing is there any way to get it in my boyfriends name so we can own the house instead?

Answered by kayla


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Yes Kayla, but there are some risks. To do it you would simply to need to have your father-in-law deed the house to you. Then you simply bring the loan current and start making the payments - but you'll have to leave the loan in his name, at least for now. Then as soon as possible try to refinance the house into a loan in your name. Theoretically you could just keep making payments on his loan, but that is risky, because almost all loans have a "due on sale" clause which allows the lender to force you to pay the loan in full because your father-in-law technically "sold" the house to you by deeding it over. Quite often the lender has no idea the loan was deeded over, and so long as someone keeps making the payment they often don't care. But sometimes they do, and if you aren't able to refinance you'll lose all the money you gave the bank to bring the loan current and make payments in the mean time. Sean
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I contacted Countrywide in 12/2007 for a modification. I was told to submit verifications to get approved which I did. Then, I was told I had to be 2 months behind to qualify. With hesitation and after many calls to Countrywide I stopped paying. I was told that was the only thing holding up the modification and I would get my papers within 30 days. That was almost 4 years ago. The loan transferred to Bank of America. I have cooperated and provided everything they requested. I was denied the Making Homes Affordable because they said they only got the cover page from 2 separate faxes sent from 2 locations. Recently, a worker informed me that in fact their notes state they did receive the proof. I had a flood in 7/2010 which left me with concrete floors in half the house. I cooperated with BofA to get the floors replaced and I had to give them the $8000 check from the insurance company. I was sued for the $1000 deductible that I refused to pay because the floors werent fixed. I have contacted Hope, Hud, attorneys and Dennis Cardoza's office. I have been told to fight because I qualify for a modification. The attorney will not represent me because he said I would have to pay $100,000 for attorney fees which I dont have. Two days ago the bank sold to the beneficiary. I really need help and dont know what to do. I would not have stopped paying if the bank didnt tell me I was approved and that is all I had to do. I feel this is not my fault and I have completely cooperated. I have been living in this mess and fixing items as needed. Please help!

Answered by Stefanie


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Hi Stefanie, Unless you can find an attorney that is willing to take your case for a reasonable fee I am not sure if there is anything else that can be done. You can check our marketplace for names of attorneys that may be able to help you. I had a personal friend that had something similar happen. Adding insult was the person from the bank that called her about her modification approval after the property went to trustee sale. I personally would take a few deep breaths and spend some time really thinking about what is best for you. If you have the fight in you then reach out to everyone you know to tell your story and keep searching for help until you have exhausted all avenues. Keep in mind that this is going to take a lot out of you. Even fighting for what is right can take it's toll. The other option is "claim victory and move on". You have fought the good fight and now it is time to get back to taking care of yourself. Chances are you were underwater and now you get a chance to restart, rebuild and in 3 years you could qualify for a new loan. No one thinks values are going to go up any time soon so why not take some time maybe even afford a vacation and then make your strategic entry back into home ownership? Your quality of life is worth far more than any house that needs repair. Michelle
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This past Friday June 22, 2012 a realtor came to my sister's home and advised her that her home had been sold and she needed to vacate the property in 30 days.  She did not receive any paperwork about the court proceedings and back in 2010 the home was suppose to have been foreclosed on but she tried to do a loan modification and the lender said that the paperwork was done wrong and would have to do the process over regarding the foreclosure and the lender never approved the loan modification and no other paperwork was filed since 2010.  After speaking to about 5 people on the phone she was advised that her house was put up for auction on May 18, 2012 but no one purchased the home so now it is REO.  She is confused because she never received any documentation in the mail.  The lender stated they attempted several times and the mail was return due to the lender having the wrong address.  The lender stated if she didn't respond that's not there fault and they continued with the foreclosure.  My sister then checked with the clerk of court and saw where the lender took her to court this past March 22, 2012 and her home went up for auction May 18, 2012.  It shows where they put it in the paper but being that she doesn't read that part of the paper she still did not know her home was being auctioned off.  She lives in Florida and is there anything she can do to keep her home.

