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Anyone know where to look up how many deficiency judgements have been made in ga last year? We have been in our new home since late April, and we are much happier knowing we paid a fair price for a home that will actually gain equity, is in a better area, and has the room we need to grow our family. It took took SunTrust 4 months to find my current cell number, but i only get a call once a week asking to please call them regarding an official business matter. Correspondence was kept to a minimum, quick online loan which was nice. I checked the paper this week, and the house was in the foreclosure ads. When the FC auction on the 1st occurs, the HELOC loan (2nd) will be wiped out and will become a virtually worthless unsecured SOJL. If it were to get wiped out in a FC by the 1st, it would become a non-recourse SOJL, and the lender would be legally barred from suing. GA is a recourse state for 30 days after the date of sale of the foreclosed property.
To me it seemed that ST had 2 loans and would want money for both of them. Sorry if I am asking a lot of questions, but I payday loans oceanside ca was 25 when I did this loan, was told we can finance you , simply told where to sign, and I was given no explanation to the loan terms.
This was the last thing I wanted to do, as I thought I was buying an investment. Instead I was left with a house that was 40k underwater in a neighborhood littered with foreclosures.
My assumption as been that you bought the property with 100 percent financing, with two loans in an 80-20 piggyback configuration. That was a common way to buy property during the RE bubble (boom). ST FCed on the 1st, wiping out the ST 2nd loan (HELOC), which is now a sold out junior. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. If so, has this practice not been challenged in court as a form of unjust enrichment? In other words, what happens when you stop making car payments, boat payments? Yet with real estate, they are not compelled to begin the repossession process (foreclosure) at the time of default. If so, has this practice not been challenged in court as a form of unjust enrichment? In other words, what happens when you stop making car payments, boat payments? Yet with real estate, they are not compelled to begin the repossession process (foreclosure) at the time of default.
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Nevada uses a deed of trust to secure the real property loan, and the trustee of the deed payday loans oceanside ca of trust carries out the trustee sale. The details of the process are a little different, however. Like payday loans oceanside ca in California, the process begins with the filing of a notice of default.
The defaulting property owner then hast 35 days to correct the default by paying the past due amounts of the mortgage. After day 36, the entire mortgage balance must be paid to cancel the foreclosure. There is a 20 day waiting period, and then the sale can take place.
If an owner payday loans virginia beach occupied single family residence is involved, there are additional steps to the foreclosure process. The first is that the foreclosing entity must give the homeowner the opportunity to meet and mediate to see if a loan modification or short sale can be worked out. This rule does not apply to rental or investment properties. For mortgages issued before October 1, 2009 for any property, the foreclosing entity had six months from the foreclosure date to apply to the district court where the property was located to set a deficiency hearing. At the hearing, the court would hear evidence and determine the amount of the deficiency.
So the seconds and HELOC holders do have the right to sue for essentially a breach of contract claim on the promissory note. As part of the anti-robosigning rules passed in July, 2011, new rules were enacted here as well. If a property was foreclosed on, or short sold, after July 1, 2011, the second trust deed holder has payday loans oceanside ca six months from the foreclosure or short sale date in which to sue for a balance due. The six month rule also applies to loans issued on or after October 1, 2009. Well, it appears, even after the law changes, that second trust deed and HELOC holders can sue for investor and rental properties up until the statute of limitations expires.
The Nevada statute of limitations is 6 years, not the 4 years Californians are used to. Upshot: Nevada rules are tricky, and if you are facing foreclosure or short sale, talk to a Nevada attorney familiar with the real property rules there before making a decision. When you said 10 years, I thought you were referring to the maximum time that a creditor could wait to initiate foreclosure.
Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.
If you file bankruptcy and obtain a discharge most debt including the deficiency from 1st and balance owed to 2nd will be eliminated and you can move on with your lives. Trying to look at situation from all angles and be prepared. Trying to look at situation from all angles and be prepared. You end up wasting money by settling with the unsecured 2nd just to face a suit by the 1st.
In my professional opinion you need to sit down with a bk attny and, if bk works for you, cut your loses by filing and move on with your life. You end up wasting money by settling with the unsecured 2nd just to face a suit by the 1st. In my professional opinion you need to sit down with a bk attny and, if bk works for you, cut your loses by filing and move on with your life. Is one of those options more beneficial for the lender? Does one of those options allow them to handle the transaction on their side in a more positive way for them? On the face, it seems like it would be 36 month loans better for the lender to settle and avoid the cost of the suit, or the hassle of our bankruptcy. We are waiting for now to see if we hear anything from the 1st lender.