Robert H Nagle’s Answers

Robert H Nagle

Phoenix Real Estate Attorney.

Contributor Level 10
  1. Can I require a lender to "Produce the Note" after foreclosure?

    Answered almost 3 years ago.

    1. Robert H Nagle
    2. Barry W. Rorex
    3. Mitchell Paul Goldstein
    3 lawyer answers

    There is nothing you can do. The foreclosure was likely via a non-judicial route, and thus the court system wasn't even involved. And I'm guessing you had a deficiency balance that was waived due to the process the bank followed, which is a real positive. Plus, you don't know if you'd win if you could bring an action. What is preventing you from refinancing is likely a combination of both the foreclosure and the fact that you didn't make payments for several months. Even if you short sold, you...

    1 person marked this answer as helpful

  2. Am I responsible for Home Equity Line after Foreclosure?

    Answered almost 2 years ago.

    1. Douglas Garth Edmunds
    2. Robert H Nagle
    3. Evan A Nielsen
    3 lawyer answers

    Assuming that the equity line was not used to purchase the property, then unfortunately you will remain liable for the second loan following foreclosure. It may be worth finding out what amount, if any, Etrade may be willing to settle at, since that would allow you to complete the HAFA transaction.

  3. Buying a short sale in Arizona. Seller and bank will not pay for past due HOA fees. What recourse does the buyer have.

    Answered almost 2 years ago.

    1. Brandon Kavanagh
    2. Stacy E Scheff
    3. Robert H Nagle
    3 lawyer answers

    First, what does your purchase contract provide? The standard form requires that the Seller cure these. From there, take a look at the default section and see what your remedies are. That will give you additional options, based on my first question, such as suing the seller post closing. Last, while the HOA can put a lien on the property, it is my understanding that they must do so prior to the Seller's ownership. After that, they are limited to suing the seller, since the obligation to pay is...

  4. Currently renting house in AZ and our lease is up and owner is doing a short sale. what would happen if I don't pay rent?

    Answered over 2 years ago.

    1. C. Andrew Campbell
    2. Robert H Nagle
    2 lawyer answers

    I agree with the other answer with respect to what happens if you stop paying rent. But, absent a provision in your lease that states that upon a change in ownership your lease automatically expires, the sale of the property via a short sale has no impact on you at all. The new owner becomes the new landlord, and they must honor your lease.

  5. The reason I ask this question about a short sale is I have a neighbor that put their home on a short sale March 8th 2012 and it

    Answered over 2 years ago.

    1. Robert H Nagle
    1 lawyer answer

    Diana, I'm not following what your question is. Robert

  6. I own a primary residence it will be foreclosed in AZ, I also own a investment prop in TX will my investment be at risk ?

    Answered over 2 years ago.

    1. Robert H Nagle
    1 lawyer answer

    Unfortunately, regardless of whether you have a home that qualifies for anti-deficiency protection, the lender on an equity loan can pursue other assets if you default. But that's the key issue and something banks aren't always forthright about: they cannot just start pursuing other assets of yours until you are in default AND they get a judgment. Right now, there are options available to you that can result in your ridding yourself of your current debt without putting the investment property...

  7. Declarant Approval Required. After the expiration of the Period of Declarant

    Answered over 2 years ago.

    1. Brandon Kavanagh
    2. Robert H Nagle
    2 lawyer answers

    Typically, the original developer of a condo or subdivision is the Declarant under the CC&Rs. While the developer still owns property in the subdivision, it doesn't want the homeowners to make changes in the declaration without its consent to eliminate the risk the new owners will make a change that will inhibit the Declarant from finishing up the sale of units.

  8. Are "double/simultaneous closings" illegal in Arizona?

    Answered over 2 years ago.

    1. Robert H Nagle
    1 lawyer answer

    They are absolutely "legal", but perhaps there's an element in the specifics of your transaction that is giving rise to the concern expressed by the title companies you have contacted.

  9. If I enter into a short sale or foreclosure will the 2nd mortgage which was taken out at the same time for the purch be 4given?

    Answered almost 3 years ago.

    1. Scott L Greeves
    2. Robert H Nagle
    3. Morgan Jay Seegmiller
    3 lawyer answers

    A short sale is an interesting animal. Regardless of whether your 2nd mortgage was purchase money or not, it is quite likely that the lender will accept the payment from the first lender and relieve you of all further liability. The national average is for lenders to accept 10% of what is owed, so you can use that to estimate what, if anything, you may need to pay. When it comes to foreclosure, the fact you took out the 2nd mortgage at the same time as the first is not determinative; rather,...

  10. Should we refinance or walk away from our house?

    Answered almost 3 years ago.

    1. Robert H Nagle
    2. Ralph Erskine Stevenson III
    2 lawyer answers

    You likely won't be able to refinance unless you make a substantial payment on the existing mortgage, which may not be worthwhile. The credit hit, assuming its just the non-payment on the mortgage, will likely only last 2 years and even with a short sale, you won't be able to get a new mortgage for two years, so, the practical impact is minimal. It would be helpful to meet/speak with you to discuss all of your options. Please let me know if I can be of further assistance. Robert