Answered by Keysha


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Hi Keysha, You can certainly reach out to a FREE HUD approved counselor to see if you have any options. We do not cover Florida and FL is a judicial state. You can find a counselor in your area by going to www.makinghomeaffordable.gov. If she has not been making any payments and has not been in touch with her lender regarding a modification or a short sale I am not sure that there is much recourse to overturn the sale. Michelle
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Me and my husband left a home in Mi 4 years ago mar. of 2007. The home had a first mortgage and a second by same lender. The mortgage just shows up as late on credit report. So does that mean non judicial? We now have a home in TX and own outright and we want to sell and move back to MI. I am wondering what to do to protect the funds to purchase new home and if we can protect the new property in MI we purchase. The house sold for significantly less than loan about 30% of value. Need your advice and thank you so much.

Answered by Devon


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Hi Devon, It is my understanding that MI does allow for deficiency judgments. You would want to consult with an attorney to make sure you are protected. It may cost you some money but will be worth it in the long run. Michelle
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Hello Shawn I had two homes in California both of them went into forclosure and sold by the banks almost three years ago. On the first home, the senior and the junior loans show as closed accounts on my credit report. On the second home the senior loan shows as a closed account, but the junior loans still shows as open account on my credit. Both of the homes were purchase-money loans. will the california Civil code 580b cover me regarding the junior loan?

Answered by Fernando


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My home is in foreclosure in Illinois. I stopped making payments in March of 2010. I was approched by a realtor who said he could sell it and try to work a deal with the bank. Now he tells me that there is an offer on it but its way lower than what I owe the bank. What happens now, I'm I going to be responsible for paying the balance after the sale is finalized? Or does if the bank accepts the sale, does that mean I am no longer responsible to pay the rest.

Answered by Pablo


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Hi Pablo, You are talking about a short sale where the bank accepts less than what is owed and releases the lien on the property. Your agent should be able to assist you with a referral to an attorney and a tax professional that can answer all of your questions. The laws vary from state to state so it is important that you reach out to someone who understand the laws is Illinois. Michelle
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I have 2 homes in NJ (I live in one and rent the other) and another rental in NY. Due to bills and renters not paying, I can not afford the home in NY. I was not approved for a loan mod and I might have to walk away from the home. My question is: If the home in NY is forclosed on, can the bank come after our homes in New Jersey?

Answered by michele


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Hi Michele, Although NY does allow for deficiency judgments there are several procedural requirements that must be followed before seeking the deficiency. It is unlikely that they would be able to attach the properties in NJ but it would be in your best interest to consult with an attorney that is familiar with the NY foreclosure laws to make sure you understand the potential consequences. Michelle
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I received a trustee sale notice on my house in March of 2009 saying the sale was scheduled for May 2009. I voluntarily vacated the home in May 2009 as opposed to being "kicked out". I found out months later that the sale did not happen as scheduled, the house then sat vacant for the next 18 months until the bank finally foreclosed on the home in Oct. 2010. In each of my conversations with the bank duing the in between time I told them the property is vacant, not maintained, etc... and asked them to please take back the home. Do I have any recourse on this? My concerns are that I now have 18 months added to the normal foreclosure waiting timeframe to be able to purchase again. Any advice? Thanks

Answered by Justin


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Hi Justin, This is certainly a great question and unfortunately points out damage that is done to homeowners through the delays in the foreclosure process. We wrote a blog post on this called Foreclosure Roulette, A Game of Extend and Pretend that outlines the reasons why the banks are taking so long to foreclose. http://www.foreclosuretruth.com/blog/sean/foreclosure-roulette/ Essentially they are using foreclosures as balance sheet management. There is no legal recourse that I am aware of to punish the lender for delaying the foreclosure. You are correct in that the lenders will start the credit repair time line from the date of the foreclosure which means 3 years for FHA loans. The government is so consumed with foreclosure prevention and delaying the process that this is the unfortunate consequences of that action. Even if you had sent them a Deed in Lieu of Foreclosure the bank is not obligated to accept it. Michelle
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Hi Sean, I took this straight from a site called broowaha.com. Do you agree with the interpretation? Here is the link:http://www.broowaha.com/articles/9456/the-california-foreclosure-process Non-Judicial Foreclosure Timeline in California Prior to the passing of recent legislation aimed at helping homeowners avoid foreclosure the non-judicial foreclosure process averaged approximately 125-130 days from the initial moment of default to the completion of a trustee’s sale. According to the October 2010 foreclosure report from Foreclosure Radar, lenders averaged 279 days to foreclose monitored from the time a notice of default (NOD) has been filed to the date of the foreclosure sale. It is not uncommon per the new laws mentioned above, for lenders to take up to ninety (90) additional days to file a NOD from the date a mortgage first becomes delinquent. This means the average foreclosure timeline in California can now reach 369 days, more than one year, start to finish. To further complicate matters, California law also stipulates according to Cal. Civ. Code 2924 g(c)(1), “In the event that the sale proceedings are postponed for a period or periods totaling more than 365 days, the scheduling of any furtEher sale proceedings shall be preceded by giving a new notice of sale in the manner prescribed in Section 2924f.” In other words, if the lender does not foreclose on a property within 365 days from filing a NOD, a new NOD must be filed and the process starts all over again.

