Upcoming Foreclosures

In Indiana, if you waive the wait time of foreclosure on a RENTAL property, can they get deficiency judgment? I see in this http://www.foreclosures.com/pages/state_laws2.asp?state=IN that you can waive the wait time of the foreclosure proceeding and if they accept they lose the right to come after me for deficiency. Does this apply to rental/investment properties?

What is statute of limitations in Ohio for deficiency judgment from foreclosure on investment property? I'm trying to determine how long a creditor can come after you for a deficiency judgment if you've had a foreclsoure on an investment home in Ohio. I found Ohio Revised Code 2329.08 (see below). Any thoughts? I am having trouble interpreting the grouping of the OR's in the law. Not sure if one had to live in the property themselves for some time. Thanks. 2329.08 Limitation of enforcement of deficiency judgment - waiver - pending actions. Any judgment for money rendered in a court of record in this state upon any indebtedness which is secured or evidenced by a mortgage, or other instrument in the nature of a mortgage, on real property or any interest therein, upon which real property there has been located a dwelling or dwellings for not more than two families which has been used in whole or in part as a home or farm dwelling or which at any time was held as a homestead by the person who executed or assumed such mortgage or other instrument, or which has been held by such person as a homesite, shall be unenforceable as to any deficiency remaining due thereon, after the expiration of two years from the date of the confirmation of any judicial sale of such property completed subsequent to the rendition of such judgment. Any execution issued upon such judgment, or any action or proceeding in aid of execution, or in the nature thereof, or to marshal liens, commenced prior to the expiration of such two year period, shall not be affected by this section. This section does not affect any action or proceeding in the nature of a creditor’s bill, commenced within such two year period, to subject the interest of the judgment debtor in any property owned at the date of such judgment and concealed with intent to hinder, delay, or defraud creditors.

have judgment lien on organization. Their property is up for foreclosure sale.How 2 protect interest at sale? The mortgage companiy has property in foreclosure sale july 10' (IRS is lien holder also) the organization has other properties, what do I do or say at the sale if i have a judgement lien i'm probably 3rd in line

Can a judgment lien survive a foreclosure even though there is no property for it to attach? We have a house we are in the process of selling in order to avoid foreclosure. However, our local electric cooperative has a judgment lien recorded against our property. It is the only property that we own. We are trying to negotiate with them but in the event they are unwilling to cooperate thus causing the sale to fall through, I would like to know that if our home is foreclosed on, will the judgment lien survive even though there is no property on which to attach? As you can imagine this could help in our negotiating tactics…Also please advise as to anyway you might try to work a deal.

how likely is Bank of America to seek a deficiency judgment on a foreclosure of investment property? We own a vacant lot we intended to build on, that we bought at the height of the market a few years ago, and now it's worth about 1/3 of what we owe on it. We can't get a loan to build on it, because there is so much negative equity in the property, and we can't sell it, because we'd have to bring $80-k to closing at today's prices. It's financed by Bank of America. If we make a business decision to walk away from this property and let the bank foreclose on it, what is the likelihood that they will seek a deficiency judgment? We live in SC, where dj's are allowed... I've heard that dj's are more likely on investment properties than on primary homes, and that each bank has it's own customs and practices. Help? By the way, I fully understand what a foreclosure will do to my credit. My main concern is - if I take this step and wreck my credit, I don't want it to all be for nothing, if the bank comes after me anyway for a deficiency judgment.

motion for final judgment for foreclosure and attorney fees assesment... Advice please? I received a letter in the mail with the above statement. I do have a property in foreclosure- what exactly does this mean? How much time do I have left?

I have a judgment on a property which is going into foreclosure at the end of August? What should I do? Will I be paid off in the foreclosure process? The lien I have was court ordered. I understood that if the owner sold or did a refi that I would be paid out of the proceeds. Now, I'm not sure what to do. I have found a copy of the foreclosure notification online. Thanks, I am wondering if I will be able to garnish her wages instead. My divorce atty said that I would be able to do that, but it would be cheaper for me to do it myself. I'm wondering how I go about doing that.

What are the occupancy requirements to be shielded from a foreclosure deficiency judgment in California? Must the property be owner occupied? Do I have to receive mail and sleep there to fulfill this requirement? If I originally occupied it and then rented it out, does this preclude me from being protected?

I need to know how to get a judgment released on a property that was foreclosed on in 2001.? i thought that the judgment would be released when the property went to foreclosure -

Deficiency Judgments when owners live in different state than property? Does anyone know the exact rules for a deficiency judgment/foreclosure laws in the following instance: Property is owned in VA however the owners are permanent residents of IL. I know that deficiency judgment laws are different for each state and was curious to know how they would be applied when the owners live outside of the property's jurisdiction. Thanks! Thank you all for your help and information! It actually was our primary residence until my husband was transferred to IL last year. We've gone through 30K in savings trying to keep it but now we are completely tapped out. We have renters in the property but they are only able to cover 1/3 of the mortgage. I made an appointment with a Real Estate Lawyer yesterday after posting this question. Thank you all so much for advice! And thanks for the info on the Recourse part as well! I hadn't been able to find that anywhere else.

Is a foreclosure judgment transferable if mortgage is sold to new investor? I'm in PA The courts ruled in Chase's favor and I'm officially foreclosed. Two sheriff sales have been postponed. Meanwhile Chase just sold my loan to another investor/servicer. I'm getting conflicting information. Basically one lawyer told me the ruling will stand and the next sheriff sale will go ahead as planned. On the other hand another attorney told me the new servicer will have to file their own lawsuit in order to foreclose on the property. His words: The courts ruling was in favor of Chase and no one else, Chase was the plaintiff and since they no longer own the mortgage and thus have no further interest in the property the rulings is void and your new servicer has to file a new lawsuit to foreclose if that is their intent. Who do I believe? I have no money to hire an attorney! Than you all for your answered, but none of you have a clue what you are talking about! 1.There was NO sheriff sale yet! Didn't you people read? The house has NOT gone up for auction. 2. I am NOT evicted! The eviction only comes AFTER the sale takes place! 3. I still legally own the house! 4. I found out I'm not on the list for the upcoming sheriff sale. 5. I found out my foreclosure is on hold. "Without a new agreement, what's the difference anyway? You will be sued again and you will lose. No matter what, unless you can work it out with the new company, you'll be thrown out. Pack and be ready for the sheriff, or save yourself the embarrassment and leave on your own." Without a new agreement there is little difference. However WITH a new agreement there is a lot of difference! Before being "ready for the sheriff" the house has to go up for auction and that hasn't happened yet! Then the new owner (or bank) has to start the eviction process. Landlord said: The foreclosure happened already. It is a done deal. You have no rights to the property at all. Chase sold their asset, the house and any judgment goes to the purchasing bank. No, I'm "in" foreclosure, it is not a done deal. I have EVERY right to the property. The house has to be sold at auction first and in PA up until one hour before the auction the home wonder can make good on the loan, that is pay of the past due balance. As of right now I am the owner and nothing is a done deal. Ronimg said: The house was foreclosed. Meaning the house returns to the lender (Chase). You no longer have any rights to the house. The lender sold the house to another investor. The new company owns the house. You will get a notice VERY soon of your eviction date. How do you people tie your shoes in the morning? The house HAS NOT BEEN SOLD AT AUCTION!!! The house HAS NOT RETURNED TO CHASE OR ANYONE ELSE! I have EVERY RIGHT TO MY HOUSE! There is NO EVICTION because there hasn't even been a sheriff sale!!!

Whats worst, Judgment of Foreclosure? What will affect your credit score more adversely? Have a judgment against you or Foreclosing on a property? And how would you weight them?

In Indiana, what percentage of banks usually sue for deficiency judgments in a foreclosure? We are about to have our house foreclosed. We own another property in the same county that we bought for 8K cash in 2000 and we use it as a rental. It is worth less than 15K. I am wondering if the bank will sue us for a deficiency judgment to place a lien on our rental house. The rental house does not show up on any credit reports since we paid cash.

Does anyone know how to serve a small claims judgment on someones bank account in order to collect? Have a small claims judgement on an ex and had a lein on their property which went into foreclosure with no remaining surplus and now want to try and place a judgement on her bank account. I know her ss# and what bank she has but not sure how to begin? Anyone out there that knows the process? Thank you in advance.

Can a default judgment against one defendant be used to get judgment against the second defendant? I live in Florida and I am involved in a civil action (foreclosure). I answered the complaint within the allocated time and so did my HOA. But the other defendant in my case: an insurance company that has a small lien on my property did not answer. Today I find out that the plaintiff' attorney (bank) filed for a default motion and a motion for summary judgment against me. Is this legal and can it be fought, given that I have showed good faith in attempting to litigate this complaint?

Rental home in foreclosure ? some help please ...? I am renting a duplex home in the state of FL that looks like it is in foreclosure. My boyfriend and I confronted the home owner about this and he says that he has a lawyer and is working this out w/ the bank. He is asking for his rent (which is due on the 5th of each month.) I am hesitant that he is not being truthfull w/ us. At this point I am looking into moving but I am trying to figure out if he still in fact owns the home and if I should give him next months rent. This is what I found online : This property is a Judgment of Foreclosure Sale. An order was signed by a judge directing that a Notice of Sale be published and a referee to sell this property at a public auction.This property will be auctioned at public sale on Saturday, August 07, 2010. Could he still be working w/ the bank to retain the home or has he lost it for good and is trying to get money out me and the other tenant residing in the home ?

How does foreclosure on an investment property affect my home of residence? Looks like I need to get out of this spec house deal and wondering what affect foreclosure will have on #1. my current home which has a mortgage but no equity as it's recently purchased or any other assets; #2 how a delinquency judgment will affect my spouse who is NOT listed on the investment but is on our home. It's my understanding that any judgement goes away in 10 years? or is it 7. Besides affecting my credit which is now over 700- will any of my assets be affected by this? I understand that IF I sell another house within that time frame that any profit will have to go towards my judgment debt. I live in a state that does award deficiency judgments and does no do non-judicial foreclosures. Thinking of short sale possibilities.

