Foreclosure

You can only use a short sale if you have a potential buyer for your house. If the buyer's offer is less than you owe the lender then it "comes up short." You send the lender a request for a short sale letter asking it to accept the buyers offer as payment in full. A "deed in lieu" is used when you don't have a buyer and you want the lender to accept the deed to the house instead (in lieu) of foreclosing. Generally, you can't use a deed in lieu if you have a 2nd mortgage or substantial liens on the property.

Sales representatives should learn to welcome objections because it shows that the buyer is involved in the presentation and because objections help focus the presentation on the buyer's concerns

Absolutely. Your not given any "passes" going forward. In fact, you used them up for a good while by begging society and the court to protect you with the original BK.

The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.

You can dispute inaccurate information on your credit report. You can start the dispute process by contacting all of the credit bureaus that are reporting the negative information.

Not sure of a unit called a Transformer, but Pierce Sales in Henrietta, Texas had one called The Recluse that folded out of a normal pickup truck and turned into a repo truck. There was another unit called The Illusion made by a company in Houston, but I believe they went out of business.

Yes ,15 days to reinstate your loan whether it was a voluntary or involuntary repo. You will be required to pay the past due on your loan plus any repo fees incurred. See Reese-Levering Law

As in many disputes, the rent money should be placed in "escrow" having the condition that the accrued amount will be distributed according to the terms ultimately determined in a future settlement or court order.

What a "Pre-Lien" is depends upon the state. It can be a Preliminary Lien Notice that notifies the owner(s), lender(s) and primary contractor that you have been contracted to provide material, labor or services for the improvement of real property and will ultimately look to local lien laws to collect your money, should it be required.

Some states only require a Warning Notice be delivered prior to the lien being recorded. These notices warn that you have not been paid for work and will be liening the property within a specific time period.

When a bank acquires a condominium, at least the bank owes the monthly assessments.

However, the association may require the aid of an attorney to find in its governing documents exactly how to serve such a notice on an owner that is a bank.


As a good neighbor, the bank should pay regular visits to the property to assure that it remains closed, that during cold winter months, the heat is kept on sufficient to protect against frozen and burst pipes, and that the property does not become an attractive nuisance.


Again, the association may need to either adopt a special resolution that targets bank ownership of units and includes the 'do's and don't's' of this ownership, or find language within the governing documents sufficient to craft a notice to the bank telling the bank what its 'good neighbor' obligations are in each situation.

dey taza' da foo's.

One answer: Get a lawyer! Many people try to do these matters on their own to save a couple of dollars...in the end, they still end up getting a lawyer to fix the mistakes that were made.

There is only one option and that would be to sue the person in the appropriate court in the county in which he resides. The best option before filing suit is discuss the matter with a qualified attorney to be assured that there are valid grounds to go forward with the litigation. Most attorneys offer free or minimal fee consultations. All state bar associations offer a free attorney referral service and the American Bar Association offers a free nationwide referral service on their website.

Yes, your real property can have a lien put on it. The government will do everything they can to get their tax money.

A judgment is a debt that is legally owed by a debtor. It is a court ordered payment demand. An unpaid judgment is a judgment that has not been resolved.

No you cannot. Court judgements, like tax obligations to the government, cannot be discharged in bankruptcy court.

No. Who knows if the foreclosure will actually happen? Besides, the federal Protection of Tenants in Foreclosure Act give the tenants at least 90 days to get out, after the foreclosure sale.

If the mortgage is in both names, or if there is significant joint debt, you are better off filing bankruptcy jointly before the divorce is final. If the mortgage company forgives the balance, it will count as income to you and you will have to pay taxes on it in the following year, unless you file bankruptcy. Or the mortgage company can sue on the deficiency and get a judgment good for 10 or 20 years. Unless you file bankruptcy.

When your home is foreclosed on, the first or second can start the process. If you have a first mortgage and a second mortgage, your first mortgage is the first lien holder. Therefore if the second was first to foreclose they would have to pay the balance or negotiate the balance (agree to lower payoff). When a home is foreclosed on, all debts against the home are extinguished.Normally in a foreclosure the first mortgage will not negotiate with the second mortgage, in this instance the second mortgage would be out of the picture. VALUE (appraisal) plays a huge role in this process.

business failed personal and business bankruptcy was filed and adjudicated 2007 second mortgage on home used for collateral is now being foreclosed. what is the next step?

Answer

Get some legal advice or go to a non-profit housing advice program. It may be that you can make arrangements with the bank to catch up on the second mortgage, and/or give the house back to the bank. You might also, for personal financial reasons, visit one of the nonprofit credit counseling agencies to get your expenses in line with what you earn. You just filed BK 4 years ago and now you are in trouble again. Time to get a handle on the situation.

I don't know anything about 529 plans, and I can't cite any law or cases, but it has been my experience - in Southern Indiana at least - that trustees don't usually pursue joint accounts with balances in excess of the exemption limit IF the accounts were not funded by the debtor. In other words, if a debtor has a joint account with a child with a $5,000.00 balance, and Indiana only allows a debtor to have at most $100.00 in cash exemption, then if the debtor can show that the account was funded by the child's grandparent and that the debtor's name is on the account solely as a custian for the child, then the trustees usually do not pursue the funds. If however the debtor funded the account, trustees do normally pursue the funds. If trustees didn't pursue the debtor-funded accounts, then any person who knows they're going to file bankruptcy and who has more cash than bankruptcy allows them to keep would simply open an account in their child's name and dump all of the cash into it.

Another possibility: I haven't had this happen, so I don't know for sure and I am doubtful that it would work, but trustees may let you keep a debtor-funded joint account IF the account was funded long enough ago to convince the trustee that title to the funds did pass exclusively to the child and the debtor could not have done it in anticipation of bankruptcy because it was so long ago (more than a year ago at least). I don't know if this would work or not, but by analogy, debtors may put money into their own exemptable retirement plans and it's safe (in Indiana at least) as long as the retirement plans were funded more than 1 year before the bankruptcy filing (since this is the amount of time Indiana decided was long enough ago that the debtor didn't dump cash into the retirement fund in anticipation of bankruptcy). My overall thoughts are that how each district handles this question probably varies widely from district to district, so it would be a good idea to consult an attorney in your area.

Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

Generally and briefly:

You transfer your ownership of your property to a lender in exchange for a loan of money. If you pay off the loan the lender will release its interest in the property. If you don't pay off the loan and stop making payments the lender can take possession of the property and sell it to a new owner in order to get back its initial investment.

Call process servers, private investigations companies, and collection agencies - you will find help from that group; information and what they would charge you to make collection attempts if they in fact also provide that service. I am a VP-Sales for a national collection agency, we do not accept judgments into collections since they are so unlikely to be collectible. But, perhaps this debtor has an ability and willingness to pay sooner or later.

Since the purpose of a lis pendens is to alert future purchasers and/or mortgagees of a property about a lawsuit affecting the property, it cannot be filed in cases where there is no lawsuit. A lis pendens recorded with no reference to a pending lawsuit has no legal impact on the property and can be ignored.