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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3649
Experience:  Experienced real estate lawyer and real estate broker.
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A past foreclosure
, I had my house foreclosed on in

Customer Question

Customer: a past foreclosure
JA: Thanks. Can you give me any more details about your issue?
Customer: I had my house foreclosed on in 2011, and i just found out that i owe a $44,000 cancellation of debt. in going through online records im trying to figure out how i owed a $44,000 when the house sold at auction for more than i owed.
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to Real Estate Law Experts (you only pay if satisfied). There are a couple customers ahead of you. We can help you for less if you're not in a rush. Are you willing to wait a bit?
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Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 1 year ago.

Could you explain a little more?

If the house sold for more than you owed, did the firm handling the foreclosure for the lender contact you about the surplus?

If not, did you contact the Attorney/lender and ask for the surplus because it belongs to you?

Customer: replied 1 year ago.
I walked away from the house in 2008 (family problems) so i have no info on the foreclosure at all. Everything I have is from public record. The firm that did the foreclosure was ReconTrust, which is no longer in business from what i can tell. Not surprizing considering all the lawsuits against them. This is the info i pulled from the public record
History Record # *****
Sale/Transfer:
Recording Date: 05/24/2011 Sale Date: 05/05/2011
Document Number: 2011.228569 Sale Price: $173,923.00
Document Type: DEED TRANSFER Sale Type: CONFIRMED
Title Company:
Buyer: CITIBANK NA SERIES
2007-QX1
Seller: RECONTRUST CO NA
History RecordThe last statement i have from the mortgage showed a balance of 124,000 ish...I am currently waiting on someone from BofA to contact me regarding this, but I have a feeling that they arent going to give any good news....it is BofA after all. And ReconTrust is one of their subsidiarie.
Expert:  Phillips Esq. replied 1 year ago.

Thank you for the information.

It does not matter that you walked away from the property. If the property was sold for more than you owed, you may be due for a refund after payment of the foreclosure expenses. So, you would need to wait for a response from BofA before taking further action in the case.

Also, eventhough your balance showed $124,000.00, that may not be the actual balance. Your pay-off figure would most likely be more than after calculation of interests, late charges, and other fees that the lender may come up with.

Customer: replied 1 year ago.
I understand that the balance after all their fees would be more.... but there is no way i can make it work for me to have a cancellation of debt worth 44,000 dollars. It seems like that amount should be flipped. I dont know what to do. The IRS is only giving me till Feb 5th to file the taxes from that year, and seeing as i have been unemployed for 7 years and battling stage 4 cancer, I dont have an extra 7000 grand to pay them the taxes owed on that amount.How does a home go out of foreclosure?
Foreclosure:
Recording Date: 09/23/2008 Filing Date:
Document Number: 2008.518980 Orig Recording Date: 05/23/2007
Document Type: RESCISSION OF
NOTICE OF DEFAULTI did nothing, like i said i walked away in June of 2008. I really feel like there is something strange going on.Doree
Expert:  Phillips Esq. replied 1 year ago.

I have no additional information for you. So, I will opt out and give another Attorney the opportunity to further assist you.

Expert:  John replied 1 year ago.

Website error

Expert:  WiseOwl58 replied 1 year ago.

Please accept the phone chat and we can discuss in more detail. Good luck to you. I wish you all the best.

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