Home in foreclosure, moving to another state, what are the chances they will try to collect shortage? I'm from MA, moving back there after losing my home in RI. I know that MA has a provision to prevent recovering shortages on foreclosure sales. I don't think that exists in RI. As a MA resident, will they be able to pursue me there for judgment? What is the likelihood they would try to recover when I have no assets, no property and very poor credit. Thanks.

I have a judgment against a man in FL. If I agree to a 10% settlement - shortsale, if not foreclosure. Should? A title agency asked me to settle for 10% to release this one piece of property, problem is that I don't know if he has others. This guy hides assets under family members names or places his name second for search purposes. If I don't accept, he goes into foreclosure.

In a Florida Foreclosure & Deficiency Judgement - can they take your 2nd property, your business, car, etc? My friend owns 2 houses and a small restaurant business (which is incorporated- just in case that makes a difference). She's facing foreclosure on the house she currently lives in after only two years because of her increasing loan rate and the business has slowed down, but she continues to make payments for her other house. After foreclosure of her current home, she plans to move into the other house, which is NOT connected in any way to the house that is being foreclosed. After foreclosure, can the bank get a deficiency judgment and come after her business and her other home? She doesn't make a lot of money, nor does she have an account with a lot of money sitting around. Thanks for any information.

LLC/Judgment/Charging Order/Foreclosure big problem!? A partner & I set up an LLC. Under the banner of the LLC we purchase two properties. I personally guaranteed the mortgages. The LLC received Warranty Deeds to each of these properties. Right now, I no longer own my half of the LLC, I gave that many months ago to a relative. The mortgages on these properties are NOT in default at all. The problem is I'm facing a major judgment and I'm worried that the judgment-creditor will get a "charging order" for the LLC because I'm guaranteeing the mortgage on these properties. In no way have I ever profited $0.01 from this LLC, I don't own or manage the LLC or anything. My connection to them ended long ago. I'm concerned that the judgment creditor will come after this LLC and then the LLC will turn around and sue me. What do you all think? Thanks.

Couple’s foreclosure on B of A a righteous one? A couple of foreclosed homeowners in Naples, Florida reportedly foreclosed on a Bank of America branch last week, their attorney actually having moving trucks pull up in front of a Naples branch to execute a foreclosure judgment against the bank. In 2009, retired police officer Warren Nyerges and his wife, Maureen Collier, paid $165,000 cash for their 2,700 square foot home in the Golden Gate Estates subdivision, and never took a mortgage out on it. In Feb. 2010, Bank of America initiated foreclosure proceedings against them. The Nyerges hired an attorney to defend them against the wrongful foreclosure, and the Bank eventually abandoned the matter. But not before the Nyerges incurred $2,534 in attorney's fees, which they requested informally from Bank of America multiple times before resorting to the courts, which ordered the bank to make the couple whole. When B of A still had not paid the judgment after five months of phone calls and letter writing by Allen and the Nyerges to the bank insisting that the court order be obeyed, Allen took the next step in the legal collection process, obtaining an order of foreclosure against the bank. Allen (their attorney) reported to a local branch of the bank with sheriff's deputies, who he instructed to remove cash from the tellers' drawers, furniture, computers and other property. Approximately one hour later, the Naples News reports, the bank manager produced a check for $5,772.88 to satisfy Allen's fees and additional costs.

Does Pennsylvania State give a lender the right to a deficiency judgment? In case of foreclosure, if the defaulter had PMI, will the bank generally use this to make up any deficiency when they auction the property? Will the borrower's having PMI offset any losses the bank may have instead of getting a deficiency judgement against the borrower/defaulter?

Deficiency judgment law? Maine foreclosure law states: Deficiency judgments are limited by the fair market value of the property sold at foreclosure as determined by appraisal. So (for the sake of round numbers) let's say that my house has a payoff balance of $200,000. The appraisal for the value of the property is $160,000. The bank forecloses on the home and the home sells at auction for $140,000. Per Maine law (quoted above) is the deficiency judgment going to be $20,000 (difference between sale and market price) OR $60,000 (difference between sale price and payoff balance). @ Mike - if the bank doesn't go after the deficiency how does that work? If they forgive the deficiency do I have to claim $60,000 in income or is it still limited to the market price of the house. Thanks.

Foreclosure Time frame? I just received a "Motion for Summary Final Judgment of Foreclosure and Taxation of Attorney's Fees and Costs" How much time, after receiving this letter, do I have to leave the house? And also, Can I still save the property? Thanks.

I won a small claims judgment against a farm for leasing my land and not paying me.? I received a Notice of Foreclosure from the State. The farmer has not paid his taxes. I have no interest in this farmer's property. After the State sells the property and collects its' back taxes how can I get the money awarded to me in Small Claims Court?

How does a foreclosure deficiency judgement lien affect my ability to refinance? I have an investment property that I may have to allow to go into foreclosure. I have a question about the foreclosure deficiency judgment that they can attach to my primary residence. 1) Bank follows the foreclosure process and gets a deficiency judgment for 60K. 2) Bank acquires a lien against my primary residence. 3) I have just refinanced to a 7/1 ARM (no 2nd mortgage). Judgments in SC are good for 10 years 4) Will I be able to refinance in 7 years? I realize my credit score will still be low and may cause an issue. But if we assume a bank is willing to refinance, how will the lien affect my ability to refinance?

foreclosure laws of santa rosa county, fl??? we are in foreclosure proceedings with a bank in NY and a realator that specializes in foreclosures based in florida. the bank in NY has hired the realator to secure the property by putting a pad lock on the door denying us access to our property. the bank has assumed that the property has been abondoned. can they legaly break into the house changing the locks without judgment from court and our notification of such. and can they deny us access to our property before the foreclosure date?

Foreclosure Deficiency Judgments? I will be foreclosed on 3 properties. On each I owe way more than they are worth. I fear massive deficiency judgments. However, I've been told that may not happen because I'm insolvent. Any lender will clearly be able to tell I'll be left pretty close to penniless. My gut tells me the lenders are going to sue regardless. What usually prompts a lender to spend the money/time in pursuing a deficiency judgment? How does that typically go down? What is your knowledge or experience of the subject? Thanks.

Question regarding county foreclosure auction. Residing in Broward County, Fl? Hello. Suppose the final judgment of a property is $100,000. Suppose a bidder bids $5,000 and wins. What happens to the remainder of the final judgement? Is the bidder responsible for the remainder? How does the mortgage company obtain the difference in funds? I understand the basics. Locate a property, try to get an inspection, and also get a title search. If it all checks out- its good to go to bid on. Can someone provide some more information. Thanks so much for your help!

What does "Judgement of foreclosure & sale (for motion hearing)" mean? ? I am renting a home that is going into foreclosure. I live in Cook County, Illinois and I have pulled the case information online but I do not understand what some of the court date descriptions mean. There is one set for tomorrow that states: Judgment of Foreclosure & Sale (Set For Motion Hearing). Does anybody know what this means? I tried googling it and I think it means that the jude will decide a date of when the property goes to auction. If so, does it go to auction within a few weeks or months? I am just trying to keep track of what is going on so that I can know when I should start moving.

can anyone explain a public auction on real property ? hi , this is a newspaper ad to the house of my dreams and my husband and i would like to bid on it but we're unsure because there are two different amounts listed could someone please help me understand exactly what this listing says ? what amount is the bidding going to start at ? and what does each amount mean ? also what is the process in bidding on a home at a public auction ? thanks so much SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF COLUMBIA MID-HUDSON VALLEY FEDERAL CREDIT UNION, Plaintiff, against NOTICE OF SALE Index No.:2009/6211 ROBERT M. DAULEY and NANCY L DAULEY, Defendants. In pursuance of a Judgment of Foreclosure and Sale, entered in the above-entitled action and bearing date the 19th day of October, 2009, I, the undersigned, the Referee in said Judgment named, will sell at public auction in the corridor of the Columbia County Court House, in the City of Hudson, Columbia County, New York, on the 14th day of DECEMBER, 2009, at 10:00 o’clock in the forenoon of that day the premises directed by said Judgment to be sold, and fully described in the attached schedule. Also known as: 23 County Route 10, Livingston, New York Approximate amount of judgment lien $17,364.16, plus interest and costs. Premises will be sold subject to provisions of filed judgment and terms of sale. The Premises are sold subject to a first mortgage in the principal amount of $206,000.00 plus interest and possible collection costs. FRANK A. CATALANO, Referee CORBALLY, GARTLAND AND RAPPLEYEA, LLP Attorneys for Plaintiff 35 Market Street Poughkeepsie, New York 12601 SCHEDULE A - DESCRIPTION ALL that certain plot, piece or parcel of land, the buildings and improvements thereon erected, situate, lying and being at Linlithgo, Town of Livingston, County of Columbia, State of New York on the southerly side of Columbia County Route #10. BEGINNING at a point at a concrete monument located at the northeasterly corner of the premises herein to be conveyed and the southeasterly corner of lands now or formerly of Nordfors. Thence S 36° 56’ 30’’ W 135.09 feet to a concrete monument and along land of Nordfors, thence S 35° 37’ 00’’ W 73.91 feet along lands of Nordfors to a pin; thence S 54° 13’ 50’’ E 104.50 feet along lands now or formerly of Albert Bender; thence N 36° 26’ 40’’ E 210.00 feet to an iron pin along lands of Kanapes; thence N 54° 50’ 50’’ W 104.42 feet to the point or place of beginning. All as shown on a map entitled “Property of Angelo Rabuano, Town of Livingston, Columbia County, New York” prepared by Raymond M. Lubianetsky, dated May 6, 1974 and filed June 24, 1974, Map No. 5092. RS4T11/13,20,27&12/4#3675

Someone owes me $140.000 for property I sold to them. Can I get my property back.? Someone owes me $140.000 for property I sold them. I have a written statement of payment when she refinanced the property. She refinances the property and took all the money and let the property go into foreclosure and moved to a different state. Tracked her down got a default judgment for the amount. But I figured the money is gone by now because it took almost 2 years for the judgment. I am in Colorado and she is in Kansas. I informed the people (The people who refinanced the property) that I did not get my money and what had happen when I found out she took the money and left and did not pay me for the property. Can I get the property back no has bought it and it is still up for sale. It was determined as fraud by the judge and she owes me the money.

