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Guest

My house went to foreclosure after trying to sell it for over two years and more than a few personal complications. The house was sold at sheriff's sale for almost $60,000 less than I owed. Will I be sued for the difference or will the mortgage company decide on a lesser amount and set up reasonable payments? I obviously can't afford much. I have a primary residence that is also worth less than I owe but with a different mortgage company. My name is the only one on the foreclosed property but my husband and I are both on our primary. We bought it assuming we could sell my old house. How will he be affected? Can I quit claim off of our primary and remain on the mortgage? Can I save our home?

savior70 · Posted: Tue May 26, 2009 4:58 am Post subject:

Hi

Guest

File bankruptcy. List the home and any equity loans, junior loans, 2nd mortgages, etc. Then they cannot come after you for anything, except what the judge states will be paid to the lenders. Bankruptcy is worst thing to happen in most people's lifetime, but if you lost your job, are paid less than you once were, or over your head in high interest credit card debt, this will relieve you of all those lenders threatening, harassing and suing you forever. There is no limitation on suing for money with unpaid loans. It could go on for a long time, and they will just not go away. People will think a lot lot less of you, if they know you filed bankruptcy, they may not even want to be near you, but life will be livable.

Guest

How long does a bank have to go after a deficiency judgment on a foreclosure in the state of Hawaii?

Guest

If my divorce papers indicate that I should not be held liable for the mortgage but my name is still on the mortgage bills will I be responsible for the deficiency now that my ex has let it go into foreclosure?

Thanks!

Guest

We have a home in michigan that is now in foreclosure. The mortgage company would not accept a short sale offer and now we're on our way to a full forced foreclosure. We live 800 miles away in another state and the house has been on the market for 14 months with zero offers. The mortgage company has also turned down a deed in lieu of foreclosure.

My question: What happens if we file for bankruptcy when the mortgage company comes to collect? We are speaking with an attorney .... just wanted some other opinions.

Guest

i owned my house for 22 itook a small loan they sold my loan 5 timesthe bank kept ratstng the mortgage iwant to sue

Guest

well the attorney work for the banks ;court;mortgage companies they do not take a ioath to you only a oath to the courts not you figure it all out.....

savior70 · Posted: Wed Nov 18, 2009 5:20 am Post subject:

To questioning,

If you file chapter 7 bankruptcy and include the debts in it, your house will be sold to pay off the mortgage. After the discharge from bankruptcy you will no longer be liable for the mortgage. If you want to keep the house, you can reaffirm the mortgage with the lender prior to the discharge. If you file chapter 13 and make payments as per the repayment plan under the court’s supervision, you can pay off the loan and avoid foreclosure.

To sadand,

Guest

how much time does a lender have to request a deficency judgement ? I can't tell for sure. Thanks in advance !

Guest

My condo is in foreclosure and i have an 80-20 with the primary is aurora and second with citi, i had a short sale offer and it took aurora 4 months to approve it and the buyer walked. Now i was going to try a dead in liu of foreclosure but wasnt sure if i even could with an 80-20, can anyone help me out?? My second question is if my primary loan does foreclose, does that wipe out the second or 20% mortgage?? thank you for your help.

jenkin7 · Posted: Wed Dec 23, 2009 12:23 am Post subject:

Hi Toolman,

It depends on your state laws, how much time your lender will have to obtain deficiency judgment after the foreclosure sale of the house. For instance, in Ohio the lender gets 2 years to sue the borrower for deficiency. After they get a judgment, they will have about 21 years statute of limitation to collect the debt from the borrower. Which state do you live in?

Hi Nick,

If you want to do a deed in lieu on the property, you will have to take permission from both the first and the second lender. If the first lender does foreclose on the property, the second mortgage will not be wiped off. You will still be liable to pay it off. The second lender can sell off the debt to a collection agency, who can sue you even after the foreclosure to collect the remaining balance on the loan.

Guest

I live in Michigan. My lender foreclosed on my house and the same lender bought said house at the sheriff sale auction at about half less than the mortgage. Could the lender still come after me for deficiency?

jerry · Posted: Tue Jan 19, 2010 1:52 am Post subject:

Hi Guest,

Did the lender pursue a judicial foreclosure? In case they did, they have the right to obtain a deficiency judgment against you. However, in case you can prove that the actual value of the property was more than what the lender bought it for, you will not be responsible for the entire deficiency. But if at the time of the sale, the house was actually worth about half less than the debt owed on it, you will be liable for the entire deficiency.

Thanks,

Jerry

Guest

A judicial foreclosure, they did. How can one prove the actual value of the house at the time of auction? How do lenders figure the dollar amount that they pay for the auction? Don't they factor in the amount that they can recoup with their bidding price. BTW, nobody else bid on it.

THANK YOU, Jerry.

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How does deficiency judgement work in Michigan?