Answered by Binh


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Right, the article misinterprets "sale proceedings" as beginning on the date the NOD is recorded which is not the case. Sale proceedings actually begin on the first sale date as published in the notice of sale (NTS). The law also specifically states that "further sale proceeding shall be preceded by giving a new notice of sale"... not a new NOD as the writer of this article also mistakenly asserts in that last sentence. Sean
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I have a question not a comment. My Mom passed away in a nursing home. I was told her house was sold before she entered the nursing home. I have recevied a tax sale summons for the house she use to have. I don't want it, and don't have the funds to pay what they want to save in not to mention ther money to keep taxes ect up on it till it would be sold. The house is in very poor shape. They are saying if I don't write a letter, and give a fee a judgement can go against me, and they can garnish my salary. I live paycheck to paycheck. This is in NJ How can I protect myself, and can they do this to me if my name isn't on the deed, and may have been sold?

Answered by Dar


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My husbands business took a nose dive and we have fallen behind on our mortgage. My husband had talked with the bank in oct and gave them $10000 to put on the mortgage and would give him time to make up payments. He has been making the monthly payment but a friend brought me the paper (which I don't take) and it showed our house would be sold at Sherriffs auction on today/dec 19. my husband went to the sale but no auction took place. how do I find out what is going on? Can they sell my home without going through with the auction as posted? I am in Oklahoma

Answered by karrollton


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my mom had a first and second on her home thru fannie mae and b of a she was forclosed on at the first of the year.she short sell the home for 300k and had a buyer that was aware of the forclosure and was willing to work with her.the bank that she has been a valued customer with since the 70s refused to let her sell it for the 300k instead sold it for 240k and my mom lost her 40k in equity.is there anyone she can contact to get some of the money back or is she out of luck.any help would be appreacited.thanks

Answered by chris roland


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MY MOM went/is going throug a tax foreclosure the original eviction order from the sherriffs stated if we didnt move out by said date our belongings would be put in storage. we went beyond that date was escorted off the premises at that time the sherriffs said our vehicles and personal effects EVERYTHING was now the property of the new owner. We sought an attorney "young kid" he said he would act as a mediator and approach the new owner where as initially he got the owner to agree to draw up a contract through his lawyer to allow us to send in movers to remove all of our things. later that afternoon he call our pathetic so called attorney to tell him that he is no longer going to permit us to get our things that he said he had a mover come out and he said the mover said he wouldnt move he and he wouldnt be able to find a mover to move it because of the condition of the property. Our ugh attorney said there is nothing more he can do. I think the new owner played him and wont give our things PLEASE HELP !

Answered by MICHAEL MANN


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Answered by mr roger
from FL


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my mother's home was foreclosed & went up for auction & didn't nobody buy the home so the bank ended up buying the house back but my mother's court date is comin up october 3rd. but what really messed my mother up is that she had a 1st & a 2nd but she got n 2 a struggle dealing with her job due to cut backs & less hours she was working and she tried 2 work with the lenders but no results so she paid these 3 companys to modify her home & neither company was able 2 do it so therefor it put her n a strain, so now she goes 2 court on the 3rd, but tell the truth she really want 2 stay n her home cause this house my mother is n her her mother & dad house which is my grandma & grand dad which we all moved n way back in 1984. so what is my mother best options 2 stay n her home after da house has been foreclose cause i been running around town talking to different realtors & brokers trying 2 get some answers to help my mom stay in the house or is it a way she can rent the house back, i need some answer please resond a.s.a.p thank you.

Answered by ozzie windham


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I had my home foreclosed on in Nevada and it went to auction on 1/26/09. It is now 10/24/09 and the bank never came after me for the money they were out. I only had one loan and did not need mortgage insurance. I was now served paper work and am being sued by the "banks" mortgage insurance company in the amount of $95,000 dollars. I was wondering if i am liable for this amount (I was told it was something called subrogation). I do not have anyway of paying this and was hoping to get some input into this, and if this is something that is happening more frequently.