How do you get a ruling in court when both sides have presented motion for summary judgment 6 mos ago.? This is a forfeiture case where the Defendant demands foreclosure with sale of property. The Plaintiffs in this case are the Third Pty Def. , and holders of the land contract on prop. ie 147 ac. farm and marital residence in a separate Divorce case where the separated Defendants in the forfeiture case, are the Plaintiff and Defendant in the same Divorce case. And, the Third Pty Def. are the parents of the Def. in the Divorce case.

Buying a Florida Foreclosure @ online auction, Lien questions? Hey everyone and thanks for your insight, With the market so low I'm currently interested in purchasing a property @ auction online in palm beach county, FL. I have performed a full title search of the property and it has revealed what seems to be 4 Liens. I just want to be 100% sure of what i will be held responsible for post foreclosure and post auction if I win the property. I will list the liens specifically in the order they were recorded to try and get the most accurate advice. 5/16/05 Final Judgement - *********National Bank of florida - $21,162. Lien - Home and loan reality v foreclosed owner - $6,300. 10/6/2009 Lien - ***** Drive Homeowners association inc, $2,815. 8/20/2010 Final Judgment of Morgage Foreclosure, Us national bank - $496,559. I know the superior liens will be paid first by the proceeds of the sale but what happens to the other liens on the property that arn't satisfied by the proceeds here in florida? I also want to make sure I'm bidding on the First morgage. As the new owner will i be held responsible for any of these liens? Thank you so much for your help yahoo community!!

Judgment issued against landlord not tenant? An acquaintance of mine just informed me that his property is being auctioned off because of monies owed by the tenant. He rented a building used by the tenant. The tenant was served. The tenant died and now the complainant is attempting to foreclosure on not the business but the property where the business was located. The landlord was never served. How is is possible that any judge would issue judgment when the owner didn't owe the complainant any monies? This seems ridiculous to me and illegal. The landlord and owner of the building has been informed that the building will be auctioned off unless 11K is paid. Please advise on next steps. It is a commercial building. The business owner died shortly after the judgment was made. The building owner claims they are trying to auction off the real estate property not the personal property owned by the deceased business owner. Sounds weird to me. Doing a simple title search would have revealed that the business owner and the owner of the building were two different people.

can your pension or wages be garnished in a foreclosure? if you just walk away from a mortgage and let the lender foreclose on the property, can the lender still get a judgment against you to garnish your wages or income to pay for the original mortgage amount

Quit claim to a Trust/Foreclosure [Complicated]? Hi, I was thinking about Quit Claiming the home I live in to a Trust as a way of preventing my home from being taken from me. I am TOTALLY 100.00% current with my mortgage on my own home. I am running the risk of being foreclosed on some investment properties. I don't want deficiency judgments from my impending foreclosures to lead me out of my home. I know that usually with a deficiency judgment, all they'll do is attach my home property and I'll have to satisfy that upon the sale or refinance of the property. I don't want that to even happen at all. I want to protect the property I live in and that I am current on. Also, I have 1 investment property that I'm totally current on, could I Quit Claim that to another Trust? Thanks.

How to clear a paid judgment? Over a year ago I had a dispute with a home owner I was renting from. Their property was being sold (foreclosure) without our knowing so we stop paying rent to get out. We were served with an unlawful detainer, which we went to court and plaintiff was awarded claim. (besides the point) I paid the judgment immediately after that same day. (May 09) At any rate, two months ago I found out their party never informed the court and is on my public record and credit bureau as an unsatisfied judgment. I called their attorney and they said they would inform the court, which they didn't. I called the plaintiff and she informed the attorney and they did nothing. I called today and the attorney wants $200 in fees to do it. I called the court house and they said this was not legal and a part of the ccp. What can I do I feel completely defensless?

Quit Claim Protections/Foreclosure Issues? Let's say someone "Quit Claims" a property they are living to a family member. The property they have "Quit Claimed" over to this family member, they are still current on with the mortgage and taxes. However, on another property, they fall behind and get foreclosed upon. Can this foreclosure affect their other home? Could a deficiency judgment come back and haunt them even though they have "Quit Claimed" their primary residence? If so how and why?

Should we get the judgement lien or take personal property in exchange of money owed?State of Florida? We took a client of ours to small claims court(approx $2,000 in unpaid services/goods).He offered some of our "used" goods back in lieu of payment in the mediation room of small claims.He claims that the IRS has frozen all of his assets but said "his IRS agent advised him to go to small claims hearing and offer our goods back" to settle the debt.His properties are also in foreclosure and he's claiming personal bankruptcy. IN mediation we decided to hold out for the judgment lien he said he would not contest this.SO in a month we will be granted a judgment lien don't know if it's worth the paper it's written on though after all of his other debtors including IRS Should we offer to settle with him out of court and take the goods(some home furnishings) back and re coop at least some of our losses and call it done writing off the rest of the loss, or are there legal ramifications to us if we do because perhaps the IRS if coming after these possessions or the bankruptcy court.We are obviously not listed as a creditor yet because we did not receive a letter from the bankruptcy court yet (I believe the personal bankruptcy is recent) Would love to hear from a lawyer or someone who could give us some good solid advice!Thank you!

Junior lien on property that is now in default on the senior/lien mortgage? I have a lien against property as a result of a judgment due to monies owed to me,however, the property is currently in default on the senior mortgage/lien. They almost foreclosed a couple of weeks ago,but was put on hold, because they discovered the junior lien (me) was not notified prior to auction. My question is, can I move forward with a writ of execution, as I would like, to recoup my monies, or,am I not able to because of the defaulted mortgage. They do not have a sale date set yet. Also,it's my understanding from research online, that all junior liens will be wiped out with a foreclosure sale. Is this accurate? If it does go to foreclosure and auctions for more than whats owed on the senior,do the remaining funds go to pay the junior liens before the defaulted property owner receives anything? Thank-you

Short Sale Vs Foreclosure? I'm in a situation where I have the opportunity to short sale my property instead of letting it go to foreclosure. This might seem like a very easy answer, of course do the short sale, but there seems to be some compounding factors which may lead to foreclosure being the best option. My unique situation requires that I pay partial closing of $5000 to do the short sale. I'll explain.... My outstanding balance on the home is $205k, the buyers final offer was $140k, and the bank is requiring $145k to close. My realtor is requiring me to pay $5k to close the gap between the buyer and bank. The buyer appears to be some investment company that buys distressed properties for profit. My reason for questioning the short sale... I've read an article online about, "Deficiency Judgments." The bank can seek a deficiency judgment for the shortage on the actual amount received versus the amount that was due. Using my unique situation, the judgment may be recorded against me for $60,000. If the bank does pursue a deficiency judgment against me, I may have to file bankruptcy at a later date to remove the judgment. I refuse to pay 5 grand and still end up having to claim bankruptcy... Is there a way to require the bank to forgive the deficiency..? The property is in Maryland I am 18months behind I also have a second mortgage. If the primary lender is willing to agree not to pursue the deficiency, how could I be protected from my second lein holder? Second lien is around 40k

Do you have foreclosure advise? I received a foreclosure notice in Sept. of 2007 from ABN-AMRO as I hadn't been making payments and I could no longer afford to do so. I walked away from the property (in Michigan) and moved to California. I figured I would get a notice saying they sold the property and I still owe an amount and that would be that. So just over a year later I started receiving notices from CitiMortgage showing that I was delinquent on the mortgage by 16 or so months. I contacted them and they said they had no record of the house ever being foreclosed on. Apparently ABN-AMRO had deceptively packaged it for them. So I was busy with school and just decided to not stress over something I didn't have time to deal with. After a couple years of barely acknowledging any of their communications I've just got a notice from Citi stating that they have begun foreclosure proceedings. Wow! Twice on the same property! Well I think that ABN-AMRO must have not liked their chances of breaking even so they stuck it to Citi. So I'm wondering if there is anything I can do to protect myself against a deficiency judgment. I've also got a form from Citi's Workable Solutions department I'm wondering if I should fill out and return. I'm concerned about giving them any info I shouldn't and the only thing I would want from them is a deed in lieu of foreclosure. I think this is the form I need to fill out to have a chance (probably a fat chance!). So what do you think? Should I fill out this form with standard info about me, plus income (very little), expenses (almost equal to income), and assets (almost none besides the house that's getting foreclosed again), and hope for a deed in lieu of foreclosure? Or should I not give them any info? Any other advise that would help protect me would be appreciated to! The house is in Michigan and it has been torn up in preparation for remodeling. I think you could call its state uninhabitable or in disrepair. I have no desire to return to Michigan. The only debt on the property is the original mortgage, which changed hands twice. Mortgage balance =$30,000. Amount in default =$25,000. Total about $55,000.

