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Sean Sullivan Hanley

Sean Hanley’s Answers

55 total

  • How long should I wait before Applying for a Mortage after A Bankruptcy?

    I was discharge from a chapter 7 in March . I have 20% for a down payment for a home how long should I wait before Applying.

    Sean’s Answer

    There is no strict time limit; however, qualifying for a loan to acquire a new property within ~5 months post-Bankruptcy discharge is going to be difficult.

    YOu should discuss this with local IL counsel as the practical impacts of Bankruptcy (i.e. how long after Bankruptcy discharge will it take to qualify for a new loan) are potentially different than in CA.

    Due note, however, that Chapter 7 Bankruptcy lasts on one's credit report for 10 years, which will be clearly identifiable by your prospective future lender(s).

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  • I have a first on my califorina home at $230.000.00 my property value is at $175.000.00I have a second on my house HELOC of

    42.000.00 in my wifes name only,She had passed last year ,I can not afford both loans ,What should i do ,Am i liable for second?

    Sean’s Answer

    Assuming you cannot afford both loans, you stop paying on both and let the house go into foreclosure, you may be personally liable for the "sold out" junior HELOC.

    The general idea is that if the First Trust Deed lender pursues a foreclosure using the Non-Judicial method (i.e. Trustee's Sale), then the First Trust Deed Lender (i.e. your first mortgage) will not be able to pursue you for any deficiency ($55k) (difference between the fair market value and the loan amount).

    Your HELOC, however, will likely be "sold out" from the foreclosure, meaning that there will be no remaining equity derived from the foreclosure sale to pay off any amount owed to your "sold out" junior creditor. Thus, given that the security is gone (i.e. property is taken by First Trust Deed Lender), your sold out junior HELOC can potentially sue you for a breach of promissory note ($44k).

    You need to consult an Attorney regarding the specifics of your case - especially in regards to the fact that the 2nd loan is in your wife's name only (community property principles apply in California).

    As far as Bankruptcy, if you plan to let your home go into foreclosure anyway because you cannot make the payments now or in the future, and you have other unsecured debt that would be discharged in a Chapter 7 Bankruptcy, you can file for Chapter 7, discharge any and all of your dischargeable unsecured debt (ex: credit cards), surrender the home, and have no remaining personal liability for either of the loans (not to mention the potential tax consequences that may arise due to "forgiveness of debt income").

    You should consult legal counsel regarding your case as this inquiry is fact specific.

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  • Chapter 7. How does the fact that I have 50/50 custody play into my household size for means test purposes?

    Going into chapter 7. Have 50/50 arrangement and property is in the process of being split up by family law court in CA.

    Sean’s Answer

    As indicated by the other Attorneys, you should consult local legal counsel regarding this issue as trustees' policies regarding an issue such as this differ.

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  • Who is reliable?

    I live in an apartment complex. Our washer malfunctioned and we were given the option of washing in another apartment in our complex. The apartment was across the street on the third floor. For several days we washed loads of clothes there. We...

    Sean’s Answer

    You should contact local legal counsel regarding this matter.

    It is good that your property manager admitted fault - do you have this in writing? Do you have anything else in writing from the apartment complex regarding the issue?

    The best course of action is to likely contact local legal counsel to contact the appropriate parties on your behalf and request redemption of the reasonable value of goods your lost.

    Should this not work, you can always proceed with a small claims action - jurisdictional limit is $7,500.00. Yet, please note, there are some issues in your case that would benefit you greatly to talk/seek the assistance of a legal professional working in this area.

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  • HOA sent me a lien and foreclosure letter including the post BK and discharged BK amount..

    I understand i am not liable for the discharged HOA fees but responsible for post bankruptcy dues.. How do i properly handle this situation? I do not have the money to hire an attorney. The Lien and foreclosure letter said to contact the Federal...

    Sean’s Answer

    As advised by previous counsel, you need to make sure that you pay the post-petition dues.

    To address the harassment side of your post, you may wish to write a letter to the HOA board indicating the violation of your privacy, detailing the malicious conduct of your HOA owner, and requesting that further malicious conduct cease.

    Be careful, however, as previous posts mentioned, you do not want to find yourself in a retaliatory situation, whereby the HOA owner/HOA in general retaliates against you. This, if course, would likely be a violation on their part, but in this office's experience, fighting an HOA can be very costly and time consuming.

    Regardless, you should consult legal counsel regarding the best way to handle this situation given your entire factual scenario.

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  • E.g.If a tennant is unable to pay rent due to loss of job, how long does it take a Landlord to evict? And how many months am I

    looking at as my time in my rental.

    Sean’s Answer

    There are many steps that must be followed for landlord's to complete an unlawful detainer (eviction). The following is a general guideline of the steps that must be followed to evict a tenant.

    Landlord's FIrst Step: Service of notice. For non-payment of rent, 3 day notice to pay rent or quit will likely be served.