Answered by daniel lilly


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My house was for forclosure on June 7, 2011. How do I find out if it was sold? how long do I have to leave the property.

Answered by Pat Garza`


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Hi Pat, You may want to reach out to a local real estate professional that can help you navigate through this process and assist you in finding a great rental. If you would like to email the support team at ForeclosureRadar we can at least tell you the outcome of the sale. If the property did go to sale it either went back to the bank or sold to an investor. Either way you should be contacted shortly by the new owner to discuss your intentions and potentially offer a cash for keys incentive for you to vacate by a certain date. If an agreement cannot be made then they would need to formally evict you which could take a few months. It is always best to try to negotiate an agreement. Many landlords understand a foreclosure or bad credit on your record but having an eviction could make it harder to rent a property. Michelle
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My husband and his ex-wife owned a home in Illinois. They divorced and moved out in 2008. The house finally foreclosed in 2011 and looks like it is now bank owned property though they have received very little in the mail about it. Two questions.... No one has received a 1099 form. I don't know if we should call and ask or if we are opening a can of worms. Also, if one is issued, do both he and his ex file it with their taxes? The divorce papers just said that they agreed to attempt a short-sale (which they did attempt unsuccessfully).

Answered by Mel


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Hi Mel, I am not a tax professional but it is my understanding that a lender is not obligated to issue a 1099. Any debt relief does create potential tax consequences so you would want to make sure that you tell your tax preparer about this so that they can try to eliminate or write down the taxes that may be due. Do not just ignore the issue because you did not get a 1099. There are numerous ways that a CPA or enrolled agent can address this but make sure that you do address it on your taxes. Michelle
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So long a the junior was a purchase money loan it is my understanding the Civil Code of Procedure 580b should protect you from any liability beyond the hit to your credit and possible tax implications. There are some exceptions... for example if you damaged the property (waste) or committed fraud when you applied for the loan. As always, I recommend you discuss the specifics of your case with your accountant and attorney.

Answered by Sean


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My house is in foreclosure in GA. I have tried working with the bank for a long time now and just decided to let the house go. The foreclosure date has been set for Oct 4. How long do you think I can stay in the house before I have to move out?

Answered by may


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Hi May, Once the property goes to foreclosure sale they bank or investor will contact you and usually offer a cash for keys incentive for you to move by a certain date and keep you from damaging the property. If you do not come to some agreement and they are forced to evict you then the eviction process in GA can take 60-90 days. Michelle
Hi, what happened?, mine is set for 11/1/11. they can have the house. i just want to hang out for a while. Jimmy
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We purchased a home in 2004, refinanced in 2006 (Nevada), both times avoiding the required mortgage insurance (refinancing with enough perceived equity in 2006 allowed for this). The house is now $150k under water and after some financial hardships we decided to pursue shortsale. BOA sold our loan to SPS Portfolio Servicing 1.5 years ago (likely for pennies on the dollar) and at first they were easy to work with (we received a letter stating they would not pursue any deficiency judgements if we reached an agreement on a shortsale). Fast forward 6 months of waiting and resubmitting paperwork (our financial situation improved in that time so they became less willing to take a loss) to find out there is some mysterious Mortgage Insurer (apparently purchased by SPS?) attached to the loan who refuses to allow the shortsale without us forking over $10k. Is this practice legal? We believe our realtor/lawyer is gaining some incentive to push this through without question but we feel like we have no recourse since we are under contract for them to represent the sale. Any advice?

Answered by Mandyd


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In Oklahoma can they foreclose on my house if I have tenants in there with a lease?

Answered by Cindy


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Hi Cindy, Thank bank can foreclose regardless of who is living in the property. Even if you deed to property to the tenants the bank can still foreclose if the loan is not paid off. Michelle
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i live in florida / wife had stroke on 04-01-09 / couldn't afford $1200 a month house payment / got notice of forclosure / tried for loan modification / bank bought house back / got served with eviction papers / got 30 day extension to stay in the home / have until 07-30-10 to find a way to stay in my home / can anyone help me or am i totally screwed /

Answered by anonymousjt


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From what you have said it sounds like you will need to move on 7/30/10. If the eviction has already been granted and you have already received an extension it is unlikely that you will be able to stay beyond the 30th. Even if you did receive an additional extension the bank will ultimately want to resell the property which means that you will have to move eventually. We encourage you to seek out a housing counsellor that may be able to help you with temporary housing while you search for something permanent. You can go to makinghomeaffordable.gov to see a list of free HUD approved counsellors. If they cannot help you then they should be able to give you the names of organizations in your area that can help. Good luck! Michelle
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My house is in foreclosure in MI. When the bank sells it, do I have the right to buy it back within a 6 month period? Please advise.