I need a professional on county foreclosure auctions and deficiency judgement? Can someone explain this? ------------ What is a deficiency judgment, and how does it affect the bidding process? Sometimes a Plaintiff in a foreclosure action will ask the Court to award a money judgment against the mortgage debtor in the event the sale of the mortgaged property does not bring enough money to pay off the debt. This is called a deficiency judgment. If the Plaintiff seeks a deficiency judgement, the only bid taken at the auction will be the Plaintiff's first and final bid. The property will then be auctioned again 30 days from the original sale date. Only bids higher than the Plaintiff's bid (“upset bids”) will be taken, and the sale will be final on that date. The plaintiff is the bank that owns the property, right? How do they know that they need a deficiency judgement, before the auction starts, since only the bidding process can tell them if the sale of the mortgaged property does not bring enough money to pay off the debt? The debt on this house is $38,654. How would a deficiency judgement affect this auction? As I read the above it sounds like the plaintiff will ask for a deficiency judgement before the auction starts. Then it says If the Plaintiff seeks a deficiency, the only bid taken at the auction will be the Plaintiff's first and final bid. This sounds like if I attend the auction, I won't be able to bid if there is a deficiency judgement. It seems that the plaintiff would place their opening bid. If I bid higher but not high enough for them, they would bid again and force me higher. If I stopped then their bid would be the final bid and they would then know the difference between my bid and the amount they wanted which was the debt owed. Can someone explain this? I have looked at the results of many of these auctions and none of the bids were greater than the debt owed so this must be what is sought by the plaintiff's. It is not a legal question....it is an explanation of the definition of deficiency judgements and why the description given seems to contradict itself, they seek a judgement for a deficiency they are not aware of because the bidding has not started? I spoke with a lawyer 4 a title search on the house. He explained deficiency judgement & it is in no way any legal advice or secret. At the foreclosure auction, the plaintiff or bank doing the foreclosure decides if they want to request a deficiency judgement against the person who has been foreclosed on. If they think, or know, this person has alot of assets and the bank doing the foreclosing does not think the auction will bring enough to cover the total debt, then they will ask for the deficiency judgement at the foreclosure auction. They would bid say $2500 and the auction is over for the time being and they conduct the deficiency auction 30 days later after having asked at the first auction for a deficiency judgement (they don't think the bid will get what they want so they ask for a deficiency judgement against the occupant to make up the difference). If, at the foreclosure auction the bank does not ask for a deficiency auction then bids proceed & the highest bid gets it. In my ex. the total debt owed on house is $38K. If the bank thinks the foreclosure auction will only bring in bids no higher than $29K and they are not willing to sell for $29K, they will ask for a deficiency judgement and postpone the auction for 30 days, so they try to get the $38K they want, by getting $29K at the deficiency auction and then going after the mortgage debtor for the difference. So, when I go to this foreclosure auction and if the bank ask 4 a deficiency auction, they will bid say $2500 and I can not bid, it's over. I & other interested bidders come back the next month for the deficiency auction and the bidding starts at the last bid made which was $2500 by the bank. At this deficiency auction there is no turning back. If the bank does not get what they want they would have to let it go to the highest bidder or bid high themselves and then they own it, and they then sell on the open market. Legally the occupant is the owner not the bank doing the foreclosing.

Facing Foreclosure - need advice? I am facing foreclosure soon. I have approx. 20K in CC debt, half of which is current and the other half has been charged off, but collectors are calling me everyday trying to collect. I owe approx. 20k in back taxes and about half of that is over 3 years old. That is important because if back taxes are over 3 years old i can be included in a ch. 7 BK. My bank is willing to look at a short sale on my property but have said they will file a deficiency judgment against me for the difference which could be in the ten's of thousands. I know a short sale would help me avoid a foreclosure on my credit but my scores are 525-510-530 so I am not sure it can hurt too much. Would CH 7 Bankruptcy be a better option, asusming I qualify. I have been told by a BK atty that I would. Thanks in advance. Thank you for the kind words and the advice. Keeping the hosue is not an option and I simply cannot afford it. I am licensed Realtor and had 700+ credit when I bought it a couple years ago. I worked for a home builder and he has recently gone out of business- the housing slump and decimated my income. I was not intentionally negiligent on my bills...I could not control the housing market. Refinancing is not an option..my scores are now in the low 500's. I want to be responsible and pay my debts but if I do a short sale and then the bank files a judgment against me for the amount they lose on the sale I will not be able to pay it. I hate to have the stigma bankruptcy on my credit if at all possible but it is tough to get through the day when creditors are continually calling. Now the possibility of a large ($50K +) judgment against is looming if I do a short sale.

Question about a mortgage company foreclosing on property...? About three years ago we bought a new home. We were assured by the real estate agent that our old home would sell right away. Three real estate agents and almost three years later the house is still not sold. We quit making payments in October of last year because we could no longer afford two house payments and were falling behind on our current home. We WANTED the bank to take it!! In March 08 they filed for foreclosure, in May they filed for a default judgment. Two days ago I received a letter in the mail from the courts saying the plaintiff dismissed the case WITH prejudice. I called the mortgage company and they gave me the run around saying they could not find my mortgage. Finally after holding ten times for a total of over an hour the woman said she found it. She became very nasty because the loan was so overdue. I asked her why the foreclosure was stopped first she said it was to save my credit....come on. Then she said that they were not going to sell my house for me and that the area's property values were rapidly declining and they would not get enough money for the amount I owe. She then told me that I had better do something fast (such as a short sale or make payments) because they are going to start garnishing wages. My questions are: How can they garnish if they dismissed their own case with prejudice? Doesn't that mean they cannot sue again? Why on earth would they dismiss with prejudice unless they had lost the original loan documents or something? Can they really garnish without taking the house, or is the house collateral that they have to use to cover some or all of the debt? Please help!! I plan on seeing an attorney Friday, but I cannot stop thinking about this mess. Thank you for your response bull. We did rent the house from April '05 to Feb '06, they damaged the house so badly we spent five months remodeling. We swore we would never do that again lol. I just spoke with an attorney over the phone and he said they can garnish and probably will. So l guess we will try a shortsale and if that does not work he wants to do a chapter 7 bankrupty. Ugh if anyone reading this is planning on buying a new home....SELL YOUR CURRENT HOME FIRST!!!!!! Do not trust a real estate agent who says they will sell the property fast!!! That is just real estate lingo for, "I would rather have a sure buy than an iffy sale".

In Arizona is a mortgage holder responsible for the balance after a foreclosure? In this economy we have talked to several people that simply walked away from their homes because they could no longer afford them. We have heard from many that in Arizona if one is foreclosed upon they are not liable for the balance of the original mortgage after the house has been sold in foreclosure. I'm hearing that a deficiency judgment can not be obtained when the land size is 2.5 acres or less and where the property was used as either a single one-family or single two-family dwelling. We are trying to figure out if this would apply to a mobile home in a mobile home park.

If a married couple has a home in foreclosure and separate and one moves what are the consequences? Couple has been in foreclosure 3 years because husband won't or can't get a job. The wife wants to move as the house is falling apart and they can't afford repairs. With the little money saved she wants to go rent. The husband keeps playing games with the bank and prolonging the foreclosure because he doesn't want to work and keep living "mortgage" free. Wife leaves but her name is still on the home. What happens if husband stays behind? Can he move in roommates without her permission? Example: he gets friends to move in and enjoy the "mortgage" free living. Can the wife have a say since her name is still on the property? The wife has even called the bank to come take the property and the system is so screwed up they just keep asking if they want to modify or short sale. I guess the system is backlogged even begging a bank to foreclose. Wife wants name off property immediately and has filed bankruptcy. Husband has done nothing. They tried to short sale but then he told the realtor to hold off. He says he is going to list the property as a short sale when the bank moves for summary judgment therefore buying more time and wife is fed up and thinks he has lost his mind. Any insight would be helpful? Moral of the story: When in doubt; do not trust a man to take care of you. Women, keep your money separate and a “nest egg” if you become part of the 50% of marriages end in divorce statistic. No matter how much money the man has or is willing to pay the mortgage; keep money separate. That way you can take your kids and go on with your life with peace of mind knowing you will be okay financially. Divorce is sad enough without having to worry about money and homes being in your name with irresponsible ex-spouses. Also if you and your spouse buy a house together make sure the mortgage is affordable for you alone in the event he becomes unemployed (especially in this economy). If you buy house that you know you can’t afford if he becomes unemployed; then DO NOT put your name on the mortgage. Live and learn!

Does a Certificate of Title issued at Foreclosure guarantee a free and clear title? Hello, My husband and I are buying a house is in Duval County, FL which is sold as REO. The bank has a Certificate of Title and Certificate of Sale on it. However, the title search just showed that a mortgage obtained from a private individual ($30,000, obtained in 2005) has been recorded before the mortgage that was foreclosed on ($109,000, obtained in 2006). I wondered if anyone knows, whether the man (not a bank) who is the lender of the $30,000 can still come after us and try to foreclose or something, even though the bank has foreclosed, has a certificate of title issued by the county, and has final judgment etc. on it. The final judgment (ruled in favor of the bank (plaintiff)) in the foreclosure states: "The court orders: .... 3) The lien held by the plaintiff is superior in dignity to any right, title, interest, or claims of the Defendants and all persons, firms, or corporations claiming by, through or under the defendants or any of them and the property will be sold free and clear of all claims of the defendants. " The defendants list includes any "unknown parties claiming against" the people who actually obtained the $109,000 mortgage. Would the person who lended them the $30,000 be a defendent then, so that he cannot claim anything at this point. Thank you in advance about any insight you can provide...

Can past due HOA judgment/bank garnishment be discharged in Ch. 7 bankruptcy if I am trying to keep home? My HOA's Attorney raked up excessive unjustified fees on me for their own personal gain. I was late paying my HOA fees initially and willing paid the stated late fees along with my HOA dues. However, the Attorney collecting these fees does not accept credit card payments over the phone or online, etc. Therefore, I mailed the amount owed. To my surprise, I later received another letter indicating I owed another $200 for late fees. I ignored this notice b/c I thought that they probably didn't input my payment in their system prior to the letter going out. So I received another letter stating I owed the $200 plus additional fees, and so on. Basically, each time I paid the stated late fees via mail, the Attorney claimed my payment didn't arrive on time to their Office, and therefore I owed additional late fees. In addition, all of my payments were applied towards Attorney late fees rather than my HOA dues. My dues were only $440 per year, but within that year I paid over $900 in additional fees that were never applied towards the full amount owed to my HOA. The Attorney continued to take their money off the top and say that I still owed a balance towards my HOA dues. As a result, I stopped paying b/c I felt I was being ripped off and the fees continued to increase. They ended up suing me for the amount they claimed I owed along with more Attorney fees and court cost. Since I mistakenly missed the initial court date, when I showed up for the second court date where they filed a judgment against me, they won simply b/c I missed the initial court date. Now they are garnishing my bank account for the amount owed from the judgment. Currently, I'm unemployed and my home is in foreclosure. I recently filed chapter 7 bankruptcy to stop the sale of my home so I can have time to secure a job and work out a modification on my home loan and get it out of foreclosure. I have not had the meeting of creditor's as of yet. Can I discharge the past due HOA fees from the judgment/garnishment? I am willing to pay the past due HOA fees I accumulated after the garnishment since I intend on keeping my property. Also, I live in Georgia. Thanks for your answers.

