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flburgos
the reason you don't see a lot of lenders going after the difference on repos is because most cases they is nothing to go after. However lets say 3 years down the road the person decides to buy a property and the collections dept does a routine credit review and now sees possible assets or sees that they are now paying a bunch of new cards there is a good chance they will review the account balance for litigation to secure a Judgment and then a lien or possible garnishment.
The credit card company I worked for has a team that would review old balance accounts to see if this was the case.
As long as they file before the statue of limitations expires it is still due debt.
flburgos
the reason you don't see a lot of lenders going after the difference on repos is because most cases they is nothing to go after. However lets say 3 years down the road the person decides to buy a property and the collections dept does a routine credit review and now sees possible assets or sees that they are now paying a bunch of new cards there is a good chance they will review the account balance for litigation to secure a Judgment and then a lien or possible garnishment.
The credit card company I worked for has a team that would review old balance accounts to see if this was the case.
As long as they file before the statue of limitations expires it is still due debt.
hey you learn something everyday.now i know why stiffs can't buy a house.nothing aginst you filo 74 all good.lolol
In some states, purchase mortgages are "non-recourse" loans. That means that if they do a non-judicial foreclosure, they get the money from the sale and that is it. A judicial foreclosure gets them a judgment which can be enforced against any asset that you have. You can often work out a deal with the bank to sell the house outside of foreclosure (you usually get more for it that way) and they take whatever you get from the sale and let you go with no credit ding. The people I have known to do this successfully had paid on their mortgage for several years so that they ban had already gotten a considerable amount of money from them. Wor with your bank. They have no interest in going through yet another foreclosure. Most states now have emergency foreclosure assistance centers where you can get free advice. You can try there for an answer too.
I cannot afford my condo in Coral Springs anymore. Taxes went up, HOA fee's went up....I lost my job and had to get a lower paying one. I cannot do it anymore. My lender is Lehman brothers(Aurora loan services). I am a single female with no dependents. I have heard mixed answers when I asked this before somewhere else. Can the lender, upon winning a judement, go after me and actually garnish my wages ?? Any help is greatly appreciated.
Have you considered selling the place instead of letting them forclose? If you can manage that, it's probably a better option all around. Even if you owe more than the place s worth, you can talk to the lender about accepting a short sale I took a class just yesterday on this very subject, and the big issue for lenders appears to be that there was some sort of negative change to your circumstances since the time you signed the mortgage and now, which is going to cause you to be unable to pay the debt. Your post suggests that there are several of these adverse events, so the lender swhould be reasonable & willing to work with you to the extent they can. They might even offer to refinance the note, so you can afford the payment. Try everything else before resorting to forclosure.
WHAT IS FHASecure FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product. WHO IS ELIGIBLE
To qualify for FHASecure, and include the delinquent loan payments, homeowners wishing to refinance must meet the following requirements:
Have a non-FHA insured ARM that has reset;
Sufficient income to make the mortgage payment; and
A history of on-time mortgage payments before the loan reset.
Homeowners who are current on their conventional mortgages must have sufficient income to make the mortgage payment.
By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.
* I have READ on the internet (but am not sure, since I haven't done this) that this allows you to "skip" 3 months of payments.* Don't take that as FACT...it's just something that I read somewhere about this type of refinance.
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Here is a good foreclosure forum. They have lawyers who read and post helpful responses.
I cannot afford my condo in Coral Springs anymore. Taxes went up, HOA fee's went up....I lost my job and had to get a lower paying one. I cannot do it anymore. My lender is Lehman brothers(Aurora loan services). I am a single female with no dependents. I have heard mixed answers when I asked this before somewhere else. Can the lender, upon winning a judement, go after me and actually garnish my wages ?? Any help is greatly appreciated.
I dont know about Florida, and I'll leave the discussion of "can they" to others.
In order for a bank to come after an individual, it takes months, and thousands of dollars in extra steps, and can not continue until a bank actually resells the home, so they can compute the losses. I will simply state that I dont know of a case where a bank has actually gone after an individual for these funds, even when they can because of the lenght of time, and costs involved.
Banks are all about cutting costs, and they dont throw good money, trying to go after a bad debt, after all, if you cant pay, you simply file bankruptcy, and they lose even more money. Understand, I'm not stating they wont, just that I have never heard of them taking these extra steps.
Hello room,
I have a question.
I live in New York, I am working with my mortgage company, but.....
Is it legal for the mortgage company to send someone to my house and have them,,,break into a side window to get into my house while I am not home?
Even if I was going into foreclosure???
thanks,
K
Hello room,
I have a question.
I live in New York, I am working with my mortgage company, but.....
Is it legal for the mortgage company to send someone to my house and have them,,,break into a side window to get into my house while I am not home?
Even if I was going into foreclosure???
thanks,
K
No, long as the property has not been forclosed upon, its breaking and entering..
Hello room,
I have a question.
I live in New York, I am working with my mortgage company, but.....
Is it legal for the mortgage company to send someone to my house and have them,,,break into a side window to get into my house while I am not home?
Even if I was going into foreclosure???
thanks,
K
I don't think that's legal in any of the 50 states. So long as you are the legal resident (not even just the owner) no one has any right to break into your house. Call teh police immediately.
When I was handling foreclosures for our Indiana properties if the owners abandoned the house we would go in to make sure it was winterized.
Tomorrow I will send a email to the Attorney who handled our F/C there and ask her what how we were able to do this.
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