Skip to main content
Robert H Nagle

Robert Nagle’s Answers

69 total


  • I live in Maricopa County, AZ. How long will I have to vacate my apartment after the judge approves my eviction?

    My court date is the 31st, and I don't get paid till the 3rd. How long can I stay in my apartment once the decision is made by the court to evict me?

    Robert’s Answer

    Assuming the court date is with respect to your failure to pay the rent, it is my general understanding that even with an order in Landlord's failure, it merely allows them to go get the sheriff to forcibly remove you. The risk you have is that the sheriff is available to immediately come to your apartment.

    See question 
  • Who is best to negotiate the payoff of student loans?

    I have several student loans that total about $30k. I have never been in default and have been paying on these loans for 10+ years. The interest rate is 8.75%. I think I have paid over $30K to date on these loans. I am interested in finding a ...

    Robert’s Answer

    I'm not the guy who can help you directly, but try calling Cindy Hynes at McCarthy Law, 602-456-8900.

    See question 
  • Short sale, pay off credit cards?

    should I pay off credit cards waiting for short sale to minimize credit impact?

    Robert’s Answer

    Without more information about your overall situation, including whether you might have liability to a HELOC lender, you are certainly free to use the monies you are not paying to the lenders any way you wish. As far minimizing impact on your credit score, the question I have is whether you are not paying your credit cards at all. That, along with the short sale, would really hurt your score. If the only late payments are on the home loans, and you don't have any other lates, then generally, your score should recover in 2 years and you won't be be able to get a home loan for 2 years, so you should be good. But, understand this is all based on the limited question you asked below; all the facts may well yield a different answer.

    Robert

    Visit us on the web at www.naglelawgroup.com

    Also visit us at:
    http://www.facebook.com/residentialattorneys
    http://twitter.com/naglelawgroup
    http://www.naglelawgroup.com/blog/
    http://www.youtube.com/user/NagleLawGroupArizona

    See question 
  • I was served this morning with a summons that states I must file a response within 20 days. The complaint is that I have breach

    of contract for not paying my second morgage that was on a home that foreclosed. The same bank issued the first and second morgage. I live in AZ. The amount suing for is $20,500 plus attorney fees. Can they do this and what do I need to do? Get a ...

    Robert’s Answer

    If the second mortgage was a "purchase money" mortgage, and your property qualified for anti-deficiency protection, then they shouldn't be able to do this. If your second mortgage was not used to purchase the property, or the property doesn't qualify, then in fact they can sue you. I don't handle this type of matter now that there's litigation, but email me and I can give you the name of someone who may be able to assist you.

    See question 
  • How long does 2nd home mortgage rider stay in place? Have decided to move abroard and want to rent property

    Also can we transfer the title to an LLC to protect other assets ?

    Robert’s Answer

    While you can transfer title to an LLC, you may trigger a due on sale clause which may create immediate issues for you. In addition, creditors can "undo" such transactions within certain time frames, so there is no certainty that such a move will be effective. It is likely that there are other options to consider, including whether it is even worth keeping the house and trying to be a landlord when you will be so far away.

    See question 
  • Foreclosure or Short Sales in Surprise AZ

    I purchased a house in Arizona in 2005 as a second home. In 2007 I started renting it out, but I don't receive enough to pay the monthly mortgage. I have to put $1000.00 every month to cover it. I have another rental property in CA that pays by ...

    Robert’s Answer

    You have the practical and the legal to consider. On the legal side, if you only have a single loan on the property (or a second loan that is purchase money) and the property qualifies for anti-deficiency protection, then you have the option to foreclose or short sale. Which you choose depends on a number of factors, including when you anticipate borrowing money again, as well as costs of carrying the property aside from the mortgage. If you have a second, non-purchase money mortgage, e.g., a HELOC, then you still have the same options but short selling may carry additional advantages that you will need to explore. Whether the lenders pursue (or can pursue) other assets that you have will depend on the actual facts of your circumstances, and ultimate decisions that you make. Regardless, you should also discuss your situation with a tax advisor. You may have tax consequences and, should you elect to short sell, you likely would want to push closing into 2012 so that any gain is in the next taxable year.

    See question 
  • How often should a lease be renewed and if there is a rent increase should a new lease been signed?

    havent signed a lease since i moved in 5yrs ago did not sign a new lease when rent increased.

    Robert’s Answer

    As Mr. Press indicated, you are likely at best in a month-to-month tenancy situation. With that legal information in hand, the next question is what to do with it. Do you want to firm up your situation and execute a lease, thus protecting yourself from early (and unexpected) termination? Or, is flexibility important? What about the landlord? Any risk that they might default on the loan encumbering the property? A signed lease helps protect you.

    See question 
  • Breaking lease and gave landlord 4 months notice. he said i forfiet my last months rent because i am breaking my lease

    but it doesnt state that in my lease agreement. do i still loose it?

    Robert’s Answer

    Of course, I need to see your lease to give you any firm counsel about this. That being said, how early did you break your lease, i.e., you gave 4 months notice, but was there 8 months left? I ask since in my scenario (and, frankly, almost any other), you are liable for the rent for the remainder of the term. So, practically speaking, if you are terminating early and the landlord is retaining one extra month's rent from you, I would strongly recommend formalizing this "settlement" with the landlord so you don't need to worry about any future claims.

    See question 
  • In the state of Arizona, is it better to do a quitclaim deed back to bank, a short sale, or a foreclosure?

    We are not interested in keeping the house. Is it better for us to quitclaim the house to the bank and hand over the keys? Would a short sale cause further financial obligations in any way. What are the financial implications if it goes through...

    Robert’s Answer

    Mr. Seegmiller is helpful, but in addition to the legal side is the practical side. First, we, as homeowners, do not have the option of dictating to the bank how we intend to divest ourselves of the home. You can stop making payments and the lender will eventually foreclose. Or, you can attempt a short sale. A deed in lieu is an alternative avaialable to the lender, and is rarely offered (foreclosure being a less expensive alternative).

    Assuming a non-judicial foreclosure and assuming your home qualified for anti-deficiency protection, then the bank cannot pursue you for the deficiency balance. If you short sell, it will be critical to have a lawyer review the Approval Letter issued by the lender to insure that you have no post-sale liability. As far as the IRS, if the house is your primary residence and the loan was used to purchase or improve the residence, then the amounts forgiven are not taxable.

    Hope this, together with Mr. Seegmiller's reply, helps.

    See question