Florida foreclosure process question? Florida foreclosure process question? Help me out please. It starts with your behind on your mortgage (you are unemployed and can’t pay), 3 mos. later your served a complaint from the bank, you respond and try and work with them and tell them your situation and they don’t budge so you file your response with the court stating this in addition to filing bankruptcy, the bank than sends a Motion for Summary Judgment which includes a request for a final judgement. What comes next? Do the property owners get a chance to speak at a hearing? Landlord: ....for a top contributor you should know what I meant unless you got that title for all of your half a** answers. Yes, speak to what we put in our response. There summary judgment and request for final judgment makes no reference to our response or the bank trying to work with us. I already rec'd a worth answer anyway, that can't schedule a hearing without including us. I don't care. You know it is what it is. I am one of MANY Americans suffering. Ya my credit is screwed, but I can't help what's happened; we can't pay plain and simple. So the relief package that Bush passed really means "squat" to me. I would think the banks would rush to work with people but I guess not. I cut my losses and rent; there's plenty of nice vacant homes on the market to rent half the cost of my mortgage...life goes on

Consequences of defaulting on second mortgage after foreclosure on the first? In Oregon, I defaulted on both my primary and secondary mortgages on a piece of investment property (not my primary residence). Recently, the first mortgage lender foreclosed on the loan and took the property. Now my secondary mortgage ($65K) lender is coming after me to negotiate a settlement for payment . My questions are: Are there any additional consequences to one's credit rating by defaulting on the second that haven't already occurred by defaulting on the first? And is there a greater risk of law suit or judgment against me on the secondary loan default than the risk that I already have on the first? In other words, since my primary mortgage has defaulted and gone to foreclosure, is there any motivation for to negotiate with the secondary lender?

Can I claim a loss on a quasi-rental property? We bought a house in early 2006. Unfortunately in August of 2007 we had to move for work. We began advertising our house for rent. We found renters in May 2008. With the renters paying the mortgage on the old house, we bought a new house to live in, in Feb 2009. In Jan 2010 our renters stopped paying. We had them evicted by May 2010, and have a judgment against them for unpaid rent. We could not afford to keep paying the mortgage on the old house and new house. We had to sell the old house to avoid foreclosure. The best we were able to get was $26,000 less than we originally paid for it. During the time we owned it we spend $24,000 on improvements that added value such as a remodeled kitchen, a back deck, etc. We were able to walk away and not foreclose, but we depleted our savings had to borrow $20,000 from a relative to pay the commission, and repairs, after the tenants were evicted. We have not collected anything from the judgment. What if anything can we claim on our taxes to help offset this loss, or are we completely out of luck? We talked to a tax advisor who said since it was listed as for rent for 3 year, we could claim it as a rental, but since it was only rented for 1.5 years, we could claim it as personal property. He said if we claim it as a rental property, we would have to pay capital gains on the sales price, which will result in us having to pay more in taxes this year. If we claim it as personal property, we have lost everything. He said he would not look at our info, or go into further detail, until we agreed to pay him $120/ hour. Is he correct? Are there any other options? To The Tax Lady: I don't want to give too many details for personal reasons, but I hope this helps. We bought it for $X, we spent $14,000 in improvements. When we had to move, we got it appraised, and it appraised for $X + $20,000. We decided rather than sell it and break even after commission to rent it, in hopes that the value eventually increases more. During the rental period we spent $10,000 to replace the furnace (Its Geo thermal, very expensive) We then sold the house for $X - $26,000. ($26K less than the original purchase price). The tax adviser told us that since we bought it in April 2006, and didn't rent it until May 2008, and didn't buy another property during that time that it could be counted as personal property.

can you sue for not being told a house was in foreclosure when you signed the lease? I went through a real estate broker to rent a house. Two weeks after I moved in I found out the house was going through foreclosure. Notices continued to come, and notice of public sale was placed in paper. I discontinued paying rent and used the rent money to find and rent another house in order to avoid getting put out. I feel like the broker/property manager should have known and disclosed this info to us up front. We would have easily renting something else from her. In the mean time, we've lost thousands to paying movers to move us in and back out, security deposit for that house and the house we relocated to, higher rent at the new house, extra utilities at the new house because the old house was all electric. Plus the fact I had to change my children's school for the second time in a three period of time. The broker and the agent had the nerve to sue us for the two months unpaid rent when we moved out and won a judgment for the two months, late fees and court cost. I think this is absurd. I was wondering is there any way we can re-coop our losses, or do we have to chalk it up as an experience and a lesson learned? I live in the state of Georgia by the way.

What will happen to me if I walk away from a mortgage that I can't afford ? I bought a home in AZ for 222K...I had a loan for 178K and one for 44K. I refiid the 44K and got 32K in cash to pay credit cards and bought 20K in Land. Now I owe 256K and the home is worth 170K. I'm having a hard time to keep paying 1500 a month interest only loan and I'm thinking of walking away. Other than the Foreclosure in credit and destroying my credit for some years..can the bank go after me for the difference of the current 256K loan and what is sells for? I heard AZ don't have Deficiency Judgments for properties less than 2.5 acres and used for single family primary residence. Please let me know what will be the consequences if I walk away.. I can't continue to pay for it... Should I file bankruptcy or just walk away?

foreclosure auction? I am going to a foreclosue auction, but when I looked at the description of the property, this is what it says: The amount due under the Judgment is $5,120.16, with interest, costs, etc. Sale subject to terms of sale and provisions of the Judgment herein, including being subject to a mortgage held by Charles Clouds upon which there is due the principal sum of $12,300.00 with interest. What measurements should I take, before going to this auction? What does it mean?

foreclosure? I have a rental property with a 1st of $50,000 and 2nd (LOC)of $350,000,I am behind on payments,I can't pay anymore.What consequences of deficiency judgment can they do.Should I keep the 2nd current (because it is a resource loan) or the 1st? The value is $400,000, I can not sell it. What can I do without having a judgement against me for the balance ? Located in CA.

Foreclosure in California? foreclosure in the State of: California Like most people in California, I own a distressed home. Here are the facts: >> I bought my condo in 2006 for $440K, paid 10% down. 80% mortgage, 10% HELOC >> I later paid the original HELOC back, refinanced the home for a lower rate then got another 10% HELOC. Right now my Heloc is frozen and I have $28K balance on it that I am paying on interest-only basis. >> Now the home value is around $300K My wife and I just had a baby and we wanted to move to a bigger house with a better school district taking advantage of the market. I figured if I lost $140K on this condo and I can get a house for $200K discount, I would do cost averaging. Our loan broker told us that we can show that we can get rental income on our condo and qualify for a 600K loan which would allow us to get our house. All was well. However, one day I did a what-if scenario and found out that if we are being conservative and not depending on the rental income, we can only afford a $500K home. In bay area, even with the current market, that does not buy you much. Before giving up completely, I decided to see if I have other options. One thing is clear, the condo has to go. The question is how? 1. If I buy the second house and then walk away from the condo to let it foreclose, what happens? I have been reading about deficiency judgment. Does that allow the lenders to go after the new home or other assets? Is there any online resource you guys found valuable regarding these procedures? 2. If I pay back the 28K I owe on the HELOC, what are my chances of negotiating a deed in lieu of foreclosure with HSBC (my primary lender)? 3. Related to number 2, I had this idea of going to HSBC and laying out my entire plan to them. Currently, they are being pretty aggressive to attract some good mortgages. They are giving out 4.5% APR to conforming loans with LTV <= 80%. I could tell them about what I am planning to buy (an REO actually). Since my new house would be a bigger asset to them, I thought I could negotiate a deal with them to accept my condo as a burden to keep me as a customer. Does this sound crazy? Any other options I have other than waiting for my income to come to a level that I can manage both properties OR waiting for the condo to increase in value so I can sell it (both of which are unlikely for the near future). Thanks all!

HOA trying to foreclose after winning judgment regarding maintenance and I won't pay court costs. What now? HOA said I was in violation d/t peeling paint on siding. They filed a suit and I received notice from the court regarding the matter in July 2008 and responded that month saying it would be fixed after hurricane season. The problem was corrected on schedule in October 2008 as stated in my letter dated July 2008 despite the actual hurricane (Ike - this is in Galveston). I replaced all the siding on the house at a cost of $25,000. Apparently, since HOA and lawyers are in Houston and could not see the siding had been replaced, they went ahead with lawsuit in March 2009. Apparently, a court date was set in March 2009 but I, the defendant, was never notified (I live in another state). Court said it was plaintiff’s responsibility to notify and it appears as though rather than using the address specified in my July 2008 letter. Court said they don't send notice certified mail (!) Because I received no notification of the court date, I did not appear and did not respond and a decision was made in absentia for the plaintiff. Fine is $1000 - OK but legal fees are over $2000. I'm not paying that. They have threatened foreclosure. I'm gonna talk to a lawyer (was going to even before the foreclosure threat d/t never being notified of court date) but is it possible to have a friend or relative just buy the property for the outstanding mortgage amount so the HOA doesn;t get their pound of flesh? I am in a different position than most since I have about 100K of equity in this place (currently rented out). Should I suck it up since legal fees for me would probably add up to the same as just paying the whole d***ned amount? I have had the same address since I left the state (2006). In fact, the last notice I have from the HOA is from Jan 2009 and is to the same address. I'm reading up on some very shady dealings of TX HOAs regarding foreclosure for small sums.

Foreclosure/Bankruptcy advise.? My husband (60) and I (47) have no choice but to file bankruptcy. We had a plan but within the last few years, given the housing market we have gone into considerable debt. We are also now upside down on our home a lot! We don't know if we will eventually lose this home barely scraping by as it is. My question is: Would we be better off to let the bank go ahead and foreclose as they are threatening, then file bankruptcy just in case we end up owing some on the house, or can we file bankruptcy again if that happens? Also, at my husbands age, he thinks we should just let it go back to the bank and rent? I love our home and don't want to move but I wonder if we will have to struggle for the rest of our lives if we don't. Please no judgment. We owned three properties, our original home, a 6 unit rental building and the house we live in now that we purchased in the spring of 2005, gutted and remodeled. We listed our original home in 2006 right when the economy took a turn for the worse. We ended up selling that house and the rental unit for far less because they were going to be foreclosed on. We made enough to pay back taxes is all. The plan was that the profits would pay down the mortgage on the home we live in. Now we can't afford the payments and are upside down. We did not spend on foolish things, our debt is from trying to pay for two homes and a building that was not bringing in enough to cover all the expenses as it once had.

