Sarah Marie Litchney’s Answers

Sarah Marie Litchney

Roseville Real Estate Attorney.

Contributor Level 8
  1. I am not on the mortgage and my soon to be exspouse wants to short sale. Am I responsible for taxes? We aren't divorced yet.

    Answered 10 months ago.

    1. Peggy Margaret Raddatz
    2. Sarah Marie Litchney
    3. Lee Alan Thompson
    3 lawyer answers

    I assume you mean taxes resulting from any deficiency caused by the short sale and the resulting 1099-C forms that are sent to the IRS by the lender(s). If you are truly not on any of the notes secured by the property then it is not your debt. I assume you will not be filing a tax return jointly with your estranged spouse. Your spouse may be entitled to one of the IRS' several exceptions to owing taxes on the forgiven amounts as well. See IRS publication 4681 http://www.irs.gov/publications/...

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  2. I want to add my spouse's name to a property that I own solely and got a reverse mortgage before our marriage. Can I? How?

    Answered 10 months ago.

    1. Sarah Marie Litchney
    2. Amanda Marie Cook
    2 lawyer answers

    Estate planning by way of adding a spouse onto a deed is not the best route to take and can have a series of bad and unintended consequences. You need to see an estate planning attorney in your area and get a living trust (most likely) or will set up and provide for disposition of your assets to your spouse when you pass.

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  3. Do I need a real estate attorney?

    Answered 11 months ago.

    1. Sarah Marie Litchney
    2. Stephen Ross Cohen
    3. Joshua Andrew Smisko
    3 lawyer answers

    California anti-deficiency laws are only applicable for real property that is located in California. You will need a real estate attorney in Arizona if there is where the timeshare is to advise you, after review of your timeshare documents, on what recourse they have and any anti-deficiency laws that may apply.

    4 lawyers agreed with this answer

  4. Both my first and second mortgage were with Wachovia - which was purchased by Wells. My first was sold to Freddie Mac.

    Answered 10 months ago.

    1. Sarah Marie Litchney
    2. Antoinette Cara Liewen
    2 lawyer answers

    Depending on how upside down your home is and how much would go to the 2nd if the home were to be sold say at a foreclosure, you may be able to settle it. If not you may also be able to receive a modification to deal with the future adjustment. If it is entirely wholly unsecured (meaning more is owed on the 1st mortgage alone than the home is worth) you can also look at a ch. 13 to strip off the 2nd lien after the Ch. 13 plan has completed. If settlement, modification or Ch. 13 are not...

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  5. California Arm length transaction I had a fire loss and was in short sale contract with the different buyers.

    Answered 11 months ago.

    1. Sarah Marie Litchney
    2. Pardis Patrick Ashouri
    3. Stephen Ross Cohen
    3 lawyer answers

    If what you state are the facts it was definitely a violation of the arms length transaction affidavit as well as mortgage fraud which typically also includes mail and wire fraud. I agree with the other attorneys, you need to seek out an attorney to assess what occured and if you were in any way implicated as well.

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  6. Pending Deed in Lieu with bank of America in Florida. Ask to vacate property. Locks changed. If denied can I move back to my hom

    Answered 10 months ago.

    1. Jeffrey Alan Klein
    2. Margery Ellen Golant
    3. Cheryl Rivera Smith
    4. Sarah Marie Litchney
    4 lawyer answers

    My guess is that your locks were changed not as part of the Deed in lieu process but because you are likely delinquent on your mortgage payments and when that happens the banks have the right to send out inspectors who may decide to "secure" the residence. They do this by changing the locks. Typically they will only do this if they think the residence is vacant and no one is living there but I have seen it done many times with people still living in the home. I would call the bank and tell...

    4 lawyers agreed with this answer

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  7. In California, can HOA stop short sale after bank receives short sale offer?

    Answered 10 months ago.

    1. Antoinette Cara Liewen
    2. Sarah Marie Litchney
    3. Michael Raymond Daymude
    3 lawyer answers

    If the house is showing as foreclosed then as the other attorney stated a short sale is no longer an option for you but you may be able to buy the home when it is listed as an REO. You need to check county records to see if a foreclosure did occur. If a foreclosure did not occur and the HOA placed a lien on the property that will need to either be paid in full or negotiated with the HOA in order to complete the short sale once all lien approvals have been received so that the HOA will remove...

    2 lawyers agreed with this answer

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  8. I understand it is unlikely that my heloc will foreclose. I owe $465K on the first and $86K on the heloc. The condo is

    Answered 10 months ago.

    1. Sarah Marie Litchney
    2. Pardis Patrick Ashouri
    2 lawyer answers

    The HELOC since it is a secured loan on the property cannot sue you until the house forecloses. If the HELOC forecloses on the property then under ccp 726a they are unable to come after you for any deficiency. If you are current on your 1st mortgage the 1st loan will not foreclose. Now if your condo continues to gain value and appraises to the point that your HELOC decides it is worth foreclosing on the property in order to get repaid while they can't sue you you will lose the condo. If...

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  9. Can a deficiency judgment be obtained by a lender on a MOTORHOME loan after repossession and sale for less than the loan balance

    Answered 10 months ago.

    1. Sarah Marie Litchney
    2. Pardis Patrick Ashouri
    3. Stephen Timothy Sullivan Jr.
    4. Robert J Adams Jr.
    4 lawyer answers

    Yes, and they creditor may do so anywhere from right away to a couple of years up until the statute of limitations is up and some may even try after. They will sue you for the difference plus costs and fees and once they are awarded a judgment they can garnish wages, levy bank accounts and lien any other property. You should seek out a bankruptcy attorney or if you are unable to file for bankruptcy try to settle with the creditor.

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  10. .My seller said no to disclose negative thing..I withdrew from being his agent. not part of this transaction; I liable?

    Answered 10 months ago.

    1. John Noah Kitta
    2. Sarah Marie Litchney
    3. Pardis Patrick Ashouri
    3 lawyer answers

    Agreed it sounds as if you made your recommendation in writing to the buyers agent so the buyer cannot claim they had no knowlege and can now do their due diligence in following up with the seller.

    1 lawyer agreed with this answer

    1 person marked this answer as helpful