U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-28-2009, 01:23 PM
 
1 posts, read 3,580 times
Reputation: 11

Advertisements

are we to assume that by walking away from your home that the lender will for sure obtain a deficiency judgement? Then they may choose to file suit or not to collect on the judgement? I am told that there has not been one suit filed in Nevada for first mortgages without mortgage insurance. If true would this mean that the lender filed for a judgement but did not sue or that they never filed for judgement?
Reply With Quote Quick reply to this message

 
Old 04-29-2009, 07:06 AM
 
26,589 posts, read 52,973,553 times
Reputation: 12963
The judgement will probably attach to your current home and stay there for 20 years. not what you wanted to hear, but the reality of the situation.

If nothing else it will show on your credit for the next 20 years--unlike other debts, judgements don't fall off after 7 years unless they are PIF.
Reply With Quote Quick reply to this message
 
Old 06-07-2009, 02:57 PM
 
20 posts, read 72,638 times
Reputation: 15
I am in a simialr situation, if anybody can provide some insight I would appreciate?...

Nevada Foreclosure, Deed in Lieu, or Short Sale? Investment property purchased as primary residence

also, I want to know can they really attack your credit FOREVER?

I thought it was just seven years.

I am not paying the HOA, prop tax, or mortgage.

I am starting to think it would be better to pay the HOA as to eliminate the chance they can attack my credit (they do not put liens on houses, I was told)...

The mortgage company and the prop tax put liens on the houses, correct?
Reply With Quote Quick reply to this message
 
Old 06-08-2009, 10:02 AM
 
Location: Spring, TX
142 posts, read 859,239 times
Reputation: 77
We are in a similar situation with our house in Nevada. We bought it for 450K and have a 400K mortgage on it, the same home in our neighborhood is selling for 240K. We had to move for a job over a year ago to Texas. We have been renting the house out but still have to add 1,000 a month to make the mortgage. We can no longer afford it and are considering walking away. We have been told that the bank cannot put a lien on our house here since we have a homestead exemption on it. We would consider short selling it to our renters if they have the credit, but we were told that if we short sale then even if the bank forgave the deficiency we would get a 1099 for about 150K!!! I guess the break that Bush gave for that only applies to primary residences which ours is not any longer.
Reply With Quote Quick reply to this message
 
Old 06-08-2009, 10:46 AM
 
20 posts, read 72,638 times
Reputation: 15
Hi Guys, I have heard that IT IS VERY VERY TEDIOUS to obtian a deficiency judement, much less across state lines, and most mortgage companies are avoiding this.
What is the time limit to obtain a judgement after foreclosure?
Reply With Quote Quick reply to this message
 
Old 06-08-2009, 11:34 AM
 
Location: Spring, TX
142 posts, read 859,239 times
Reputation: 77
90 days
Reply With Quote Quick reply to this message
 
Old 06-08-2009, 06:42 PM
 
Location: las vegas,centennial hills
10 posts, read 29,262 times
Reputation: 11
In Nevada the first has 6 months to file for a deficiency, 2nds can wait up to six years and they are suing for deficiencies at least the mortgage insurers who are paying the loans for the banks. I know of at least 13 civil suits filed in May and June for deficiencies from one mortgage insurance company which is old republic insurance. I believe most of theses are for seconds. One way to extinguish the deficiency is through bankruptcy as most of my friends have done and I am on the same path as my short sale was denied for the second time.
Reply With Quote Quick reply to this message
 
Old 06-09-2009, 12:47 AM
 
20 posts, read 72,638 times
Reputation: 15
Hi Canadian expert, so can you tell me more about your story and where you are now?
Are you planning on filing for bankruptcy BEFORE or after your foreclosure goes through?


is it possible to file bankruptcy after the judgement has been made?
Basically I would want to wait to even see if there is a judgemnt ( i only have a 1st), and if there is, I would then file for bankruptcy *this will obviously be well after the foreclosure has taken place...
Reply With Quote Quick reply to this message
 
Old 06-09-2009, 06:55 AM
 
Location: Castle Hills
1,129 posts, read 2,285,190 times
Reputation: 605
What an interesting thread.
Reply With Quote Quick reply to this message
 
Old 06-09-2009, 07:04 AM
 
Location: Spring, TX
142 posts, read 859,239 times
Reputation: 77
6 months?? I looked up Nevada foreclosure laws and every website said 90 days to file a deficency judgment.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top