Answered by Diane


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Hi Diane, In MI there is a 6 month redemption period. Michelle
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My husband was layed off and we requested a review for Making Homes Affordable with Bank of America. We were told, based on my income alone, we qualify and to begin making a reduced monthly payment for the 3 month trial. We did. To cut to the chase - we lost our home to foreclosure in Massachusetts. I received a tax report from Bank of AMerica indicating what we owed on the house and what the house was assessed at. Am I responsible for paying Massachusetts state taxes on the difference?

Answered by Jeannette


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HI Jeanette, The laws vary from state to state and in Massachusetts the lender can seek a deficiency judgment. Michelle
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"I had some hail damage to my home in June 2008. The check was made out to me and the mortgage co. The mortgage co wouldnt sign the check until I had the work done. I didnt have the money to get the replaced. In the meantime, due to a heart condition, I was not able to work and just got approved for social security disability. My house went back to the back oct 7 2009 and I vacated the home Oct 15, 2009. State Farm wants a letter from the mortgage that the home was taken back as is, but the mortgage co will no longer talk to me. I sent State Farm a copy of my three day to quit notice and the default notice where the home was being sold as is. I am trying to get the check made out to me but without anything from the mortgage co State Farm will not do it. Any advise?

Answered by patty


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I've been trying to get my shortsale done since april of this year. BOA is the first and PNC (via Select Portfolio) is the second. The whole holdup is actually PNC. According to them the mortgage insurer will not accept what BOA is willing to give them so they keep saying no to the deal and insisting on more. BOA said no. Trying to be patient. Question is: If I just give up on the short sale process and let them foreclose can they come after my assests legally in georgia?

Answered by Cliff


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Hi Cliff, Georgia does allow for deficiency judgments but a separate court action is necessary to seek a deficiency judgment on a non-judicial foreclosure. Your best bet is to consult with an attorney and get all of your questions answered before any action is taken. Michelle
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I put my house up for short sale in Jan 11, in May there was an accepted contract. I had 2 mortgages, the second was allowing a 3k settlement, 1500 from me and 1500 from first mortgage. the first mortgage had until Dec 11, to pay their 1500 and then without notice they foreclosed on my condo last week with an offer higher than the accepted contract. can the first one just foreclose on my condo when they aggreed to a short sale contract? are they obligatged to pay that 1500 for the second mortgage.. is that an illegial foreclosure when they were breach of short sale contract? My state is VA.

Answered by Staci


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Hi Staci, We have seen numerous cases where the lender has approved a short sale and then the property has gone to foreclosure. Until the short sale is closed the loan is paid off it is still subject to the foreclosure process. You would want to read the short sale approval carefully. Was there a performance date or some other "escape" clause? Michelle
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Hi, My wife and I owned a condo in CA. The bank has set an auction date for Oct 3, 2011. We had 100% financing 1st & 2nd mortgages with a 2 year ARM, we owned the place for 5 years and never refinanced (couldn't due to no equity). The first is foreclosing and the second keeps calling. Since this was 100% financing are we liable for the second?

Answered by Jesse


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HI Jesse, Purchase money loans have no recourse. Once the trustee sale happens the 2nd is wiped out and they cannot come after you because it was a purchase money loan. Michelle
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What about those of us who HAVE jobs but had to MOVE to get that job? We tried to short sale our worthless house, which we put on the market when we relocated so that we could be employed and support our children, but we owed 330K on the house and it was worth maybe 250K. Fannie Mae and our lender turned down no less than 8 offers between 225K and 270K and refused to allow us to sign a note for the shortage. After 2 years 8 months, we quit paying becuase our savings was gone, our credit cards were high (from buying necessities when our money went to that mortgage) and our 401 K was cashed out to pay for monthly mortgage (plus rent in the state where we live and work). In spite of numerous offers, they foreclosed on our house and it went back to Fannie Mae for 222K. 4 months later, they re-sold it for 265K. We are still getting a bill from the second mortgage. What happens next? No one can help us. Lawyers have even turned down our request for help and advice.

