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Andrew C Evans

Andrew Evans’s Answers

2 total

  • House foreclosed, got a notice from banks atty office on 10/20 basically that i have 90 days as tenant and then have to move out

    i gave a 3k security deposit when i moved in in 2003, 1) what happens to my deposit and 2) how clean do i have to leve the house when i move out---i was going to leave a lot of stuff behind/furniture

    Andrew’s Answer

    Under the Obama regs passed in the last few years, if the property was re-purchased by the bank at the foreclosure sale, the bank has to honor your lease agreement if it was written, pre-dates the foreclosure notice and the landlord was not a relative. If a third party purchased the property at foreclosure, a 90 day notice is all that is needed. You will have a difficult time recovering your deposit because the landlord most likely does not have any money. It would be better for you to clean the property as best as possible and not leave anything behind upon move out.

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  • Foreclosure or short sale

    Purchased my home in Ga. in 2004. My husband passed away 2 months later. I filed bankrupcy in 2004 but kept my home. I remarried in 2005. My decessed husband is on the original loan. He had 5 heirs and all but one signed over the house to me. I go...

    Andrew’s Answer

    HAFA is the streamlined short sale program recently initiated. It was designed to speed up the short sale process with minimal success. The short sales typically take 6-8 months to finalize, so I would start with getting your property listed. The true benefit of the short sale is that deficiency suits against the homeowner are typically waived if the bank approves the sale. Additionally, a short sale is listed as a settlement of debt as opposed to a discharge of debt for foreclosure. The difference could be one or two hundred points on your credit score.

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