Second mortgage holder filed a Notice of Default on 8-12-2011. I filed for Chap. 7 on 9-29-11. First mortgage holder filed for and was granted relief from automatic stay and is proceeding with foreclosure. The send mortgage holder has just filed f...
I agree with the first answer. Note that, although the QWR is not an effective delay tactic, it is a useful tool for "informal discovery." Moreover, a servicer's failure to respond to the QWR in accordance with RESPA can also give rise to a counterclaim, which will effectively delay the foreclosure proceeding.See question
I was told that the redemption date keep getting pushed back because freddie mac cant get the deed. I also believe the paper work is improper for foreclosure.
Both of the above organizations are excellent. The Legal Assistance Foundation of Chicago also defends foreclosures.See question
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...
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.See question
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...
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.See question
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...
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.See question
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.
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.See question
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...
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.See question
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...
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.See question
Will my bankruptcy protect me from a deficiency judgement due to foreclosure? How long will I be protected if foreclosure drags?
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.See question