Posted on: 18th Jan, 2010 10:24 pm
hi,
we have 2 interest only mortgages with the same bank for the house on staten island, ny. nice area, surrounded by expensive gated communities, near the water, parks, etc) prices barely went down, originally bought it for $440k in the end of 2005.
1. $380k (phh - servicing bank) in foreclosure proceedings since august 09
2. $80k (phh - servicing bank + same investor as 1st loan)
a. at the moment our lawyer alexander kaplan, who represented us and the bank, is convicted and facing 30 years in federal prison for mortgage fraud: google "alexander kaplan sentencing" (forum will not allow me to post urls in here)
b. today's appraised value of the house $390k-410k. attempts to modify / refinance / consolidate the loans have resulted in nothing but late fees, missed payments (totaling owed amount at $460k if not more than that) and aggravation with the bank/their lawyers.
to minimize impact on my credit and future, i would like to avoid the foreclosure. we got a short sale offer/commitment for $365k.
i would appreciate to hear from anyone on what to expect regarding my 2nd mortgage, if bank to agree on the short sale...
how do i pursue/legally bind the bank to not go after me for remaining $80k?
will there be a deficiency judgement against me that would force deductions from my salaries?
will i have to pay taxes for 2nd mortgage?
can they go after my co-op studio apartment in brooklyn, on which i owe $50k out of $98k?
what legal mechanisms do i have at my disposal to pursue the bank not go after me?
it seems like nobody cant answer these questions with certainty, lawyers i speak to are siding on the chaos within the banks, how communication gets lost / how everything is automated / how no human element is present in any parts of process.. please help
:shock:
we have 2 interest only mortgages with the same bank for the house on staten island, ny. nice area, surrounded by expensive gated communities, near the water, parks, etc) prices barely went down, originally bought it for $440k in the end of 2005.
1. $380k (phh - servicing bank) in foreclosure proceedings since august 09
2. $80k (phh - servicing bank + same investor as 1st loan)
a. at the moment our lawyer alexander kaplan, who represented us and the bank, is convicted and facing 30 years in federal prison for mortgage fraud: google "alexander kaplan sentencing" (forum will not allow me to post urls in here)
b. today's appraised value of the house $390k-410k. attempts to modify / refinance / consolidate the loans have resulted in nothing but late fees, missed payments (totaling owed amount at $460k if not more than that) and aggravation with the bank/their lawyers.
to minimize impact on my credit and future, i would like to avoid the foreclosure. we got a short sale offer/commitment for $365k.
i would appreciate to hear from anyone on what to expect regarding my 2nd mortgage, if bank to agree on the short sale...
how do i pursue/legally bind the bank to not go after me for remaining $80k?
will there be a deficiency judgement against me that would force deductions from my salaries?
will i have to pay taxes for 2nd mortgage?
can they go after my co-op studio apartment in brooklyn, on which i owe $50k out of $98k?
what legal mechanisms do i have at my disposal to pursue the bank not go after me?
it seems like nobody cant answer these questions with certainty, lawyers i speak to are siding on the chaos within the banks, how communication gets lost / how everything is automated / how no human element is present in any parts of process.. please help
:shock:
my divorce was finalized in the state of Florida on march 2008 through a marital agreement stipulation. The agreement states that I the wife will have sole occupancy of the MARITAL home and will continue to pay for all the financial responsibilies incurred in the home. apon eventual sell (no time frame given)I shall pay the loan ,which is under both of our names
and if there is any equity split it 50/50. Three months later my ex husband quick claim the did to me and states to try to get the house refinance soley under my name that he did not want anything to do with it. now two years later he wants me to buy him out ,not the house is in both are name , but it is also in the negative by 90k . does the quit claim supercede the marital agreement .
and if there is any equity split it 50/50. Three months later my ex husband quick claim the did to me and states to try to get the house refinance soley under my name that he did not want anything to do with it. now two years later he wants me to buy him out ,not the house is in both are name , but it is also in the negative by 90k . does the quit claim supercede the marital agreement .
mayday,
short sale or foreclosure?? i am not a lawyer and do not know the answers to all your questions, however, short sale or foreclosure seems to have all the same answers. either way the lender has the option of forgiving things or reporting things or going after whatever is short.
every lender has a loss mitigation department. call them and ask if they prefer to proceed with the foreclosure or want to process the short sale.
if the bank wants to foreclose they have some more expenses and then they still need to sell the property. you have a buyer, they may want to proceed with the short sale. if they want to proceed with the short sale, you should really have someone representing you who is experienced in the short sale process so you can lesson the load of many of the questions you ask. i do not know any short sale experts in your area. on this web site or any other, ask if anyone knows a shortsale attorney expert in the staten island area.
short sale or foreclosure?? i am not a lawyer and do not know the answers to all your questions, however, short sale or foreclosure seems to have all the same answers. either way the lender has the option of forgiving things or reporting things or going after whatever is short.
every lender has a loss mitigation department. call them and ask if they prefer to proceed with the foreclosure or want to process the short sale.
if the bank wants to foreclose they have some more expenses and then they still need to sell the property. you have a buyer, they may want to proceed with the short sale. if they want to proceed with the short sale, you should really have someone representing you who is experienced in the short sale process so you can lesson the load of many of the questions you ask. i do not know any short sale experts in your area. on this web site or any other, ask if anyone knows a shortsale attorney expert in the staten island area.
John, thanks for your answer. My main concern is about 2nd mortgage and wether banks pursue people with assets/salaries?
see below:
I would appreciate to hear from anyone on what to expect regarding my 2nd mortgage, If bank to agree on the Short sale...
How do I pursue/legally bind the bank to not go after me for remaining $80k?
Will there be a Deficiency judgement against me that would force deductions from my salaries?
Will I have to pay Taxes for 2nd mortgage?
Can they go after my co-op studio apartment in Brooklyn, on which I owe $50k out of $98k?
What legal mechanisms do I have at my disposal to pursue the bank not go after me?
see below:
I would appreciate to hear from anyone on what to expect regarding my 2nd mortgage, If bank to agree on the Short sale...
How do I pursue/legally bind the bank to not go after me for remaining $80k?
Will there be a Deficiency judgement against me that would force deductions from my salaries?
Will I have to pay Taxes for 2nd mortgage?
Can they go after my co-op studio apartment in Brooklyn, on which I owe $50k out of $98k?
What legal mechanisms do I have at my disposal to pursue the bank not go after me?
can they come after you?
whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. but if borrowers ignore the possibility of deficiencies, it could haunt them.
"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."
money.cnn.com/2010/02/03/real_estate/foreclosure_deficiency_judgement/index.htm?hpt=sbin
whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. but if borrowers ignore the possibility of deficiencies, it could haunt them.
"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."
money.cnn.com/2010/02/03/real_estate/foreclosure_deficiency_judgement/index.htm?hpt=sbin
I have a very similar situation like you. I am in the process of short sale of my townhouse in CA. I have two loans (bought in late 05, both interest only, 336K + 70K). I was told by my realtor that I would not be responsible for the deficiency nor the tax because it is my primary residence and it is the original loan (no refinance). I am still not 100% sure about the outcome but I have to try it anyway. I got an offer for 219K and it was submitted to the bank. I am waiting for whatever I get from them and will start from that. Does anybody have a similar experience? Please share your story.
I expect (and you should) a legally binding agreement from my bank that I will not be responsible. Real estate agents and mortgage brokers are the schemers who contributed to this mess in the first place. I refuse to listen to them.