Deficiency Judgement in Colorado? We are in a process right now of doing a short sale. Will they still come after me if they accept the short sale? If they dont accept the short sale and the property goes into foreclosure, is it the same process and will they try a deficiency judgment as in a short sale?

"Court has no discretion"? Hi, thanks for taking the time to read this question. In a summary titled, ''Deficiency Judgments In Foreclosure Transactions'' relating to South Carolina, author T. Eugene Allen III of Nexsen, Pruet, Jacobs and Pollard (Columbia, Charleston, Greenville, SC) states that a ''Mortgagee whos debt remains unsatisfied after sale of mortgaged property 'is entitled to a deficiency judgement...' Court has no discretion in the matter.''. In stating that the ''court has no discretion in the matter'', is it implied that after a deficiency judgment is entered, the mortgagee will have the full responsibility of collecting the unsatisfied debt? Thanks again for your attention to this question; I appreciate any and all knowledgable answers.

Question on Foreclosure? I'm in the middle of a breach of contract lawsuit against my developer because my condo has extensive damage because of his cutting corners. It has spilled out to the common area which he is still responible for because he still owns the other 2 units in the building and that has fallen apart and our place has been broken into and now its an unlivable unit (health issues) because of the mold growing in and around the drywall. With now having to pay double living cost (apt and my mortgage), lawyer and court fees, we aren't able to pay the mortgage and since there is no equity in the place we're looking to walk from the property. The only reason we have thought of this is because I've been working with the banks that hold my 1 and 2nd mortgage since 10/08 and they have no been willing to work with us on any type of modification or supended payments until the lawsuit is taken care. We have been told by our lawyer that it looks like the developer and owners of the building have fleed the country and even know we have won some judgments we're not going to see any money from this lawsuit. So will this hurt us just as much as someone getting way too over their heads on loans? My wife is not listed anywhere on the mortgage can they go after her? With so many people walking away from properties how likley are the banks actually going after people to recoup the cost of the mortgage? If your home is forclosed on are you still responible for taxes still (not old taxes but newer ones)? I have citi bank as my first mortgage and they said their policy is that on Deed of Lieu and Short sales they will not extend these offers if there is any types of lien, judgments, or other mortgages on the property which my unit has a second mortgage. As for assets, I really don't have anything execept a 401K that lost 55% last year and the rest is tied up in a loan. We're talking less then 50K total. I don't own a car, stocks, and pretty much have nothing in savings. I guess they could come after my clothes

How do I put a lien on my house? I owe $500,000 on my house. I have a contract to sell it in 19 months for $560,000. There is about to be a judgment placed against me due to a foreclosure on another property. I have been told that most likely they will place a lien on my house and collect when I sell. I would like to "borrow" around 60k from a family member and use my house as collateral so that they can put a lien on my house before the other company does. That way my family gets paid first. How is this done?

Foreclosures with Agreement for Deed? I asked this on a separate site but it said it would take 5 days for a response. Question is, I have a contract with someone for Agreement for Deed, meaning I am purchasing this property from them. I have 'taken over' their mortgage payments pretty much with a contract. Now, come to find out, they are 2 months behind on the mortgage payments. Would I be listed as a party in the foreclosure process with a judgment against me if they foreclose on the house being that it's listed in my name as of now? Help!

My County from Treasurer and Tax Collector office is asking me to pay the unpaid taxes for my foreclosed homes? Hi, I received a letter from our County - Treasurer and Tax Collector saying that a lien has been recorded against me and i need to pay the unpaid taxes before August 31, 2009. This is regarding the two houses I had which went to foreclosure already last 12/13/2007 and 7/3/2008 respectively. I am getting this bill for tax year 2005 and 2006 respectively. I bought the house last 06/17/2005 and 05/19/2006 respectively. Am i liable this unpaid taxes? During foreclosure, isn't the lender should clean and pay all the taxes to get the title cleaned up and ready to transfer to the rightful owner? Below is the letter that I received: The records of San Joaquin County Tax Collector show that a lien has been recorded against you pursuant to sections 2191.2 and 2191.4 of the California Revenue and Taxation Code. From and after time of filing a Certificate of Lien for record, the total amount of unpaid tax, penalty and interest that is required to be paid constitutes a lien upon all real and personal property and/or business interest owned or that may subsequently be acquired by you. To avoid further legal action by this department, we suggest that you pay, or contact this office to arrange for payment of your account, on or before August 31, 2009. Supplemental collection steps could include seizure and sale of your property and/or summary judgment. ----------------------------- Please help how should i answer this as I really have no money to pay those unpaid taxes. Thanks. How come my original lender were able to sell it to a new buyer in Auction/foreclosure without cleaning or paying all the taxes due. My sister had a house foreclosed also in 2003 but she did not receive this kind of lien. Could it be a mistake from the county also?

If you bought someone out on a primary residence, is it a money purchase loan protected by California anti-def anti-deficiency law meaning once the bank foreclosed the property; they are not allowed to come after me for the balance that didn’t satisfy the loan balance after the sale of the auction. So I originally purchased the house in 2002 with my wife. Then she wanted to leave so I bought here out to transfer the title and mortgage to me. An additional 30k in home equity became part of the new mortgage and was paid to her. The sellers were listed as herself and me and the buyer was listed as me but with a different form of my name. Does this financing count as a money purchase loan that is protected against deficiency judgments in foreclosure or is it just a refinance that would have no protection in foreclosure? I have paid off around 20k of the total mortgage. Does that mean they can only come after me for 10k now in foreclosure or can they come after me for the full mortgage amount of 260k?

I have had properties foreclosed on recently. The lender bought it back at the sheriff sale.? I am curious to know what the tax ramifications will be. I am certain the bid what was owed on the property including all of their legal expenses, late fees, etc. If they sell it for much lower, will they automatically "forgive" the debt thereby causing me a big tax burden? If they don't forgive the debt, is it just let go and the bank accepts the loss? What is the next step? I am f'ed financially as my foreclosure is an example so I can't take paying capital gains on say $200,000. I have read that if they don't agree to a short sale prior to foreclosure and they don't sue for a deficiency judgment then I'm in the clear. I've also read otherwise. Please help!

1099-A or 1099-C for mortgage debt discharged in ch. 7 bankruptcy? Our chapter 7 bankruptcy was discharged in Feb06. We had the original intent of reaffirming our mortgage loan and even signed the form to do so; however, Wells Fargo never took us up on our reaffirmation offer for some strange reason, and our attorney let that fact slip by. Therefore, we were not legally responsible for this mtg loan any longer. When Wells Fargo refused to show on our credit report that we had been paying them faithfully, we got fed up with them and told them they could have their house back in Jan08. I mean, how stupid of them to not take us up on our reaffirmation request anyway! My main question is this... Wells Fargo sent us a 1099-A form instead of a 1099-C. Is this correct? I have been trying to research it a bit, and I understand that the 1099-A form is usually used in abandonment cases, which we essentially did end up doing. However, I was thinking we would've received a 1099-C instead of the 1099-A since it was a discharged debt in our Ch 7 bankruptcy. ?? If the 1099-A form is the correct form, are we protected by this new Mortgage Relief Act? Here's the info from my 1099-A form: Principal outstanding $76,396.22; FMV $65,450.00; Was borrower personally liable for repayment of this debt? "Yes" (how can this be "yes" when it was discharged in our BK-7?!) With this info., what needs to be done on our income taxes this year? Which discharge box w/b the correct one to check on the 982 form in our case? Sorry about the tons of questions, but Wells Fargo just seems to try to jerk us around at every turn, no matter how hard we tried to work things out with them. They've got my "dander" up. Thank you! Additional Details Re: Reaffirmation We signed a reaffirmation form w/ our attorney that they sent to Wells Fargo during the beginning stages of our BK-7 filing. Wells Fargo never responded to that form, thus not taking us up on our reaffirmation offer. Our loan w/ them even shows up on our credit report as "Discharged in Ch. 7 Bankruptcy". The reaffirmation definitely never happened. And Wells Fargo's "tax team" is trying to say that the 1099-A form is the correct form because of the fact that we abandoned the property. I am so tired of Wells Fargo's bullying me on this that I feel like trying to sue them over the whole issue. Just another tidbit that our BK atty brought up-- when the foreclosure was filed, an "in rem" judgment is what was filed, which tells her also that we should not have been mailed any sort of 1099 form from Wells Fargo.

Short Sale in FL - Shouldn't the realtor know this? I'm interested in a property that the realtor represents as a "Short sale." Foreclosure proceedings started end of Nov or beginning of Dec. so final judgment must be close... Thinking it may be too late for me to research and formulate my best offer, I've asked the Realtor when final judgment day is. After two days of crickets chirping on my ans. machine and cobwebs in my email in-box from them, here is the answer I finally got: "Judgment day is hard to predict. The bank will rarely show their hands. We are trying to get a date pinned down for you to reference with, but communication with the banks sometimes is fun at best!" Isn't this kind of thing (date when final judgment will be made) public record? Is this Realtor, in fact, the one "not showing his hand," hoping for a higher offer (and higher commission?) Advice anyone? Thanks.

