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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
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Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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My home is in foreclosure. auction date is already scheduled.

Customer Question

my home is in foreclosure. auction date is already scheduled. someone wants to buy my apartment which will pay off all the debt including mortgage and condo fees. but then someone else wants to buy my deed. he said he will pay me some money I transfer the deed to his name. he will pay the condo fee and hen deal with the bank.
question: if i transfer the deed to his name can the bank still foreclose on him or they have to start all over a new foreclosure action?
even if i transfer the deed to his name am i still responsible for mortgage. can the bank come after my other apartment and try to foreclose on that one? if they cant foreclose would they be able to put a judgement against my other apartment? i have another high loan on my second apartment and there is not much equity for the first bank to come after me
what is the danger of me transfering the deed to someone's name. is it illegal? would my condo be unhappy about it even if i pay them the same amount as the buyer would pay>? the buyer has made agreement with the condo to pay them less than i owe them and they have accepted it. how about if i ask the guy who wants to buy my deed to offer the same amount to the condo would that be ok or they will not be happy if i transfer the deed to someone;s name? would bank be upset and come after me? would bank be able to foreclose even the deed is to someone else's name?
how do i transfer the deed? does my lawyer prepares it ? can i just get the forms and do it myself >? what if i transfer the deed but the person doesnt record it on time that would mean that bank will foreclose. how do i inform the bank that deed is now changed hands
i am all lost. i haev so many lawyers telling me different things. i need an ansewr a correct one if any risk for me i have to not do that.
the aparmtment is under the water if i include the condo fees owed. the deed buyer wants to pay me and i transfer the deed to his name. he says he knows how to deal with the bank and reduce payments to them therefore he will make his money that way. bank wont accept short sale with me but he says he knows how to bring down the mortgage prices, i am afraid he is just going to get the deed but bank comes after me still and he will have the apartment free of mortgage, i really need help
if i sell i dont make a penny because it covers all the judgements of bank and the condo fees. if i sell the deed to the buyer of the deed i can make some money but i am afraid it is risky and there is a trick to it. please advise
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Legalease replied 5 months ago.
Hello there ---My suggestion is that you do not accept any offer that is not a complete payoff of the mortgage and condo fees ON A FIRM CLOSING DATE WHICH TAKES PLACE BEFORE THE FORECLOSURE DATE. If a buyer is truly interested in doing this you should be able to get a real estate agent to help you to arrange a closing very quickly (it can be done in about a week) with an escrow set up and all payments to be made to the bank and condo association on that closing date (which will be BEFORE The foreclosure date -- you have up until the foreclosure date to facilitate a sale of the property). So, if the first person who can pay off all the debt can get this arranged through a real estate agent before the foreclosure date, you should go with that offer. Even if there is not enough time to arrange the closing BEFORE the foreclosure court date, if you appear in court with a signed purchase and sale agreement between yourself as seller and the buyer and show the judge that the buyer has placed a deposit in escrow to insure that he or she will proceed with the closing, you will probably be able to get the judge to issue a thirty day stay on the foreclosure to give you enough time to get to a legal closing date (using escrow and real estate agent and title company to accomplish). -Regarding the second offer -- you should not agree to it or trust it. Myself and many other attorneys I know have seen this happen over and over again to people like yourself -- what happens is that you give this person a deed, but because the MORTGAGE is still in your name, you are still legally responsible for the mortgage and what could happen is that he can be sitting pretty in the condo (they ask for continuances on the foreclosure and delay it as long as they can and they either live in the condo or rent it our while they are doing a dance with the court). All the while, the mortgage company continues to pursue you for the payments as well because your name is ***** ***** the mortgage (while you can walk away from the property you cannot walk away from the debt). In addition to playing games with the lender, this person will either NOT record the deed OR the condo association will refuse to recognize him as the owner because the mortgage is still in your name (which is their right to do) and so he may pay some of the condo fees but will then let them get run up again in your name. Ultimately what happens is that he gets a year or so of a free condo to live in or rent out until the bank and the condo association realizes what happened here, and while they will take steps to legally have him removed they will also still pursue you for the original mortgage and any additional condo fee debt that has been run up between the time you gave him a deed and the time that the lender actually does take the property back. -If you are unable to save your condo with a legitimate buyer who wants to go through a legal legitimate closing, and you are simply unable to afford to live there any longer, then you might consider seeking protection under the US Bankruptcy laws. If it appears that the bank is foreclosing and both the bank and the condo association is still going to pursue you personally in a civil lawsuit for any money they lose if the sale does not cover the debt, then you can discharge these debts AND all unsecured credit card debt in a bankruptcy proceeding in just a few months time. TO do this, you should consult a local bankruptcy attorney in your area -- if you contact your local county bar association and ask them for referrals to some local bankruptcy attorneys they will give you several names and you can speak to them and then go from there once you consult with the bankruptcy attorney. -Please let me know if you have further questions. If not, can you please press a positive rating above so I will be paid for my time assisting you today? I am paid nothing unless you press a positive rating above (pressing the middle star or the fourth or fifth star on the right of the middle star). Doing so will not cost you any additional money -- it simply acts as the trigger to Just Answer to pay me for my time. After pressing a positive rating, a bonus pop up box will appear and although not required, any bonus is paid directly to the expert without deductions AND is greatly appreciated !! THANK YOU VERY MUCH
Customer: replied 5 months ago.
