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Raffy Mikaelian Boulgourjian

Raffy Boulgourjian’s Answers

30 total

  • Promossory Loan Default

    Loaned 100k to a private party with a deadline to repay in one year. Borrower defaulted and only payed 69k. Letter of Default sent by my lawyer. How do I proceed through the Superior Court in California? My legal plan does not cover the cost of pr...

    Raffy’s Answer

    If you want to enforce your note and collect on it you will have to file suit and get a judgment first. The only person who can send him to jail is the District Attorney. If this debtor has a pattern of abuse against you and others, I think you should report him to the DA. If he has assets, he is collectible, if not, your judgment will stay on his record as a lien if you record it w/ the county recorder and collect interest at the legal rate of 10% here in CA.

    My office does such work for several L.A based credit unions, I would be happy to assist you.

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  • On an investment house am I liable for a 2nd after a forclosure on the first if its the same bank?

    I bought an investment home, it was not my primary residence. When I bought the house the bank put me into a first and second loan with the same bank to qualify with 5% down. Shortly after I bought it they sold the loan. I let go into forclos...

    Raffy’s Answer

    Eventhough the first and second are loans with the same bank, they are separate loans. If the bank foreclosed on the property with the first, that doesn't eliminate your obligation on the 2nd. The 2nd is still 'out there' as a debt you are obligated to repay.

    There are other questions that need to be answered, but yes, the bank can very likely sue for the money owed on the 2nd at a future time.

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  • On an investment house am I liable for a 2nd after a forclosure on the first if its the same bank?

    I bought an investment home, it was not my primary residence. When I bought the house the bank put me into a first and second loan with the same bank to qualify with 5% down. Shortly after I bought it they sold the loan. I let go into forclos...

    Raffy’s Answer

    Eventhough the first and second are loans with the same bank, they are separate loans. If the bank foreclosed on the property with the first, that doesn't eliminate your obligation on the 2nd. The 2nd is still 'out there' as a debt you are obligated to repay.

    There are other questions that need to be answered, but yes, the bank can very likely sue for the money owed on the 2nd at a future time.

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  • If there are 2 parties on a home loan, what happens when one party files bankruptcy?

    will i lose the house?

    Raffy’s Answer

    Any time a bankruptcy is filed, an automatic stay goes into effect. i.e all creditors must immediately cease collection activity. Therefore, any foreclosure will be halted and then the question of the bankrupt party's responsibility for the debt will be addressed by the bankruptcy court. There are many ways that the bankrupt party's indebtedness on the home loan could be resolved, which their bankruptcy attorney should discuss with them, but for your purposes, the bankruptcy will temporarily halt a foreclosure. Whatever happens to this party's responsibility for the debt will not impact your responsibility for the debt.

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  • Can I release interest in a jointly owned investment property in default? Am I also liable for the full amount of the second?

    I own a home with another party, we just received NOD and Im not getting any cooperation from the other party with regard to finding a solution. (Short Sale, Modification, etc) Is it possible to Deed in Lieu my interest in the home back to the ba...

    Raffy’s Answer

    If you deed your ownership interest back to the bank it does not deed the other party's interest so I don't see that helping much because the bank would likely proceed with the foreclosure anyway.

    Second, you are legally liable on whatever loan agreement you signed, regardless of your ownership interest in the property. Do seconds typically pursue recovery? That seems to go either way in this economy. Most seconds are in no position to foreclose these days, so they sell the debt for 10 cents on the dollar to someone who may pursue collection against you personally. We are seeing less and less of this as the months pass since most of the big buyers of these loans are tapped out and have spent all of their capital. Your primary concern right now is the first and the foreclosure. Maybe deeding your interest to your partner would relieve you of the foreclosure problem on the first, but not on the second.

    Disclaimer: This response does not form an attorney client relationship and should not be construed as legale advice. Each case is unique. Consult with an attorney in more depth to determine your best course of action.

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  • Do I continue to pay my mortgage while pursuing a deed in lieu of foreclosure (DILF)?

    Taking others advice, I am anticipating probs. with paying my 1rst (Wells Fargo) in 3-4 months and have put my property up for sale. This is a vacant rental property in the mountains where no one is buying . I have a LOC (US BANK) that I can draw ...

