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Sandra Margaret Emerson
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Sandra Emerson’s Answers

153 total


  • When second mortgage is a purchase loan issued with the first loan, can lender come after you upon foreclosure?

    I foreclosed on my primary residence in IL nearly 3 years ago. I have been contacted by Real Time Resolutions who is trying to recoup the money from the 2nd mortgage which was a purchase mortgage from the bank (80%/20%) split mortgage. The 2nd w...

    Sandra’s Answer

    Yes, they can pursue you. If I understand your question correctly, the home has already been sold at foreclosure sale and now the collector for the second mortgage is pursuing you for the outstanding balance.

    The foreclosure may extinguish the lien, but it doesn't extinguish the debt. You may want to consider filing a bankruptcy; I recommend consulting with an attorney for advice.

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  • HAMP modification

    When I bought my house I was single and the only name on the mortgage. I have been trying to get a HAMP modification for 20 months. My wife finished school and got a high paying job 1 month ago. With both of are incomes we will not qualify for a H...

    Sandra’s Answer

    I agree that you should retain a lawyer (specifically, a lawyer whose practice is concentrated in loss mitigation and foreclosure defense) to assist and advise you. Sadly, only about 10 percent of HAMP applicants are successful on their own.

    Moreover, HAMP is just one loss mitigation option. There are, and always have been, in-house modifications, which in many cases contain terms that are more favorable than those found in HAMP. There are also other options for which you may qualify.

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  • Foreclosure Question in Illinois

    How long does it take after the home is foreclosed for the lender to come after you. There is also a home equity loan on this property and was wondering if that lender will come after me too. I heard that in Illinois most lenders dont procced t...

    Sandra’s Answer

    What you may have heard is that in Cook County, IL, few lenders seek deficiency judgments against the homeowner if the foreclosed property was the homeowner's principal residence. This is generally true for now. Note, however, that the law provides for deficiency judgments. A deficiency, is fought, would be sought after the judicial sale, when the amount of the deficiency is known. Please note that this is not the case for the surrounding IL counties.

    With regard to the home equity loan, the bank may very well sue you to collect on its note. Such actions are becoming increasingly common due to declining home values.

    You may wish to consult a bankruptcy lawyer to discuss your options.

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  • How old do you legally have to be to move out?

    I live with my mom because my dad died and me and her just can't get along. wen fight constantly and i am not happy living with her i am 17 years old and i really want to move out.

    Sandra’s Answer

    Since you are under 18, you would have to file for emancipation in court and prove that you are a "mature" teen. It's extremely difficult to succeed a parent objects.

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  • I was named in ex-husband's foreclosure. I'm not a proper party as I'm divorced, and I'm not on the mortgage or the deed.

    I was served with the complaint last night. I have no interest in the property. I was on the former deed, and also waived right of homestead and may be why I was named. What steps can I take to remove myself from this action? I have to act p...

    Sandra’s Answer

    • Selected as best answer

    You were named in the complaint because you are someone with, arguably, an interest in the property (for all they know, you could still be living there). For this reason, complaints will also name "unknown heirs and legatees" or "unknown occupants." So, assuming it is true you did not sign a note or assume the mortgage in some fashion, you will not be held liable for the debt.

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  • Forelosure and Bankruptcy help in Illinois

    My ex wife and I divorced in 2006 and she was awarded the house and my divorce agreement states I am held harmless from all debts to the house past, present, and future. My divorce agreement also state she was suppose to remove my name from the mo...

    Sandra’s Answer

    I agree that you should consult a bankruptcy lawyer as soon as possible, so that you can determine if Chapter 13 is an option. Aside from the divorce issues, there are considerations such as whether a viable Chapter 13 plan can be made. Generally speaking, the debtor must have enough income to pay for the mortgage arrearage and current payments.

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  • I filed for bankruptcy late 2010, included mortgage, home going to foreclosure, is deficiency a problem?

    Will my bankruptcy protect me from a deficiency judgement due to foreclosure? How long will I be protected if foreclosure drags?

    Sandra’s Answer

    Both of the previous answers are correct. And of course, regardless of what you stated as your intention on your bankruptcy petition (surrender or reaffirm), you can defend your foreclosure.

    If your second question relates to how long you can stay in the property, it depends on the court case load in your area. You likely have 9 months or more before you'd have to move.

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  • Divorce and Foreclosure question

    My ex wife and I divorced in 2006 and she was awarded the house. In my divorce agreement it states that I am held harmless from all debts past, present, and future relating to the home. Well she never took me off the mortgage as my divorce agree...

    Sandra’s Answer

    I agree with the previous answers. Assuming the property in DuPage County, you may wish to file for bankruptcy because deficiency judgments are routinely sought there.

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  • If I agree to a Deed in Lieu of Foreclosure how damaged will my credit be as compared to a foreclosure and bankruptcy?

    Also, if I qualify for the Mortgage Forgiveness Debt Relief Act with the IRS, would I be liable to pay taxes to the Commonwealth of Mass?

    Sandra’s Answer

    I agree with the previous posters, and would like to add that you should not sign anything without consulting an attorney in your state to be sure that the excess debt is forgiven and to determine the extent of your tax liability. If you are already in foreclosure, a bankruptcy will not be much worse as far as your credit score goes (in my opinion). If there will be substantial tax consequences, you may want to file for bankruptcy instead.

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  • Automatic stay violation and court hearing to remove automatic stay in Illinois

    Creditor violating the automatic stay willfully. I have fax confirmations that they received the filing notice and they are still harrassing me, my referrences and threating to reposses furniture weekly. They now have a court date scheduled at the...

    Sandra’s Answer

    Creditors can be liable for damage to debtors for violations of the stay. If the creditor willfully repossesses your furniture despite the stay, that action would be void and the court can order the creditor to return it. You may seek actual damages, punitive damages, attorney's fees and costs, and return of the property for stay violations.

    The issue of the creditor's motion is a separate issue. It sounds as if the furniture is secured (like a car when you have a car note), meaning that if you don't continue to pay for it, the creditor can repossess it. If you aren't paying, that is probably why the creditor filed a motion to lift the stay.

    When you say $4,000 exemption, you mean the personal property exemption, not the homestead exemption. That exemption doesn't appear to be related to your issues, unless there is additional information you have not posted here.

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