Can a Servicer for a Trustee File a Deficiency Judgment?
Having to endure the foreclosure process can be a difficult experience. You’ve had to relinquish your home, find new lodging, and tolerate months of paperwork and phone calls from the bank. Just when you think it’s all over, suddenly you hear the term deficiency judgment. A deficiency judgment is a ...
In a Foreclosure Case, is Dropping a Party the Same as Voluntarily Dismissing the Case or Releasing the Lis Pendens?
When you are in a foreclosure case you may hear different words and phrases like “dropping a party”, “voluntarily dismissing the case” and “releasing the lis pendens”. You may find yourself questioning what these phrases mean and if they mean the same thing. The answer is that they all mean somethin ...
How to Respond to a Foreclosure Complaint After Signing a Quit Claim Deed
If you have signed a Quitclaim Deed as a result of divorce, or any other reason, that means that the owner of the property, the “grantor”, removes any legal interest and gives it to the recipient, the “grantee”. By doing this, the grantor terminates their right to claim the property, so naturally th ...
If a Bank Sends a Letter Stating They are Forgiving a Mortgage and Have Decided Not to Foreclose, Can You Trust it?
Even the faintest hint of a foreclosure is enough to give any homeowner nightmares. For the homeowner that has missed mortgage payments, the idea of foreclosure is even more frightening. After receiving notice after notice concerning default payments and defending threats of an impending foreclosure ...
Why is the U.S. Bank v. Bartram Case Important?
A court decision issued last year has serious implications for Florida homeowners. In U.S. Bank v. Bartram, decided last April, the Fifth District Court of Appeals held that each default that occurs after a failed foreclosure attempt creates a new cause of action for the lender for statute of limita ...
What is a Deficiency Exposure?
Although a foreclosure may seem like one of the worst events you can face as a homeowner, the nightmare may not end with the lender’s sale of your home. In the aftermath of many foreclosures, many borrowers learn that a discrepancy exists between the home’s sale price and the amount owed by the borr ...
The Pre-Recession Housing Problem: Part 2 of 2
Over the next few years, millions of homeowners must somehow find a way to face this previously unforeseen HELOC reset problem and resulting payment increase. Though some may be able to handle a larger payment, there will still be an enormous number of homeowners who will find themselves in a financ ...
The Pre-Recession Housing Problem: Part 1 of 2
Although the home equity line of credit (HELOC) has been around for many years, it gained popularity in the early 2000s. Far fewer HELOCs are being issued by lending institutions today due to the 2008 financial crisis, but millions of homeowners still have this type of arrangement, and are in for a ...
Does a Lender Have to Own the Note in Order to Foreclose or Can They Just be the Holder of Note?
When homeowners borrow a mortgage loan to purchase a property, they sign both a mortgage (or deed of trust) and a promissory note. The promissory note (not the actual mortgage contract) is the document that contains the promise to repay the amount borrowed from the lender. The owner of that promisso ...
Who Pays a Lien in a Foreclosure?
If you are sued for a sum of money that you may owe a creditor and lose the case, the prevailing party will be granted a judgment. That party may then file a judgment lien, which is a lien that attaches to your real estate. When a creditor files a lien against your property, the lien attaches to the ...
