Lance E. Olsen's Answers

Should we hire a lawyer even if we don't want to keep our home (we're facing foreclosure)

In Washington, the result of a nonjudicial foreclosure will be to extinguish any personal liability that you might otherwise have for the note secured by your deed of trust. In other words, once the lender sells the property at a trustee's sale, you will owe nothing more on that loan. If you have a second or third mortgage, you may need to deal with those lenders, but the first mortgage holder is limited to the property or what a third party pays at the trustee's sale. A deed in lieu may have o

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Am I responsible for payment if I try to do short sale?

If you do pursue a short sale option, be sure you know whether the lender will continue to try to hold you personally liable for the balance due or will waive that balance on the closing of the sale. If you have received a discharge in bankruptcy since the time of your loan, this will not be an issue but if you have not, the lender could sue you personally for the balance owed even after consent to the short sale.

Can i be evicted when my landlords building is in foreclosure.?

The rights of your landlord to evict you from property are governed by state law and the terms of the lease that you signed. Even if the property is currently under threat of foreclosure, the owner of the property retains all rights in the property up to and until the point of the actual foreclosure sale. Continuing to remain in the property and pay rent may or may notbe a good idea depening on several factors including the lenght of your lease, size of your deposit and availability of...

Right to recend?

At what kind of auction did you purchase the property? What form of deed did the seller issue to you at the time of sale? Who was the selling party? Sorry to answer a question with a question but without this information I don't think that you could get a particularly good answer.

What is pre foreclosure??

Pre-foreclosure likely means that you are in default but that the lender has not yet referred the matter to local counsel to initiate foreclosure proceedings. Although I am not admitted in California, it is my understanding that you should have not less than 120 days from the time that notice of the foreclosure is recorded and mailed before a sale can occur.

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CA foreclosure law, negotiating with lender

I am not admitted to practice law in California but as an attorney admitted in other states I would reccomend that you be very careful in paying money to a company on a promise that they will work out an agreement with your mortgage company. I do not know what you mean when you report that the mortgage company is not cooperating but there may be a number of factors at play that will limit what solutions could be available. This company that has approached you may in fact be legitimate but...

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What can i do about foreclosure?

To the extent that the foreclosure process is judicial in your state, you could contact the foreclosing attorney and offer to consent to judgment. This is not available in all states but if you truly only want the process over, it might provide expedited relief.

Is it really possible to sue the bank to make them produce the original note to stop a non-judicial foreclosure in California?

Although the party foreclosing the obligation must have authority to enforce that obligation, either by being the holder of the note or entitled to hold the note, there is no specific requirement that a foreclosing party produce the original note as a precondition to foreclosure.

My husband filed bankrptcy on a loan 8 years ago. Can he be sued now?

The Debt may be subject to a bar by the statute of limitations depending on the particular facts of the contract, the debt, and activity since the debt. However, if the bankruptcy case was dismissed without discharge, it most likley did nothing to absolve your Husband of the obligation.

CA state foreclosure law

I am not admitted in California but generally speaking if your lender choose to foreclose the home nonjudicially, it cannot pursue you for a money judgment. Only if the lender chose to sue you personally on the note or, in limited cases, pursue foreclosure judicially would the lender have any opportunity to collect money from you personally. THe vast majority of foreclosures are completed nonjudcially and thus in the vast majority of cases, the lender accepts the real property as satisfactin...