Margaret Agnes Palms’s Answers

Margaret Agnes Palms

Boone Foreclosure Attorney.

Contributor Level 3
  1. The sale value of our home is upside down. On a Chp.7, where the mtg. is NOT reaffirmed, are we liable for sale deficit?

    Answered 1 day ago.

    1. Margaret Agnes Palms
    2. Cheryl Rivera Smith
    3. Bruce Clifford Fett
    3 lawyer answers

    So sorry to hear about your troubles. The Chapter 7 would most likely clear out all your debt on the property, but do you really need to go that far? There are other options if the mortgage is your only debt problem. You could try a short sale or deed in lieu, but be sure to get a competent attorney to advise review any documents you sign for either option. If you do decide to file Chapter 7, Greentree will be prohibited from contacting you as soon as you file the bankruptcy petition. Best...

    1 lawyer agreed with this answer

  2. I have recently been served papers for a credit card debt, and am not sure what to do next.

    Answered 12 months ago.

    1. Lynn Ellen Coleman
    2. Paige C. Kurtz
    3. Margaret Agnes Palms
    4. Philip Anthony Fabiano
    4 lawyer answers

    You should be sure to "answer" the lawsuit within the required time or be subject to a default judgment. Your answer doesn't have to be complicated or expensive, but should indicate that you dispute the debt. Be sure to file your response with the Clerk of Court asap, send a file stamped copy to the address of the creditor and keep a copy for yourself. After that is done you should have time to attempt settlement with the creditor, but the lawsuit won't go away until it's settled. This is...

    1 lawyer agreed with this answer

  3. Home purchasing while mortgage late

    Answered 1 day ago.

    1. Brian W. Brady
    2. Margaret Agnes Palms
    2 lawyer answers

    You will probably need to move quickly to get through the closing process before the lender completes a foreclosure, which is often filed when the payments are 90 days late (3 months behind.) If you catch it in time, and your purchase price covers the whole mortgage amount, including balance, late payments, interest charges, penalties, etc. After a foreclosure is filed, the lender will likely add additional foreclosure and attorney fees, too. So get a payoff from the seller now so you can be...

  4. Why won't my lender foreclose?

    Answered 1 day ago.

    1. Lynn Ellen Coleman
    2. Margaret Agnes Palms
    2 lawyer answers

    Looks like your loan is stuck in the "shadow inventory" nook, and the current note holder (different from the servicer) is not interested in foreclosure for a number of possible reasons. If you are living in the house, there should be no problem continuing to live there (unless you just can't handle it physically or emotionally.) If you really want this property out of your life, you should try another short sale through an attorney and realtor. The possibility of getting some cash in hand...

  5. I have been denied a loan modification and my home is in forclosure due to be sold on August 28, is there anything that I can do

    Answered 12 months ago.

    1. Kenneth Love Jr.
    2. Margaret Agnes Palms
    3. Lee Michael Friedman
    3 lawyer answers

    You can try to find an investor who is familiar with short sales to buy the home and protect your credit from a foreclosure. A short sale can usually avoid a deficiency judgment against you for the difference between what you owe and what the bank sells the home for at or after a foreclosure sale. This is your best protection. For your tenants, if they have a valid, signed lease, they should be able to remain in the house for 90 days after the foreclosure under North Carolina law. But keep an...