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Ahmad Tayseer Sulaiman's Answers
Contributor Level 13
- 115 Legal Answers
- 22 Legal Guides
3
Attorney answers:
What actions can/should I take if a joint tenant were to stop paying her half of the mortgage on our condo?
There are four options available based on the limited facts outlined in your question. Loan Modification, Deed In Lieu of Foreclosure, Consent Foreclosure and Short Sale. These options are based on the fact that there is likely no equity in the unit as is the case in over 30% of all other mortgages in the country. Please get the definition of these terms from an Attorney, not a "LOAN MODFICATION EXPERT". We have over 15 legal guides on Avvo.com that describe your exact situation.
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3
Attorney answers:
FDCPA and servicers - what if?
This is an issue that should be addressed in a Courtroom. I confront this issue often in our litigation practice. Assert that it is, and mark up your pleadings as such. Please find competent counsel asap who has in fact confronted this issue.
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2
Attorney answers:
Promissory Note - I have been trying to find out who owns my 2005 promissory note for over a year now. How can I find out?
Fire out requests to admit and requests to produce and then motions to compel when they do not respond as required and then file for fees and costs when the judge grants your motion and dismisses your case. Please keep us informed, as I would like to see the outcome. Also, please locate competent counsel to do this as it is a specialized art when done correctly.
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1
Attorney answers:
My house is in foreclosure in IL. Can I force the bank to take the house immediately?
This message is intended for educational purposes and should not be used to replace the counsel of an Attorney licensed in the state of the questioner. In Illinois as in many other states the Lender will first foreclose on your property and if you do not defend yourself, which is risky, they will have your house sold at an auction and in the event that the home will sell for less than what was in fact owed to the Lender, the Lender may request a deficiency judgment. They have years, in most...
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3
Attorney answers:
Landlord is tryin to evict me due to a complaint i made to him also stating that i did no pay a deposit.
You must defend yourself in Court and make sure the Landlord is aware that you will not take this lying down. There are a number of good attorneys in your area that will be able to take care of this issue for less than a few hundred dollars. This is a fact specific issue and I hesitate to put forth analysis based upon the information provided here. Please seek counsel as soon as possible.
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2
Attorney answers:
After the Judicial sale, the bank purchaser the house Will they come after me
If the Lender stated that they have waived their rights to a deficiency judgment, and that order is stamped by a Judge, you will be able to use that later as an affirmative defense in any collection action against you. Personally, I do not trust Lenders or the collection companies that they sell this kind of debt to. I always tell clients that go for the predictable and expedient options that require you to trust no one.
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2
Attorney answers:
I heard that lawyers are expensive, how much do you charge for deed in lieu or just foreclosure?
To the Questioner, a Deed In Lieu of Foreclosure is an important and very technical legal document. Said document has serious legal and tax implications and ramifications to whether or not you will have any judgments entered against you. Many Lenders refuse to deal with individual borrowers regarding Deeds In Lieu of Foreclosure. Proper legal advice is necessary to ensure proper protection of your interests. If you needed heart surgery, would you do it yourself because your doctor said you...
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1
Attorney answers:
There is an 80/20 mortgage situation on our condo-in a foreclosure how are they both settled
The second note holder can come after you and likley will. You may want to explore if a Deed in Lieu of Foreclosure or a Consent Foreclosure is best for you. In either case you will be released from liability for both loans. This must be done correctly and our suggestion is that it be done through an Attorney who has a track record of success with these issues. Please visit Sulaimanlaw.com for a detailed description of what a Deed in Lieu of Foreclosure is, or at Avvo.com under the name...
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2
Attorney answers:
Deed in Lieu of Foreclosure, taking over Friend's commercial mortgage note
There are many types and kinds of loans. One type of loan allows the loan to be assumable. An assumable mortgage allows the loan to be assumed by anther borrower. This generally requires lender approval. That said, even if this mortgage and note are not assignable to another borrower, it is definitely worth a conversation. The lender may ask that you sign an entirely new note or mortgage, but you may achieve the same result. Even if you had to purchase the property, and your friend...
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3
Attorney answers:
Have 4 investment properties(sfh's) in default.How can i protect myself from shortfall judgements on those loans if foreclosured
I hope this message finds you well. It depends on whether these loans are in fact commercial loans or residential mortgages. The difference seems light weight, but in reality it makes all the difference. I would attempt consent foreclosures on all the properties. To achieve that you must give the bank a reason to want to grant consent foreclosures. You may achieve that by putting forth a solid defense when and where available or at least reach out to experienced consul as soon as possible...
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