Posted on: 12th Dec, 2008 09:58 am
We've tried several short sales, but the second - B of A - wouldn't budge on their 85% requirement. We brought the first current hoping the second would initiate the foreclosure, giving us protect from deficiency judgement in CA.
They are telling me they have decided to charge off the loan. Two Quetions:
1. How can I sell the house in this situation?
2. I assume they can't go after a deficeny judgement because they have choosen not to foreclose. Am I right or wrong?
3. The B of A agents have been telling me once written off they will consider new guidelines for a settlement.
They are telling me they have decided to charge off the loan. Two Quetions:
1. How can I sell the house in this situation?
2. I assume they can't go after a deficeny judgement because they have choosen not to foreclose. Am I right or wrong?
3. The B of A agents have been telling me once written off they will consider new guidelines for a settlement.
My 2nd just "charged off " my #. I finished my bankruptcy in 2009 & did not included my !st & 2nd. My house is upside down, with 90000 value,85000 1st& 45000 2nd. The CA can sue for a judgement,sieze assest & garnish pay However,I work for my self in an L.L.C. & my only assests are 2 cars worh 9000. Can they take the cars? what if one is own by the LLC?What is the SOL time lapse for Michigan?I am thinking,let the CA spend the money to go after me if they want. Their judgement would take little from me.My credit is already bad! Would the 2nd lien disapper after the 7 years plus 180 days?
Hi Rich!
Welcome to the forums!
You have mentioned that you haven't included your mortgages in your bankruptcy filing. In such a situation, you are liable for the mortgage. The CA can take legal actions against you to recover the debts if it is within the SOL period. You can check out all about Michigan SOL from the given page: "http://www.expertlaw.com/library/limitations_by_state/Michigan.html".
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You have mentioned that you haven't included your mortgages in your bankruptcy filing. In such a situation, you are liable for the mortgage. The CA can take legal actions against you to recover the debts if it is within the SOL period. You can check out all about Michigan SOL from the given page: "http://www.expertlaw.com/library/limitations_by_state/Michigan.html".
Feel free to ask if you've further queries.
Sussane
more than 5 years ago i foreclosed on my property. i had a second mortgage and their account status says closed and charged off. i never received any collection notices from the 2nd mortgage or any collection agencies. do i owe them money or am i safe because it has been longer than the 4 year statue of limitations in california?
Hi Guest!
Welcome to the forums!
If the statute of limitations period gets over, then the lender cannot take any legal actions against you to recover the debt.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If the statute of limitations period gets over, then the lender cannot take any legal actions against you to recover the debt.
Feel free to ask if you've further queries.
Sussane
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