Liberals... are red states getting what they deserved? Or do you feel sorry for them ?... let me explain. Link to what i'm talking about: http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0 We all know that the financial crisis didn't just affect Liberals, and didn't just affect Conservatives... we were all affected. People lost their homes and investments everywhere.... Some people aren't aware that even after foreclosure, giving it back to the bank, or short selling your home... you could still be on the hook for thousands of dollars of deficiency on your homes value. Many people are finding themselves in the circumstance described in the article..... bought a home when economy was good, economy tanks, home prices dive, lost jobs, foreclosure.... So can the bank hit you up directly for these enormous sums of money, even though the short sale or forelosure couldn't be done without the banks approval ? The answer is.... Depends on where you live. See ...those red state voters often side with the bank, and they elect politicians who are corporate minded people, good ol' supply side boys... they don't usually side with the consumer. This is the reason that those are the states where the banks can wait up to five years...potentially increasing the loss to you on purpose, before they file a judgement against you. So even though we were all affected by this.... did red state's voters get what they deserve, for electing politicians who side with the banks before the people ? I believe if you take out a loan, you should pay that loan off. You agreed to pay, you should pay. However... I also feel that the responsiblity for this "investment" should not just be on the consumer in the event that the value of that investment plummets. The bank made the loan with the intention of making money, but that profit intention is no more guaranteed than the equitability of that investement made jointly with the consumer. Additionally, there should not be a legal instrument, in which the lender can legally delay filing a judgement, for the purpose of increasing their claim. It would appear that practice is yet another practice, where the bank is taking advantage of the consumer, by placing all of the potential future losses of that property investement on consumer. What's worse is that they are doing these things using money that isn't even technically theirs. It's OURS. Using Peter, to kill Paul. This is something everyone should be aware of, whether you are conservative or liberal, if you are considering allowing your home to go into foreclosure. Check the laws in your state. --------------------------------- "Once they have a judgment, they can pursue you anywhere," said Richard Zaretsky, a board-certified real estate attorney in West Palm Beach, Fla. "They can ask for financial records, have your wages garnished and, if you fail to respond, a judge can put you in jail." In the case of foreclosure, lenders can pursue deficiencies in more than 30 states, including Florida, New York and Texas, according to the U.S. Foreclosure Network, an organization of mortgage law firms. Some states, such as California, are "non-recourse" and don't allow deficiency judgments. But, even there, if the if the original loan was refinanced, some or all of it may be subject to claims.

Republicans....how do you feel about the banks taking advantage of red states ? Link to what i'm talking about: http://finance.yahoo.com/news/Mortgage-l… We all know that the financial crisis didn't just affect Liberals, and didn't just affect Conservatives... we were all affected. People lost their homes and investments everywhere.... Some people aren't aware that even after foreclosure, giving it back to the bank, or short selling your home... you could still be on the hook for thousands of dollars of deficiency on your homes value. Many people are finding themselves in the circumstance described in the article..... bought a home when economy was good, economy tanks, home prices dive, lost jobs, foreclosure.... So can the bank hit you up directly for these enormous sums of money, even though the short sale or forelosure couldn't be done without the banks approval ? The answer is.... DEPENDS ON WHERE YOU LIVE. See ...the red state voters typically side with the banks, the corporate entities, and they elect politicians who are corporate minded people, good ol' supply side boys... they don't usually side with the consumer. This is the reason that Repulican led states, are mostly the states where the banks can pursue you, and they can wait up to five years...potentially increasing the loss to you on purpose.., before they file a judgement against you. So how do you feel about supporting politicians who side with the banks that are essentially picking on red states ? Try to follow this one.. This basically means that the bank losses from the banks in blue states, where they cannot pursue that negative equity, is going to be passed on, through distributed declines in home values, to red states where they can legally pursue it. Now...dont' get me wrong... I believe if you take out a loan, you should pay that loan off. You agreed to pay, you should pay. However... I also feel that the responsiblity for this "investment" should not just be on the consumer in the event that the value of that investment plummets. The bank made the loan with the intention of making money, but that profit intention is no more guaranteed than the equitability of that investement made jointly with the consumer. Additionally, there should not be a legal instrument, in which the lender can legally delay filing a judgement, for the purpose of increasing their claim. It would appear that practice is yet another practice, where the bank is taking advantage of the consumer, by placing all of the potential future losses of that property investement on consumer. What's worse is that they are doing these things using money that isn't even technically theirs. It's OURS. They're using Peter, to kill Paul. This is something everyone should be aware of, whether you are conservative or liberal, and especially if you are considering allowing your home to go into foreclosure. Check the laws in your state and get a lawyer before you do anything !! --------------------------------- "Once they have a judgment, they can pursue you anywhere," said Richard Zaretsky, a board-certified real estate attorney in West Palm Beach, Fla. "They can ask for financial records, have your wages garnished and, if you fail to respond, a judge can put you in jail." In the case of foreclosure, lenders can pursue deficiencies in more than 30 states, including Florida, New York and Texas, according to the U.S. Foreclosure Network, an organization of mortgage law firms. Some states, such as California, are "non-recourse" and don't allow deficiency judgments. But, even there, if the if the original loan was refinanced, some or all of it may be subject to claims. James... the lenders made bad loans on of their own free will...because they thought home prices would go up forever...so even if the consumer defaulted, they would have positive equity in the home itself allowing them to recoup the loan and still make a profit.... That is the simple truth to this whole thing man... Did people take those loans willingly ? of course.... and the banks made them willingly..because they were greedy. It boils down to this.... Should the bank be completely insulated from shady investments, and all of the reponsibility placed on the individual ? ..EVEN AFTER FORCLOSURE !??? Who advocates for the consumer in this capitalist equation ?

got served for an old landlord getting foreclosed on? I just got served by the sheriff, apparently our old landlord from a couple years ago is losing his house. basically when we moved out of his rental over a year ago, he didnt return our security.. so we sued in small claims, and won.. they have been making monthly payments to us. now he is losing his other home, and we were named as a defendant (Im assuming because we have a judgment against him, i noticed they also named other people who have judgments against them). I dont have a lien or anything on that property, and like i said, they have been making payments (they only owe 2 more payments for $100 each)., i dont anticipate them not making them, since they have always been ontime, and even if they dont, i really dont care, they paid most of it. so.. should i call the law firm that is handling the foreclosure and ask to be removed? or just ignore it.

How can I get rid of a house I no longer want? My mother in law bought the house I lived in with my husband and family in 1996. She died in 2004, and my husband inherited her property. A friend of his told my husband that until you settle the estate through the courts, you don't have to make the house payments. HA, HA, that wasn't true. So my dumb husband does not make the payments, and the house goes into foreclosure, which he didn't even try to stop...he never even opened the court papers...it was a default judgment. I knew nothing about this; he never told me, and since the mortgage was still in his mother's name, all the paperwork went to the house she had lived in, and I didn't see it. So, the house came within 24 hours of being sold at sheriff's sale. My husband declared emergency bankruptcy. He then dismissed it and went through Loss and mitigation with the mortgage company...BUT...he never took his mother's name off the mortgage. Then, he died suddenly last February, just as the original Loss and Mitigation agreement was coming to an end. I called to explain the situation to them, and the company told me to keep making the payments until they told me otherwise. In May, they put me on the "Obama plan" and told me it would run out in December...BUT...despite the fact that I sent several death certificates in to them, and talked to them, my late mother in law is STILL on the mortgage, and the company still calls and asks to speak to her. The furnace quit in October, a high pressure pipe burst at the beginning of November, the house needs MANY repairs, since my late husband was a do-it-yourselfer who used duct tape to hold everything together. Last month, my 3 kids and I couldn't stand it any longer, since there was no heat, no hot water, (the hot water tank went too), and we had to keep the water shut off until we needed it because the pipe leaked. There was no money for repairs, since my husband left no insurance, no money, and nothing but unpaid debts. So we moved into an apartment. I can't sell the house, the area I live in has so many houses for sale it's not funny. I am not listed as the owner, my husband's name is still on the property, and I’m not on the mortgage. Can I just turn the property over to the bank, and leave it at that. I don't want anything more to do with it. I hate it, and I just want to be free of it. Since I don't own it, or am not on the mortgage, and my husband left no estate worth speaking of, can I hand over the keys and walk away. I live in Ohio.

Money and debt forgiveness agreements found after divorce but no money to take back to court.? I was in an abusive marriage for 30 years, finally filing for divorce after therapy and leaving 3 times. We owned a biz together which was incorporated. Convincing me to return the third time only for worse abuse. Was so bad at work I was unable to go there even after an agreement was signed he was to stay away from my office. He 2nd mortgaged our home for a business in another town and a loan of 2M in his name. After 10 months of daily abuse I could take no more and agreed to what seemed fair. I gave him 30 properties we owned, most free and clear and took the business, I took the 2nd mortgage liability of 350,000 , the first of $680,000 and the 2 mortgages on the business he had forced me to sign under false pretences.He assumed the rest which included the 2M liability. Two days later he signed a short sale which forgave him the entire debt and also gave him a judgment of $275,000 which he (we) had invested in it using the mortgage money I am repaying. Our corp. and personal attorney was involved in it and this was never disclosed. He had taken the past 2 months income from the business, putting it in a personal account and ordered to return it in 24 hrs. He returned $738.00 and a typed paper showing the rest spent on business expenses, which in reality had already been paid from the business account prior. I have found so many places he was stealing and hiding money and others I can't quite figure out how he did it. He was ordered to bring all bills current and brought none. There were countless violations he removed paperwork and didn't fix which he called into the agencies after I took over. He even took the sales tax and payroll tax money and left nothing for the weeks payroll that I had to make, had extended all utility bills and paid no other bills but what was necessary to stay open. He had stopped making my mortgage payments and my home is under possible foreclosure. He has hundreds of thousands stashed somewhere and I can't buy groceries. I figure he had been planning this for 2 years but my attorney believes longer. He is currently opening up a business which will be in competition with mine just to put me out of business. He had installed an eavesdropping and keylogging remote system at work and in my home and had monitored everything during the divorce, even printing and distributing some of my emails. He sold at least $50,000 of equipment from the business he got the loan on and lied about it. He is still on the mortgage of the business and should I fail he can walk in, pay it and take over, leaving me with nothing. My house will be foreclosed on and I truly will have absolutely nothing after 30 years of work and he will have it all. I know much of what he has done is illegal but no agency seems to want to help and I'm out of money for legal fees, not to mention energy. He spread rumors that I was the one stealing the money from the business, even to the bank, all the employees and people and friends we dealt with. My credit score is ruined due to his not paying the mortgage so I have no where to turn for financial help. I was already in therapy for the abuse being diagnosed as chronically depressed and having post traumatic syndrome from it. Using the fact I saw a therapist he also tells everyone I am mentally unstable and take drugs (antidepressants). I no longer have the money to continue the therapy I need now more than ever. I don't know what to do or where to turn. Are there any agencies that help people in this type of situation? To find even half the money I need a more qualified person than me and going over all the papers, seeing even part of what he did continues to depress me. The worst is not having enough money to even breath and worrying about losing everything if I don't keep going. Are there forensic accountants that work on contingency? Any agencies that can help me with my legal fees until it gets to court? I understand, as he is in contempt he will be responsible but my attorney wants the money as he goes. I complied with all the mediation agreements but as he did not when it finally came to me signing the property deeds over to him, I refused so now I suppose I am also in com tempt but he was to sign the stock in the co. at the same time but my lawyer received docs from his saying he would do so after I had signed the property deeds. All the stock cert. have disappeared as well as inherited stock I had and other files with bogus receipts and other proof of some of what he had done from my home after my alarm system was shut off by someone knowing my information and claiming to be me. It seems I am attacked still on a daily basis and just want it all over but am not going to give him everything, although he may end up with it if I can't find some help. The therapist I saw, who also counseled him , says he is a pathological narcassist, who will not be satisfied until he completely destroys me.