Answered by Library girl


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I would honestly try to contact Dave Ramsey. He has a lot of resources that might help. Jimmy
Library Girl. Exact same thing happened to me, but it was MetLife that ended up with the house, not Fannie. Additionally, they have not filed the papers yet (foreclosure auction back to them Dec 19 - today is Mar 9). Please post if you find some resolution, and I'll do the same. Willy
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I live in Massachussettes. I was told 2 years ago to stop paying my mortgage to Wells fargo as I couldnt afford my home anymore. Tried to sell it with no luck. Even went thru the short sale way and the mortgage company refused all offers. Lastly I decided to go the Deed in Lieu way and they said if the title comes back clear which it did they would proceed with the paperwork. They are now foreclosing on my home on the 11th of this month. Will I be responsible for the difference from the auction?

Answered by Steve


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Hi Steve, In MA the lender can pursue a deficiency judgment. They would have to bring a separate legal action within 2 years of the foreclosure. The lender is not obligated to offer a modification of the loan or accept a Deed in Lieu. A short sale may not have provided a full satisfaction release (varies from state to state). You may want to consult with an attorney in your state for more detailed information regarding the foreclosure process and your rights. Michelle
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My house was foreclosed 04/2009 in CA. We had a 2nd after the fact for which we defaulted as well. The bank has sent us a 1099 for the 2nd and this weekend I was summonsed as well in a lawsuit from the same lender. Is it possible for them to discharge the debt through a 1099 and still file a lawsuit as well?

Answered by Justin


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Justin - nothing but questions for you at this point... Did the first foreclose, or the 2nd? Was the 2nd a purchase money loan (ie you got it when you purchased the house, not later)? What does the lawsuit allege? Who is the lender? Sean
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this was also happen to a friend of mine, i almost remember when they make a promissory note to the bank about the payment,it was happen in Painswick last year and i felt sorry for it.

Answered by Mark Willams
from NY


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this was also happen to a friend of mine, i almost remember when they make a promissory note to the bank about the payment,it was happen in  Painswick  last year and i felt sorry for it.

Answered by Mark Willams
from NY


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My house is in foreclosure and I am concerned that I will have to pay the deficiency. Recently I was told that there is a new law that says that the federal government pays this. Is there some new law?

Answered by Ken


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No. They've probably confused this issue, with the issue of paying taxes on the deficient amount. That said some states have anti-deficiency laws for certain types of foreclosure, types of loans or types of property. Be sure to check the rules in your state, and ideally have an attorney review the specifics of your situation before assuming you will have a deficiency. Sean
− Be careful here. Nobody can help you here or even suggest how you can get financial help. Any answer of a loan lender to your question, you MUST ignore, because they are SCAMS…real SCAMS…i was a victim of which i was ripped thousands of dollars…well thank God for a Christian sister who referred me to a loan organization formed by Christian Women Cooperative Fastloan Organization.(C.W.C.F.O). They made my life a valuable one and gave it a meaning. When the sister gave me their contact, I contacted them. Then I requested for a loan with all the necessary evidence to prove that I actually need a loan, they approved a loan of $30,000.00 USD and in 48 hours after meeting up to their necessary requirements, Lindaparkerloancompany@gmail.com katty
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I live in CA and have a rental in GA. I was never missed a pyament until recently. The property was vandalized and over 10k in damages was do. However, the insurance co refused to pay because it was vacant for more than 60 days. I can afford the repairs and have ask Bank United to do a deed in lieu. Can they garnish my check when the foreclosure is completed. I have it listed for sale.