i already have filed chapter 11 and got 6 months delay but stay eventually was lifted. I have another apartment attached next door with a different bank and mortgage which are only in first stages of the foreclosure action. if I now file chapter*****will take all secured assets including my second apartment and liquidate it. so I will be losing my second apartment sooner than later. So i dont want to file chapter 7 because it will be a danger of losing my safe nest i have for right now because i may have another year or so until foreclosure process goes through court system. so there is no such a thing that my debt will be going away because they sell my home and then my debt goes away. 1.As for my options of selling the apartment i already know it will be a straight forward one and everyone will be paid but i wont make any money at all. 2. The second option transfer of the deed, since as you say the building will be satisfied QUESTION is why would the building care if i do or do not transfer the deed to someone else as long as they get paid same amount of 125k that if i sell the apartment? i think they will be upset if during battel they dont get their fees. would they still be upset if they get paid back pay and monthly payments during battle between the deed guy and the bank? Also the deed guy may let me stay in my home for a while as well, not so sure about it. if i do stay i have to pay the condo fees for both apartments so building wont be upset but not sure if i can afford it.if i cant afford may be they let me rent out the second apartment to give their money but i doubt they will accept. So QUESTION: why would building worry if the bank is happy or unhappy? the bank has to go back to court and fight it out . so what this guy probably has in mind is to give a run around to bank or tell them to agree for payments less than what is owed. i take it since bank has to go through lots more of hearings and delays and losses they may just agree to make peace with him. if they agree this is where i am worried about.right now i owe the bank $1,800,000. they stubbornly wont agree to short sale and they think they will make their money in auction sale which most likely will go for 2,000,000 which building probably will get some amount. but do you know why the building likes me to sell rather than go on foreclosoure auction. i suppose there is a risk apt wont sell for total pay off amount and bank has to pull out of the auction and sell it in open market which means building will be left with unpaid dues much longer. QUESTION: would you know why building prefers me to sell rather than go for forelcousre auction? QUESTION: the second most important issue for me is that if this guy gives run around to the bank and eventually makes peace with them and pays them $1.4M instead of $1.8 M then there would be outstanding mortgage of $400k which I will still be responsible for. Does that mean bank will come after me and put a summary judgment against my second apartment? if that happens would they be able to file a foreclosure action or it will only be a summary judgement? if only summary judgement they have to wait for the second bank to start foreclosure action. if second bank forecloses i know there wont be much money left.QUESTION: if there is little money left, may be $200k, who would take priority? Bank's judgement or building's judgement? right now with first apt building is after bank but it is the bank holding my mortgage. but lets say the second bank takes $1,300k and there is $200 left would building gets it or since first bank has the outstanding amount of mortgage they will get it? this is my main problem. i know deed guy will give a run around to the bank and i think bank will agree to make peace. you said bank will fight in the court come after me why is that important i will lose my home to foreclosure same thing as now. who cares i am losing it now what difference does it make. deed guy may even let me stay in the apartment for another year as long as i pay dues. QUESTION is if he makes a deal with the bank and pays them less would bank come after me for the remaining?. if they come after me for remaining would they be able to foreclsoure on my second apartment or it will be only a judgement. if they are able to get a judgement and then my apartment goes on foreclosure sale will they be the first to get paid from the proceeds of auction of second home or building will take priority? the point is that as long as i am not messing up with the building and somehow satisfy them why would they care about bank. bank played it dirty with me with not agreeing to short sale. FINAL ISSUE: My other apartment i am hoping the second bank wont have the note and never be able to foreclose on me that means i can file for quiet title. if i file building will foreclose on me and get some of equity would this be a wise move? unless i can stay there not file quiet title but pay building to keep happy
Customer: replied 5 months ago.