    Landlord's Second Step: File and Service of Unlawful Detainer Complaint and Summons (and, potentially Prejudgent Claim of Right to Possession). This gives the tenant 5 days to answer the UD complaint (although some court's local rules provide a longer period to answer the suit if served by "substituted" service).

    If the tenant answers, then the landlord must Request the Case for Trial. Counties differ for how long trial will be set. In Santa Clara County, trials are set within 20 days of the request of same

    If the tenant does not answer, then the landlord can proceed with a Default Judgment, at which point, they will seek to secure a Writ of Possession to reclaim the property.

    The tenant can request a Stay of Writ of Execution from the landlord (this is freely granted by Judges, at least in Santa Clara County). The tenant can request up to 40 days extra stay in the property so long as they pay the per diem amount to stay (up to 40 days), and deliver the necessary paperwork in court in the limited prescribed time period.

    This advice is general in nature. If your goal is to lengthen your stay at your premises, you should consult local legal counsel as there are many variables to the unlawful detainer process and practical negotiation techniques that can be employed by compotent professionals that handle matters in this arena.

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  • Can I evict my husband during our separation if the title of the house is in my name only?

    By legal definition, we have been "separated" for almost 8 years. Our legal separation has not gone through yet. He currently lives in a lower section of the house, but has not contributed financially in any way for almost 4 years. I have been sol...

    Sean’s Answer

    You should contact local legal counsel regarding the specifics of your case and how to best practically evict your ex from the home.

    You may be able to proceed with a full blown unlawful detainer action (eviction). Of course, this assumes that there is no agreement (separation or otherwise) that allows him occupancy of the house rent-free.

    Please note, even if you can proceed with an unlawful detainer, it does not mean that is the best practical way to handle this matter as evictions are costly and timely. So, you should consult experienced legal counsel to determine the best course of action given your factual scenario.

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  • A CA invstmnt property significanly underwarer. Has decent income. How likely the bank to puersue deficieny on strategic default

    I am in CA and has an investment property that is significanly underwarer. I has put the hourse for short sale but so far not getting any reasonable offers. What is the likelihood the lender (Chase) will pursued deficiency if I end up with strateg...

    Sean’s Answer

    The other answer supplied is correct (i.e. Senate Bill 931 as of 1/1/11 prohibits first trust deed lender from securing a deficiency in a short sale context).

    To answer the other part of your question, if the property is foreclosed on (rather than short sale), the probability that the lender will pursue a deficiency judgment depends on a myriad of factors, such as the type of Foreclosure proceeding used by the lender (Non -Judicial or Trustee sale vs Judicial), the type of loan(s) you have (purchase money or non-recourse vs refinanced/recourse), and in limited circumstances, whether the same institution holds the first trust deed and second trust deed.

    Foreclosure issues are typically not those can be adequately addressed in a simple Email response. You should contact competent local California legal counsel regarding this issue.

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  • I cant pay my mortgage. I will likely lose it to forclosure. Can I protect a condo in another state that I own free and clear?

    Purchased CO prop. in 1995 paid off in 2004. Purchased CA prop in 2005. Behind 1 month mortgage payments, 2 months HOAs.

    Sean’s Answer

    Please note that if you have more than one mortgage (i.e. you pulled out a HELOC or second mortgage) after the purchase of your property, you may be personally liable to the amount that loan is not covered by the remaining equity after the foreclosure of your first trust deed lender.

    2nd mortgages of these type are called "sold out juniors" in a Non-Judicial foreclosure scenario.

    If you only have one purchase money mortgage that you never refinanced, then the lender cannot pursue a deficiency against you regardless if Judicial Foreclosure or Non-Judicial Foreclosure is used by your lender. If you have only one mortgage that you refinanced, then the lender can only pursue you for a deficiency if the lender pursues a a Judicial Foreclosure.

    Please note, there may be tax implications associated with your foreclosure. You should contact competent local legal counsel to discuss the specifics of your case.

    See website for Foreclosure Services.

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  • How long can I stay in my house without paying mortgage and is there things I can do to stay free longer?

    How can I nego with the mortgage bank to stay without paying, should I file BK?

    Sean’s Answer

    Please note, after a Non-Judicial Forelcosure (Trustee Sale) is finished, the new landlord (typically, the foreclosing bank) will start an eviction to remove any tenants and reclaim the property

    The eviction process starts with nottice to the borrowers. The type of notice you get (3 day,60 day, 90 day notice) depends on your tenant status in the property. If you are the borrower, you will be supplied with 3 day notice. If you are not the borrower, you can potentially get up to a 90 day notice if you are on a month to month tenancy.

    Filing for Bankruptcy will delay the foreclosure process (Automatic Stay) usually during the pendency of Bankruptcy. See my guide entitled "will filing for bankruptcy save my home" for further information (website).

    Hope this helps. You should consult legal counsel on the specifics of your case.

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