Answered by Anthony Finch


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Hi Anthony, The bank cannot garnish your wages while the property is in the foreclosure process. The state of GA does allow for deficiency judgments so you will want to make sure you completely understand the foreclosure laws in GA before you make any decisions. Michelle
Michelle, Do you mean I should kno w the laws in ga not florida? Can they garnish my wages once the foreclosure is completed? Anthony
OOPS, should have said GA all the way through. Sometimes multitasking does not work. Michelle
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Update: My husband and his ex-wife owned a home in Illinois. They divorced and moved out in 2008. The house finally foreclosed in 2011 and looks like it is now bank owned property though they have received very little in the mail about it. Two questions.... A 1099A was received with both of their names but only his SSN so do both he and his ex file it with their taxes? The divorce papers just said that they agreed to attempt a short-sale (which they did attempt unsuccessfully). Also, Box 4 is more than Box 2. The lender foreclosed and took the property back and is showing a selling price $60,000 higher than what was owed on the mortgage which I assume is where they added in a special assessment on the property that was owed. So what do we enter on the tax forms? This isn't a cancellation of debt at this point since we don't have a 1099C

Answered by Mel


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Hi- We recently foreclosed on a condo in Nevada. It was sold at auction. Are we responsible for the deficiency in Nevada? Does Bank of America usually take legal action (originally we were with Countrywide but it was sold to BofA)? We tried for 2.5 years to get a loan modification but were never granted one. Tried to short sale too, no luck. Same with deed in lieu... nothing.

Answered by kelly


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Hi, I bought my house in 2005. The state of California. I have had 3 paycuts since then and I have not made a payment since April 2010. I have since moved from the home.I Had a 1st and 2nd. Refinanced the first in 2006. They would not refifnce the 2nd it is a HELOC. The 2nd was purchase money. So I understand it is a non-recourse loan. My question is: Since I refinanced the first (I did not take any money out, It was merely to get me out of the interest only loan) and California is a one action state, will they come after me for the deficiency? I owe a total of 307,000.00 for both loans and the house is now worth about 110,000.00. So Stressful... Any info would be great. Thanks for all the info posted on this blog..We need to be educated about this.

Answered by Laura


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Hi Laura, Under the "one action rule" if the first forecloses (doesn't even matter if it was a cash out refi) then they have taken their one action and cannot pursue any collection on a deficiency. As long as the 2nd does qualify as a purchase money loan then they cannot attempt to collect either. Michelle
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We live in CA and own a home in Riverside county. We owe $308,000 on our first and our second we owe $19,000. We bought the house with a no money down adjustable after three years. We refinanced at 2.5 years and the lender talked us into another adjustable,but this time at 10years. They also said it was good for us to take the 2nd out during the refi to pay off bills to make the refi happen. We are having problems paying the mortgage, but have questions as to what we will be responsible for if we forclose. Do we have to pay back either loan? Property taxes? What are we liable for and what is the best thing to do? Our loan adjusts in a few years and who knows if our house will be able to refi then and who knows what the interest rates will be. Right now we are throwing money out the window and there is no end in sight because we can't refinance with negative equity. Help!

Answered by Wondering in Riverside County CA


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I filed bankruptcy in Illinois. I could not keep up my payments because I have a wage garnishment on a loan from the bank that did my original mortgage. They subsequently sold my primary mortgage but kept my 2nd home equity line of credit. During the bankruptcy, I had the second discharged. I filed a chapter 13 with full intent to make payments and restitution. During the time of my filing, the primary mortgage agent contacted my home owners insurance and told them I was in forclosure. They dropped my coverage and sent me the check for my premium. My bankruptcy was approved, I began paying my mortagage again and making my bankruptcy payments to my trustee and then the primary filed a motion to remove the stay and filed for $5000 restitiution because they went out and got another policy to insure the home that was 5 times the cost of my original policy. I asked to have the amount rolled into the bankruptcy which would make it work just fine. As a primary account they would be paid in full for this amount. They said no. I tried selling enough possessions to come up with the money but in the end, I could not. I offered to pay as much as I could and they still refused. They then also sent back my mortage payment and told me I owed all of my old payments as well as this new fee and the only way to bring it current is to have paid over $30,000. The only reason I filed bankruptcy was to save the house but now it appears the primary is motivated to foreclose. I am confused though because I bought the home for $389. I owe $318 on the primary and $72K on the home equity line that was dicharged. Recent market analysis has my home worth $270 - $290. I have told the primary that I can still make my payments but they keep sending the checks back.... my questions is this. if they foreclose on the home and take it from me and sell it, will I be liable for the 2nd mortgage now that has been discharged? I think financially it woudl be better for me to move into another home that has a lower payment options, continue to pay off my bankruptcy and begin rebuilding my life and my credit. I still make over $100,000 and have been employed wiht the same company for neary 19 years. Am I liable for the second if my house is sold? my bankruptcy attorney suggests that I let my original bankruptcy default so that I can refile to include the new amount from my primary mortgage company. I am saving the mortgage payments in a separate account in case I have some options. I have already filed for mortgage modifications and they say I don't qualify. do I have any other options?

