Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Why do you think Seterus is the seller referred to in section 3.a.?
You are the seller.
1) The statement referred to in section 3 says that if the property is foreclosed before the date referred to, then the contract is cancelled. I know there is no mention of foreclosure, that is what is meant by the property being conveyed to the mortgage insurer or mortgage holder.
2) There is no deficiency waiver in the your contract.
I think this is what you wanted to know. If not, please let me know.Thank you.
Please note that if you have an escrow account, unless otherwise required by applicable law, Seterus, Inc. will make your tax and/or insurance payments only if your account is less than 30 days delinquent or your account has sufficient funds. If your account is more than 30 days delinquent or has insufficient funds for disbursement Seterus, Inc. will not advance funds and you will be responsible for any tax or insurance payments, penalties or interest. Any remaining funds held by Seterus, Inc. in your escrow or suspense account will be applied toward the remaining amounts owed on your loan after payment of the $114,546.70.
Unless otherwise previously negotiated and explicitly stated on the HUD-1, any funds in excess of the discounted settlement amount on the HUD-1 Settlement Statement will be paid by Seterus, Inc. and applied toward the remaining amounts owed after $114,546.70. Under no circumstances shall any funds be disbursed to the borrower(s).
Upon completion of all requirements by borrower(s), Seterus will execute a release and a discharge of the deed of trust/mortgage, including any deficiency balance and, if necessary, will dismiss any pending legal action to collect this obligation. As required by law, Seterus, Inc. may issue a 1099C, Forgiveness of Debt, as a result of this Settlement Agreement. Borrower(s) acknowledges that there may be tax implications resulting from debt forgiveness. Borrower(s) should consult with a tax advisor.
This agreement may have credit reporting consequences. For information about your credit score, go to: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre24.shtm
Our printed name below constitutes our execution of this offer, and it does not need to be counter-signed by Seterus, Inc.
1) Yes - the part of the contract you just sent includes a deficiency waiver.
3) Only if you there is a "power of sale" clause in your mortgage agreement. Such a clause allows a mortgage lender to foreclose without going to court.
4) Not if the rest of the contract requirements are satisfied.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).