Pay deficiency balance if you surrender home in Alabama

Are you have Home Insurance Policy ?
You can claim it to pay them.

Yes, you can sell your land before they process the mobile home. But this is not a fare . If you did this you will totally cheat with them . They are not getting you land for free. You have take fund from them.
You can Sell if they not pay you the real value of land this is totally legally now.

Thanks,
John.

If they decide not to go after a deficiency balance, then what next??

Hi Guest,

Your lender can sue you for the deficient amount. if you cannot pay the deficiency judgment, then the lender may place lien on your other property. The lender may even garnish your wages or savings account as well.

If the lender forgives the deficient amount, then you may have to pay taxes for the forgiven amount. However, depending upon your state laws, you can take the advantage of the Mortgage Forgiveness Debt Relief Act.

Check out the given page to know about deficiency laws in Alabama: "http://www.foreclosurefish.com/al.htm"

Does anybody know if Greentree is known for sueing for "deficiency balances in Alabama" or issueing out 1099's? I am scared to death on this, cause I know we can NO longer afford the home...We have tried selling the home,and even rented it out for 5 years...But now we are at our wits end in trying to figure out what to do...

Hi Guest,

It will depend upon your state laws whether your lender will be able to sue you or not for the deficient amount. If deficiency judgments are legal in your state, then the lender can sue you for the deficient amount.

Thanks

Why don't you try to save your property by selling the land if the figures match to some extent ? The rented house will may be helping you help repay the debts. otherwise any special reason for not doing so?

I still owe 32,000 and there are only 4 acres of land which ain't worth that much...I have tried to sell the land and mobile home..With NO offers!!

Hi Guest,

In such a situation, it would be better if you could contact the lender and apply for a deed in lieu. If you are delinquent on your mortgage payment, then there are chances that the lender would accept your deed in lieu request.

In a deed in lieu, your property will be sold by the lender and the deficient amount resulting from the sale of the property will be forgiven. However, you credit score will be lowered by 250 points.

Thanks.

I am having to move out of state for medical reasons. I owe $213,000 on my mortgage. I have land in the other state that is paid for. Can the mortgage company put a lien on my land? I am going to have to let them forclose on my house since I cannot find someone to lease it.

In order to place a lien on the property that you have in other state, the lender will have to file another judgment. If your lender does not place a lien on that land, then he would charge off the loan to a collection agency.

If you can arrange a compromise, so much the better - it's always better than going down a forced avenue.

you really have to settle your debts so they wouldn't file a case against you. Have you already tried doing settlement with them? If you have tried but still they have to agree, then you have to seek for more legal advice. I am sure there are lots of institutions out there who can help you out.

First thing, try to settle with them and make some arrangements. If you have tried doing so but failed to cooperate, then you have to seek out for a legal counsel's help. Maybe he can help you out on that matter. That may be a dilemma for you but worry not, I believe there will be an answer for that!

my sister passed-away 6 months ago. she lived in georgia. i live in mississippi. she made me executor of her estate. i am surrendering her home back to the bank but i have waited to long to do a deed in lieu of foreclosure. can the bank come after me by me being executor of her estate?

Hi msboomer,

No, as far as I know, the bank won't come after you or your property for you being the executor of her estate. The lender will sell off the property and recover as much dues as possible.