Answered by Eric Westerman


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My rental property in nevada went into foreclosure and was auctioned off. I had a first and a second loan. I was just informed that the bank sold the second loan and now that bank sent the loan to a collection agency. My question is, isn't the loan wiped out when the house went into foreclosure. The first and the second belonged to the same bank. Help. Thank you, Carlos

Answered by Carlos


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Hello, Im going through the same thing with the first and the second mortgage, same bank. If both were secured by the property, and both were used to purchase the property, both should be wiped out . If you have paperwork that clearly states that the loans are secured by the property, then you don't owe the bank anything after foreclosure. If you took a home equity line of credit out or refinanced, then you owe the bank. tiffani benson
Hi Tiffani - it actually doesn't work that way. It makes absolutely no difference if the two loans are with the same bank, each foreclosure is treated completely independently. If the second is foreclosed on, then the first remain outstanding against, and secured by the property. If the first is foreclosed, then it does "wipe out" the security interest of the second. Whether or not they can pursue a deficiency judgement does depend on the state, whether or not it was a purchase money loan, etc. Sean
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Hi! I received a letter (not certified) in the mail that my house would be auctioned off on 1/18/12. I received the letter on 1/09/12. I am currently in a Chapter 13. I explained to my lawyer that I am entering into the bankruptcy to save my home. I found out once I notified my lawyer that I am receiving letters from other attorneys that say save your house that my house is for sale. It took my atty 2 days to look into it and told me back in Oct that my mortgage company went to court to have themselves removed from the bankruptcy. My bankruptcy payments never went down.I had no knowledge of this. Since they were removed from the bankruptcy my lawyers have taken $668 out of my check bi-weekly to equal $4008. When I asked my lawyer what I need to do he said we can convert your case over to a chapter 7 for $1500. He has not given me any direction as to how I can save my home. Can I save my home? I was never notified my mortgage company requested to be out of the bankruptcy.I was notified 3 days ago my house was for sale.Can I recover my bankruptcy money? Can I save my house? Did my mortgage and bankruptcy lawyer do anything wrong? PLEASE HELP. Thanks in advance (Illinois)

Answered by Trish


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Hi Trish, Filing BK does not stop a foreclosure but it does provide a temporary stay. The lender can request a relief of stay and then proceed with the foreclosure. I am not personally familiar with the laws in Illinois. You may want to reach out to the Illinois Bar Association or a different attorney for a second opinion. Michelle
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Hello Sean, I live in the State of Florida, my house was sold back to the bank on July 28th,2009. :Prior to my house being sold back to the bank, I was approve for a loan modification which I had a deadline of August 9, 2009 to accept the offer. I was told by the bank which was Chase that, all foreclosure proceedings were going to be stoped since we got approved for a program. Now, on July 28,th its like 10 days before the deadline of the offer expires, they sell the house to FANIMAE for $100.00. I was told the sale was going to be reverse, nothing happened instead I got the certificate of title that shows that we are no longer the owners of the house. NOw, is that ligal what the bank did? What can I do? will the come after me for the money? will they contact my job? I was not one of the people who walked away from the house, I tried to save it, got approved and they still sold the house. I have all the paper work has proof. please let me know what you think. thank you

Answered by karin


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Chase did the same to me, worst. Chase is the f........... bank that play with u in the way they want no body do anything. We dont have rules, judge govertment that proctect citizens. But they will pay for this , dont worry. God wil give all those persons what they deserve, bce is a group and they are rude and played with me 3 years and lack my account to make me no pay the monthly loan. My case is unveliable...... Is to write story. carolina
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I live in Ca and my home was forclosed on and the bank bought it back. My attorney told me to file bankruptcy to give me more time in the house. I had a good case to fight the mortgage company as they lost a payment I made for 6 months that put me in foreclosure after they found it and applied it to my account they told me I had to pay the back payments since they would'n let me make any payments while they searched for the payment. I couldn't come up with the $17,000 so it went back into foreclosure and sold. Is there anything I can do to keep my house? Please help, I've lived in my house for 28 years and don't want to have to leave it.

Answered by Kristy


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our house was sold in foreclosure can wr make negotiations tp get iy back thanks

Answered by sara


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