At present there are no leans on the property and sale was to take place no later than 3/31/2014 but we are waiting...CitiMortgage and Gladstone law firm will not cooperate with each other...all request for final pay off has been made by myself. C...
Under the new amendments to the Dodd-Frank Act, a servicer must issue a loan payoff within 7 days from its receipt of a request for one. You need to seek legal counsel in your area to protect your property.See question
My last mortgage payment was March 2009. Lender's attorney filed complaint in April 2010 stating that i was in default as of April 1, 2009. case was dismissed without prejudice on February 21, 2014. can they re-file or has statute of limitation...
The statute of limitations for non-payment or other breach of a mortgage note is 5 years. Exactly when that 5 year period starts to run from is very fact specific and needs to be determined on a case by case basis. You should consult with an attorney experienced in mortgage foreclosure defense for a review of the facts related to your situation for a determination of that issue in your specific case. Good luck.See question
Our house is set to sell in foreclosure proceedings tomorrow (3/20/14). We have been trying to work towards a modification for a long time now, but LaSalle Bank had been nearly impossible to get in touch with, and were constantly misplacing the p...
Since you have a pending application for modification, there is new law that would prohibit Bank of America from proceeding to the foreclosure sale. You need to see an attorney experienced in foreclosure law in your area today to prevent the sale tomorrow.See question
below is the reply to my modification...what does it mean? I make to much or to little? Thank you for inquiring to us about your foreclosure avoidance options. We have given your request careful consideration and regret that you do n...
I compare qualifying for a mortgage modification to snook fishing. If you are fishing for snook, you can't keep a fish that is too big or too small - it needs to fit into a very specific slot.
When applying for a mortgage modification, under the HAMP guidelines, if your monthly housing payments (first and second mortgages, taxes, insurance, HOA dues) are more than 31% of your gross monthly income, you can qualify for a modification with a payment reduction. However, your gross monthly income cannot be below the amount where your monthly housing payments would be greater than 31% of your gross monthly income if the interest rate was dropped to 2% and re-amortized over 40 years. Thus, like snook fishing, your income cannot be too much or too little to qualify for a modification.
Based on the facts in your inquiry, I cannot tell if you were denied because your income was to large or too small. However, based on the other facts concerning the amount of time that has expired since your last payment, I would strongly recommend that you seek advice from an experienced real estate attorney to review your entire situation.See question
ON 2/14/14 My motion to dismiss based on the 5 year statue of limitations was denied based on a technicality. The bank did not accelerate the loan until 12/26/2012 even tho there have been 5 years 2months and 25 days of missed payments. Their defe...
As you have experienced, seeking a dismissal of a foreclosure action based on a Statute of Limitations Defense is a highly technical area of the law. You are wise to seek the counsel of an experienced foreclosure attorney.
I would be happy to refer to you to an experienced foreclosure defense attorney in Pasco County. Please send me an email to firstname.lastname@example.org and I will give you several attorneys who practice in that geographic location.See question
Motion was stamped 1/21/14. Does this mean I have lost my house!
The filing of the Motion for Summary Judgment should be an indication to you that the lender is getting ready to ask the court for a foreclosure judgment. The lender will need to schedule a hearing to have its motion heard by a judge or magistrate.
If you have not already consulted with a lawyer experienced in foreclosure defense, I urge you to do so immediately. It is not too late to get help, but the longer you wait, the less an experienced attorney can do to help you.See question
Our loan modification was part of our Chapter 13 Bankruptcy and the court approved the modification with the reduced payments. Now Everhome is not recognizing the modification and claims we have not been making the required amount of payments.
Call your bankruptcy lawyer - there should be an order or other documentation approving the modification. That with your canceled checks for payment should do the trick!See question
Our mortgage was with GMAC, last year OCwen took over GMAC, we are now having a lot if difficulties paying , we get foreclosure letters nearly every month, we have to call them to make payments, we are in the UK which makes it all the more di...
Although a thorough analysis of your financial situation will need to be made to determine if a short sale is your best option, typically a short sale is a better alternative for a borrower than a short sale.See question
1) When a borrower dies and he was only one on the Note, can the bank get a deficiency judgment against another owner or interested party who is on the Title, Deed, and the Mortgage, Riders but they did not sign the Note ? 2) And can it can h...
Before I address your question, a quick lesson in mortgage financing is in order.
The promissory note is the evidence of the debt, the so-called promise to pay the borrowed money back. In Florida, it creates a personal obligation for whomever signed the note to pay the money back. You can have a promissory note in just about any type of lending transaction - even when the debt is evidenced by something as simple as in IOU.
Typically, lenders will require collateral for the repayment of the debt - if the borrower does not pay the borrowed money back, the lender can seek to obtain ownership of the collateral. In the case of real estate financing, the mortgage is the collateral document. The mortgage allows the lender to take the collateral - the house - if the borrower does not pay the money back.
The collateral may be owned by anyone and does not need to be owned exclusively by the borrower. However, in the case of home mortgage financing, all owners of the property must sign the mortgage to evidence their consent to pledge the home as collateral for the loan.
If the borrower dies and there are no other people who have signed the promissory note, the only recourse of the lender against a deceased borrower is to pursue a claim against the estate of the deceased borrower. However, the lender can always pursue the collateral for the loan - in home mortgage financing, this called a mortgage foreclosure. Once the mortgage is foreclosed and the collateral is sold, in today's world, there is typically a deficiency - an amount owed on the note that is more than the net sales proceeds of the property obtained in foreclosure. However, since the personal obligation to pay the money back arises from the promissory note, the lender can pursue the deficiency only against those who signed the promissory note (or in your example, the estate of the deceased borrower).
A non-borrower owner of the property who is a defendant in a mortgage foreclosure action has no personal obligation to pay the money back. Thus, the completion of mortgage foreclosure action against a non-borrower owner should not affect the credit of that person. If it does, the non-borrower defendant should seek to have the incorrect information removed from his or her credit report since that person had no obligation to pay the money back in the first place.
Bottom line - if there are assets in the estate of the deceased borrower, you should seek the assistance of a real estate attorney experienced in mortgage foreclosure defense and negotiation of short sales.See question
(In Florida) I am completing a DIL on a townhome i purchased before i got married. However in order to complete process my husband has to sign the closing docs? What is the reason for this, nothing is in his name. Could he be pursued for anything...
The reason that your husband is being required to sign on the deed in lieu transfer documents is related to the homestead provision in the Florida Constitution. In Florida, a non-owner spouse must consent to any transfer of a homestead property. Although he may not have any interest in the property and although you may not live there anymore, the presumption is that the property is your homestead property. Thus, your spouse will need to sign the deed or you will need to inform the lender that the property is non-homestead so that the required language can be placed on the deed that transfers the property to the lender.See question