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?
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.See question
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...
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.See question
Servicer filed foreclosure complaint in June '10. We were served by publication in July/Aug '10. We filed appearance in Aug '10 & have yet to receive any notice of anything related to the foreclosure. The court has not issued Judgment for foreclos...
Yes, you would be personally liable for condo assessments and fees because you remain the owner of your condominium until the mortgage holder completes the foreclosure and obtains the deed to your property. Many condominium associations these days are filing suits for unpaid assessments, so you should be sure to pay the assessments.
This answer is not intended to create an attorney-client relationship.See question
Is it okay to continue to get medical treatment if needed and pay those bills too?
I agree with the previous answer. Sometimes I find that debtors are under the impression that they will get to keep a department store credit card if they pay off a small balance. However, many times your creditors will find out that you filed for bankruptcy and close the card anyway.
This answer is general and not intended as specific legal advice or to create an attorney-client relationship.See question
dO I HAVE TO PAY SOMETING IN TAXES OR DO I HAVE TOGO TO BANKRUPTCY? DO THE GOVERMENT CAN GARNISH MI MONEY? MY APARTMENT WAS LIKE 100' UNDER THE MORTGAGE LOAN. wHAT I CAN DO ?
Are you certain you did not get a 1099-C? That is normally the form that would be sent with regard to cancellation of your mortgage debt. If you did not get a 1099-C, you should first contact the lender.
Second, do not panic. You should consult with a tax attorney or other qualified tax professional to do your taxes. That person can help you determine whether the canceled debt would be considered income by considering whether you can meet the criteria for certain exclusions relating to canceled debts, such as the insolvency exclusion or qualified principal residence exclusion. Under the latter, if no portion of the loan is unqualified debt and your principal residence indebtedness does not exceed the IRS cap (as of 2009, $2 million, or $1 million if married filing separately), you can generally exclude the canceled indebtedness from income.
For more info, check out IRS publication 4681. But do seek the assistance of a qualified tax professional. I wish you the best of luck.
(This answer is intended to be general in nature and not as specific legal advice. It is not intended to create an attorney-client relationship.)See question
The condo is debt free in ga. What is required forms, etc.?
Yes, you can. You'd need to prepare and record a quitclaim deed. Still, I recommend using an attorney just to make sure that it's done correctly. I doubt that it would be very expensive, and it would be worth it for your peace of mind.
(I am an inactive member in good standing of the State Bar of Georgia. This answer is not intended as legal advice, nor is it intended to create an attorney-client relationship.)See question
We have tried to work with our lender but have met a lot of resistance. We have been told to just walk-away. Is this good advice?
Certainly this is a very difficult decision. It is also a very fact-specific and personal one, and I believe most lawyers would be hesitant to advise you in an online forum.
It sounds as if you are inquiring about the possibility of a deficiency judgment if you just walk away. Although in Arizona a lender can obtain a deficiency, Arizona law protects borrowers from deficiencies in many instances. For example, one section of the foreclosure law protects borrowers against deficiency judgments where there is a single or dual-family dwelling on 2 1/2 acres or less where the loan is "purchase money" (i.e., used to pay the purchase price of the property).There are other statutory sections that provide certain deficiency protections as well.
To make an informed decision, I believe you should consult with an experienced foreclosure attorney in your state for guidance. Good luck to you.
(I am not licensed in Arizona. This answer is intended as a general discussion and is not meant to be construed as legal advice or to create an attorney-client relationship.)See question
of assignment are after filling date? how does the plaintiff prove he holds the original note? What if plaintiff admits he lost the note?
Your questions are too involved for an online answer, and the case law for each state is different. Generally speaking, it appears that Florida judges are open to arguments regarding retroactive assignments (see Jeff-Ray Corp. v. Jacobson, 566 So. 2d 885 (Fla. Dist. Ct. App. 1990) (where mortgage assignment was not made until four months after case was filed, plaintiff did not have standing and was required to file new action).
Notes are negotiable instruments; their enforceability is governed by the Uniform Commercial Code. I won't go into it here, but the Code provides for such things as "lost note affidavits" that a plaintiff can produce in an attempt to show that the original note was lost or destroyed. If the documentation is genuine, the plaintiff could potentially maintain a foreclosure suit.
I suggest meeting with a Florida foreclosure attorney as soon as possible to discuss your case. Your state has many fine lawyers who are on the cutting edge of foreclosure litigation; I recommend doing a little research to find one who has succeeded on motions to dismiss for lack of standing.
(I am not licensed in FL. This answer is not to be construed as specific legal advice for your situation and is not intended to create an attorney-client relationship.)See question
My question involves a foreclosure in the State of: Washington I was granted a Home Modification in June. The payment went down from about $2500 to about $1500. The next month (July) I filed for BK in July-mortgage was discharged in Oct. I did ...
I agree that a Chapter 13 could help you if the bank decides to accelerate and foreclose. But before you do that, you should definitely try talking to your loan servicer and tell the servicer that you had termporary setback and you'd like to get back on track. The servicer may work with you. Of course, without seeing the modification papers it's hard to say what will happen, but it doesn't hurt to try.
(Please note that this answer is not intended to create an attorney-client relationship.)See question
Last year, I owed Sallie Mae over $56,000. My monthly payments were more than I could afford, so I applied, and was granted, an IBR. I paid this new amount, every month, on time. But the interest is more than I make a year. When the IBR expired, ...
I do not recommend letting a student loan go into default. The government has powerful tools at its disposal to use against defaulting borrowers, such as garnishments and tax refund offsets.
Student loans are rarely dischargeable in bankruptcy, but bankruptcy can sometimes still help because allows the debtor to discharge other debts. The discharge then frees up room in the budget to make the loan payments. It sounds as if you may be a candidate for Chapter 7, particularly since you have few assets. However, you don't say how much consumer debt you have. If it's very little, bankruptcy may not do much for you.
I would recommend seeing a bankruptcy attorney in your area for a consultation.See question