Money and debt forgiveness agreements found after divorce but no money to take back to court.? Money and debt forgiveness agreements found after divorce but no money to take back to court.? I was in an abusive marriage for 30 years, finally filing for divorce after therapy and leaving 3 times. We owned a biz together which was incorporated. Convincing me to return the third time only for worse abuse. Was so bad at work I was unable to go there even after an agreement was signed he was to stay away from my office. He 2nd mortgaged our home for a business in another town and a loan of 2M in his name. After 10 months of daily abuse I could take no more and agreed to what seemed fair. I gave him 30 properties we owned, most free and clear and took the business, I took the 2nd mortgage liability of 350,000 , the first of $680,000 and the 2 mortgages on the business he had forced me to sign under false pretences.He assumed the rest which included the 2M liability. Two days later he signed a short sale which forgave him the entire debt and also gave him a judgment of $275,000 which he (we) had invested in it using the mortgage money I am repaying. Our corp. and personal attorney was involved in it and this was never disclosed. He had taken the past 2 months income from the business, putting it in a personal account and ordered to return it in 24 hrs. He returned $738.00 and a typed paper showing the rest spent on business expenses, which in reality had already been paid from the business account prior. I have found so many places he was stealing and hiding money and others I can't quite figure out how he did it. He was ordered to bring all bills current and brought none. There were countless violations he removed paperwork and didn't fix which he called into the agencies after I took over. He even took the sales tax and payroll tax money and left nothing for the weeks payroll that I had to make, had extended all utility bills and paid no other bills but what was necessary to stay open. He had stopped making my mortgage payments and my home is under possible foreclosure. He has hundreds of thousands stashed somewhere and I can't buy groceries. I figure he had been planning this for 2 years but my attorney believes longer. He is currently opening up a business which will be in competition with mine just to put me out of business. He had installed an eavesdropping and keylogging remote system at work and in my home and had monitored everything during the divorce, even printing and distributing some of my emails. He sold at least $50,000 of equipment from the business he got the loan on and lied about it. He is still on the mortgage of the business and should I fail he can walk in, pay it and take over, leaving me with nothing. My house will be foreclosed on and I truly will have absolutely nothing after 30 years of work and he will have it all. I know much of what he has done is illegal but no agency seems to want to help and I'm out of money for legal fees, not to mention energy. He spread rumors that I was the one stealing the money from the business, even to the bank, all the employees and people and friends we dealt with. My credit score is ruined due to his not paying the mortgage so I have no where to turn for financial help. I was already in therapy for the abuse being diagnosed as chronically depressed and having post traumatic syndrome from it. Using the fact I saw a therapist he also tells everyone I am mentally unstable and take drugs (antidepressants). I no longer have the money to continue the therapy I need now more than ever. I don't know what to do or where to turn. Are there any agencies that help people in this type of situation? To find even half the money I need a more qualified person than me and going over all the papers, seeing even part of what he did continues to depress me. The worst is not having enough money to even breath and worrying about losing everything if I don't keep going. Are there forensic accountants that work on contingency? Any agencies that can help me with my legal fees until it gets to court? I understand, as he is in contempt he will be responsible but my attorney wants the money as he goes. I complied with all the mediation agreements but as he did not when it finally came to me signing the property deeds over to him, I refused so now I suppose I am also in com tempt but he was to sign the stock in the co. at the same time but my lawyer received docs from his saying he would do so after I had signed the property deeds. All the stock cert. have disappeared as well as inherited stock I had and other files with bogus receipts and other proof of some of what he had done from my home after my alarm system was shut off by someone knowing my information and claiming to be me. It seems I am attacked still on a daily basis and just want it all over but am not going to give him everything, although he may end up with it if I can't find some help. The therapist I saw, who also counseled him , says he is a pathological narcassist, who will not be satisfied until he completel

Question about whether to foreclose or not? I bought a lot in an upscale development in 2006, at the top of the market. I fully intended to wait a few years, then build on it and live there. Now after the real estate crash, there are dozens of people trying to short-sell their lots for a third or a quarter of what we paid for them, plus all the foreclosures. Now I can't get a loan to build on the lot, because the lot has lost half or more of its value. I can't sell the lot because I would have to bring 80-k to closing to cover the difference, plus - no banks around here are giving lot loans right now... you have to find a cash buyer... I'm shelling out over $800 a month in mortgage payments, and $175 a month in taxes and HOA fees for a piece of property that is, basically... USELESS to me... Can't use it, can't sell it... Should I make a purely-business decision to stop making payments and let the bank foreclose on it? I live in a state where the bank can sue for a deficiency judgment, but I've heard that not too many banks are filing them. I also have a pretty good idea of what a foreclosure will do to my credit. My score right now is 834, and I'm figuring on a 200 point hit, for 7 years. But I sure could use that $975 a month back in my pocket! What do you think? edit: We only use one credit card - a Discover - and we pay it off every month. I live in a state where they cannot garnish your wages, but the 1099c tax implications are certainly worth considering. No need to be a dick about it, Acer... I haven't made any decisions yet. Just exploring pros and cons at this point. I was also told by my lender "You SHOULD buy this property. It will no doubt increase in value 4-5% every year, and by the time you're ready to build, you can use the equity in your lot as the downpayment for your construction loan." Now, this bank doesn't even OFFER lot loans anymore, and they're not willing to modify. just to be clear, I am not talking about the property containing the home I live in... we're fine with that. I'm talking about a second property, one that I had intended to build on later.

Complicated question for an attorney re: civil suit against former landlord who filed for bankruptcy? I had a 3 year lease, my landlord lived out-of-state, he stopped paying the mortgage on the house I rented, used my rent money to pay on his home in TX and filed for bankruptcy when the IL house I was renting went into foreclosure. I sent him notice that I was moving out in 45 days when I found out he was losing the house. I was current with rent, left the house immaculate (took pics, videos, and a statement from this real estate agent that I left the home in beautiful condition). He agreed in writing to my move-out date, and also put in writing that HE broke our lease. I did not pay him the last month's rent ($2000) because he owed me the $1800 security deposit and another $475 in lawncare expenses and some smaller maintenance expenses (I have that in writing from him, too). As he had filed BK I did not feel he would pay me those monies which I why I did not pay the last month's rent. LOOOONG story short, he sued me for the last month's rent, added on another $1000 for the 5 days extra I took to finish moving out (he was not offering the home to rent to anyone else, no one was viewing the home - he lost no money as a result of those 5 days). The day of court, I showed up with my attorney, all my paperwork, receipts, etc and my landlord did not show up but his attorney did. 11 months later I missed a follow-up court date as I was NEVER served or sent notice of the appearance and of course, a default judgment was made, plus fees for his attorney and court costs. Sorry, long-winded - but here is my question: Can I sue the landlord for return of my security deposit, the lawncare service fees, etc - all the things I have in writing that he owes me? The attorney I had initially hired cost me $650 to show up in court the day my landlord did not. As he already filed for bankruptcy, if I won, he would have to pay me, correct? He is working - I know what company he is now at. I am in IL and he is in TX which I understand has some kind of homestead rule where creditors cannot put liens on property or garnishee paychecks. Thank you for advice! Thank you both very much for replying. The ex landlord filed his BK over a year ago, so I would think it would be completed by now. I figured anything he gets sued for after it is discharged, he would need to pay? I am certain the money he owed me was not included in his filing - I was never contacted by the court as a creditor. I do not have funds right now to pay my attorney additional money (got laid off a few months back). So...no money for him - no help from him. Regarding my getting served about the second court date - no I did not move. When I called the landlord's attorney, he stated he sent me a notice via regular mail to my correct address. Did not get it. I am working on getting the judgment set aside, but as I found out about the default judgment more than 30 days after the fact, this is a bit difficult. You are good folks for helping me out - thanks!

Why is everyone so down on the bail out? Please read on!? The bail out is not about rescuing homeowners, but saving banks. The mortgages are supposed to be bought up so that banks stop failing. There may be a little more effort to avoid foreclosures, but for the most part the government will end up owning a bunch of houses. The big deal is that if the banks go broke, they have no money to loan to business. When there is no operating capital for the company's that we work for they cant do what they do. I hope you should be able to see where this is leading. The bail out will probably cost us all a little bit, but in the end the property the government will be holding should be sell-able again in a few years. With greater oversight, and better judgment, our future may be OK, but there ARE other problems in the economy. I think that yet again there has been a media breakdown somewhere. Or people have just become so set in a certain train of thought that they are ignoring the details. This could be a disaster much greater than it already is if we keep doing nothing. There is no time to wait. I would like to go back to work after my seasonal layoff. Right now the large manfacturing corperation I work for went down to nothing for fiscal invintory, and will need capital to resume operations. My stocks have been falling for the last 6 months, and yesterday dropped by over 5%. This means that operating capital is going to have to come from elswhere. Since this company is upper crust on the NYSE I hate to see where lesser corperations stand right now. As for bailing out the individuals, NO WAY! They may have been encouraged, but they signed the papers themselves. Ten years ago I saw a great deal on a piece of land and bought. I would never have gone in debit for $50,000 and I am two years from being rewarded for my good judgment, (with LOW payments I need to add). Many of my peers are living in two and three bedroom tract housing, which by my standards are "McMansions". They drive new cars, and lived at the verge of default before gas started going up. There is no way on earth that I could condone bailing a one of them out when they get in trouble. I did not set the bar for them.