    Raffy’s Answer

    If you stop paying on the first, the first may begin foreclosure proceedings. The other disadvantage of no longer paying on your first is the damage that it will inflict on your credit score. If your credit is in fair shape, it is the one thing that will help you move on once you are through this financial tough spot. Having said that, if you are going into debt and borrowing money just to keep the payments on the first current, you may want to consider that you're probably dumping good money after bad by doing so. You should consider that even once the 90 days are up, there will probably be another 2-4 weeks (or more) of back and forth with the bank to complete the DILF.

    The IRS has become somewhat cooperative in removing liens against homes if they feel that the liens are obstructing a sale of the home that may favor the taxpayer. Whatever the IRS's reasoning was for removing the lien that secures the tax debt, it is the IRS's prerogative to remove the liens. In removing the liens the IRS doesn't forgive the debt, it has only removed the lien against your property for those debts.

    Think of the debt itself and the lien they create as two separate things. Just releasing a collateral (the lien) doesn't absolve the debt. That's most likely what has taken place.

    Disclaimer: This response shall not be construed as legal advice. Each case is different. Do not act on this information without consulting an attorney in person about your case. This response shall not form an attorney client relationship.

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  • Can IRS lift liens on a home to allow an investor to sell the home that was purchased after the second mortgagge went into forec

    In 2006 I was unemployed and I asked IRS to forgive my back taxes. After filing Chapter 7 in 2007 my second mortgage went into foreclosure. The investor who purchased the second mortgage evicted from the home. In 2008 IRS lifted the tax leins o...

    Raffy’s Answer

    The IRS has become somewhat cooperative in removing liens against homes if they feel that the liens are obstructing a sale of the home that may favor the taxpayer. Whatever the IRS's reasoning was for removing the lien that secures the tax debt, it is the IRS's prerogative to remove the liens. In removing the liens the IRS doesn't forgive the debt, it has only removed the lien against your property for those debts.

    Think of the debt itself and the lien they create as two separate things. Just releasing a collateral (the lien) doesn't absolve the debt. That's most likely what has taken place.

    Disclaimer: This response shall not be construed as legal advice. Each case is different. Do not act on this information without consulting an attorney in person about your case. This response shall not form an attorney client relationship.

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  • My second mortgage was purchased by an investor. After evicting me from the home and IRS lifted a tax lien, the investor sold it

    In 2006 I asked IRS to forgive my unpaid taxes because I was unemployed. In January of 2007 I filed Chapter 7. My second mortgage forclosed on me and an investor purchased my second mortgage and evicted me from my home. In 2008 IRS lifted tax l...

    Raffy’s Answer

    The IRS has become somewhat cooperative in removing liens against homes if they feel that the liens are obstructing a sale of the home that may favor the taxpayer. Whatever the IRS's reasoning was for removing the lien that secures the tax debt, it is the IRS's prerogative to remove the liens. In removing the liens the IRS doesn't forgive the debt, it has only removed the lien against your property for those debts.

    Think of the debt itself and the lien they create as two separate things. Just releasing a collateral (the lien) doesn't absolve the debt. That's most likely what has taken place.

    Disclaimer: This response shall not be construed as legal advice. Each case is different. Do not act on this information without consulting an attorney in person about your case. This response shall not form an attorney client relationship.

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  • My wife and I are being told that we need to pay B of A $3,000 in order to be offered a deed in lieu. Is this worth it?

    We owe 220K on one loan, and 50K on another - both used only for initial purchase of the home. The house is now worth about 100K, and we can't get offers on a short sale. B of A services both loans, and told us this morning that they would only c...

    Raffy’s Answer

    Very simply, the decision is going to come down to which you want on your credit profile, a deed in lieu of foreclosure or a straight out foreclosure. The latter is typically viewed as more derogatory.

    Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.

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  • We have about $200,000 negative equity on our home. It it advisable to walk away from the home instead dividing the liability?

    What are other options? would the mortgage company by sympathetic to one of us to rewrite the mortgage and forgive some principal?

    Raffy’s Answer

    Have you approached your lender to negotiate? A loan modification or a short sale of your home may be helpful.

    I have explanations of these options on my website at www.boulgourjianlaw.com

    Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.

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