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John Gerth Merna
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John Merna’s Answers

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  • Currently in foreclosure need help

    Here is my situation I am unemployed my current income is $2000 verses expenses $3500 I owe a condo I bought it in 2005 at California - First mortgage balance ($160,000) this was a purchase money loan - Second mortgage balance ($130,000) ...

    John’s Answer

    If you do not want to consider filing bankruptcy then your problem as my colleagues have pointed out is not the first mortgage but the second mortgage. Just because is it currently listed as "charged off" does not mean they won't come after you.

    You have an option that I don't believe was mentioned. Focus sall your financial resources on settling the second mortgage for a fraction of the balance. You have a fair chance this is possible. Then let the property foreclosure since your are possibly protected by law from a deficiency judgment on the first. Be aware that tax consequences may apply to this move. Consult a CPA to determine your tax liability and an attorney to confirm you are protected under state law from a deficiency on the first mortgage.

    You can get more information on this at www.SecondMortgageSettlementAttorneys.com.

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  • Change of circumstance

    can selling home be counted as a change in circumstance? The equity in home was part of my property schedule in divorve

    John’s Answer

    It depends on the context. In a bankruptcy it would not. In a divorce, possibly. You need to provide more detail. Also, note that your question was listed under "foreclosure".

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  • I am being sued by a credit card company and I am on SSI.

    The SSI is my only income and is less than $500.00/mo. I am divorced and my ex is paying the mortgage. The house will not be paid for until 17 more years. My name is still on it. I could not afford to file for bankruptcy. My lawyer thinks they wil...

    John’s Answer

    ssIf the credit card company wins a judgment your SSI is not vulnerable to garnishment. However, your property is vulnerable to a lien if you are on title. You may have other vulnerabilities. You should consult a bankruptcy attorney to determine your options. Many, such as us, offer free consultations and payment plans to make filing affordable.

    John G. Merna
    The Merna Law Group
    3615 Virginia Beach Blvd.
    (757)340-4070
    www.MernaLaw.com
    jmerna@mernalaw.com

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  • I filed Bankruptcy on October 10, 2010 the bankruptcy was discharged in january 2011....(Without and attorney) .....

    I was in a car accident on May 9, 2010 (I did not have insurance) When I filed bankruptcy I added the insurance company of the person I was in the accident with in my bankruptcy. I did not add the plaintiff in my bankruptcy just the insurance comp...

    John’s Answer

    The cost of correcting this problem by using an attorney to correct your bankruptcy by reopening or providing other legal solutions is significantly less than paying the damages or even to hire an attorney to defend. Don't make the mistake of trying to do it yourself again. There are many attorneys in Virginia Beach that can handle this for you quickly, efficiently and painlessly.

    John G. Merna
    The Merna Law Group
    3615 Virginia Beach Blvd.
    (757)340-4070
    www.MernaLaw.com
    jmerna@mernalaw.com

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  • Why does the assets matter when applying for a loan modification

    i was trying to apply for a loan modification & was wondering if the bank will have the capability of garnishing wages, personal assets money from 401K to settle debt?

    John’s Answer

    • Selected as best answer

    You are correct. The information in the loan modification application can be used for collection purposes should you default or even not be approved for the modification. Whether you will be liable for any deficiency is a little more complicated and requires more information. You 401(k) is protected under federal law. Protection for other assets come under either state or federal law if the protection exists. You should consult an attorney for more information on asset protection.

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  • If I'm still in a lease and the condo is in forclosure do I still have to the landlord the rent

    Renting a condo in CA still Have one year on the lease to go just found out the landlord hasn't been paying the mortgage or HOA fees, do I have to still pay the rent to the landlord? The landlord is denying that they are in forclosure but the HOA...

    John’s Answer

    Your landlord has not breached your lease and you are therefore still obligated to pay rent. "About to foreclose" is not the same as "foreclosed". If the landlord cures the HOA arrears and you don't pay the rent you will be under threat of eviction. Even if the property does foreclose you are still obligated to pay rents.

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  • From which state do I talk to an attorney?

    There is a possibility of a rental home being foreclosed upon in Washington but the owner lives in California. All papers were signed in California and has never lived in Washington. Do we need to talk to an attorney in Washington or California?...

    John’s Answer

    I agree with my colleagues. If the issue is the foreclosure on a property located in the state of Washington then the laws of Washington govern and you should speak with an attorney in that state.

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  • My house was foreclosed on Dec. 6 w/o warning. I was working w/ a solutions rep w/ my mortgage & led to believe I was fine?

    I was working on a workable solutions package and my rep never told me I was not eligible or in fear of losing my home! I owned it for 10 years & had a lot of equity, if I would have known or been given the opportunity to short sale I would have! ...

    John’s Answer

    Notice of a foreclosure, whether judicial or non-judicial, in all states is required. You need to investigate how the sale was noticed and whether it was sent to the proper address or individual. You should contact a real estate attorney immediately. The longer you wait the harder it will become to gather the information and correct the situation.

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  • Does a former owner of a rental property have any legal right to personal property that was left after it was foreclosed?

    The former owner of a foreclosed rental property called asking to be let in the property to remove "items" from it. Do they have any legal right to personal property after the place has been foreclosed and auctioned off back to the 1st lien holder?

    John’s Answer

    Authority to enter and ownership of the property are two separate issue. I suggest you refer them to the new owner to obtain authorization and confirm ownership of the property in question.

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  • The Bank foreclosed on our home in June 2010. To this day our names are still on the deed. How do we remove our names?

    Found out that foreclosure had been initiated while going through the loan modification process.

    John’s Answer

    A deed in/of foreclosure is generally registered showing the new ownership. The purchasing party just be delaying the registration. You should check to make sure a foreclosure sale did go through and contact the new owner.

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