QUESTION: How about i write in my contract with the deed guy they have to be responsible for total mortgage one way or another. this way when they fight the bank they can make agreement bank wont come after me for the rest of the mortgage. if they do i show them the contract. any way summary is if i transfer the deed and bank doesnt get fully paid would they be able to foreclose on my second apartment or just a judgeemnt. if just a judgement would builing condo fee take priority over their judgement. as long as building starts getting paid would they care if deed is transfered to someone else. if the bank doesnt agree to short sale to deed guy and fights it and comes back after me by then i will owe them alot more than market price courts will force the bank to write off the difference these days so most likley they will make peace with this guy. he is an expert taking all chances what is the risk to me? i dont even own a car. all i have is two apartments both under water and in foreclosure. my only concern is mortgage be attached to second apartment i end up having quiet title building forces foreclosure to get their money and bank will get their summary judgement. but isnt that long way to go? i am 64 years old do i care as long as i am safe another 3 years at least in one apartment and make little money from the deed guy to get my second run down apartment livable? please advise based on all these positive points i have made. not doubting your advise just giving more information from my situation and other assets to explore more.question is why building be unhappy as long as they get paid their monthly condo fees of both apartments and their 125k for now. why would bank move to fight this for another year lose money and get less because their cost will go up? what are the disadvantage to me but a judgement. if lose my second home judgement will be nothing to me no equity in the second apartment. only time judgement will affect me is if i get quiet title on the second apartment. what are the chances i get quiet title i dont know. the statue of 6 years from the acceleration is already past. they have not attached the note to the summons. i an fight them for a while. i dont know if i can get quiet title but i am safe for a while LAST QUESTION: HOW ABOUT IF I ASK THE DEED GUY TO ASSUME THE MORTGAGE AM I SAFE THANKS
Customer: replied 5 months ago.
i spoke to the deed guy he said he will include it in the agreement he will responsible for mortgage
also just found out there is a 600k irs judgement agaisnt my ex husband. i can clear it and get cirtificate of detachment but now i am not sure if i want to. if it goes on foreclosure auction would it be wiped out? i owe the bank 1.800k i owe building 500k market price is not more than 2.300k it will not sell in auction more than 2.000kbank takes the first priority then i suppose building then nothing left for irs. what happens to it would it go away or they will go find another asset to attach it to? how about people at auction would i be able to go show the judgement scare them? would they ask the bank to sell it cheaper than 1.8 meaning 1.2? or they would just ignore it and buy it regular bidding which most likley will go for minimum of 1,800k
i need to decide if i should tell the bank i plan to scare buyers convince them to sell short sale?
Expert:  Legalease replied 5 months ago.
Hello again ---Wow ! The questions are fast and furious in your last two paragraphs and I am trying to sort through so I can pull out the questions and give you answers to your concerns. I am gong to try to address your issues, one by one, below but if I miss anything, please let me know and I am happy to go back and address anything I might have missed while reading your responses above............................-1. Bankruptcy: In addition to CH 7 liquidation there is also a CH 13 filing that can be made where you pay the mortgage payments going forward and any amounts that you currently owe to the lender are lumped in with other secured and unsecured debt which you pay over a 60 month period (5 years). THe secured creditors (such as your mortgage lender and the condo association liens) must be paid in FULL during this time period but any unsecured creditors receive pennies on a dollar. The amount of the monthly payment is set by the bankruptcy court and at the end of the payment period you still own your condo and can continue to pay the mortgage. I generally suggest CH 7 to people who simply want to walk away from the property without being pursued by the mortgage lender for a deficiency amount and a CH 13 filing to people who are interested in keeping the property for at least 60 months into the future and they can afford to make the monthly mortgage payment and the monthly payment to the court to be applied to the past due amount over the upcoming 60 months. In a CH 13 bankruptcy you can also choose to stop paying the monthly payment amount after which the trustee will dismiss the CH 13 action and you can then convert it to a CH 7 liquidation amount. If you are simply interested in living in one of the properties for another 3 years or so, then a CH 13 filing might be an option for you but in order to make it work you MUST file the Ch 13 bankruptcy petition BEFORE The foreclosure hearing takes place (most bankruptcy attorneys can file with the federal court system in a matter of a few hours and so you truly can file a bankruptcy petition on the day before the court foreclosure hearing and that may halt the actions going forward. However, you said you had already filed a CH 11 petition so this CH 13 filing may not work for you either (Chapter 11 bankruptcy petitions are generally used by businesses to reorganize their debt and it is similar to a Ch 13 filing (while a CH 11 petition CAN be used for an individual and individual debt, usually the CH 13 petition is used because it is a personal finances "reorganization"). It cannot hurt to discuss all of this with your bankruptcy attorney (if you have one at this time) or to simply contact a few local bankruptcy attorneys locally to briefly discuss this option with them to see if there is ANY benefit at all to you in proceeding with any further actions with the bankruptcy court at this time. -2. The second property and the mortgage loan on it. If the second property that is NOT in foreclosure at this time has a mortgage loan from the SAME bank as your first condo property then there may be either/or both "cross-collateralization" language or "Cross-default" language in either one or both of the mortgages. In fact, it is quite common for a lender to use this language in the mortgages of customers who have more than one mortgage and property with the lender. The language typically gives the lender the right to accelerate ALL loans then outstanding with them in the event of a default on just ONE of the loans. So even if you are paid up to date on the other condo loan with this same lender, they can still choose to accelerate that loan as well and then they can sell both at a foreclosure auction (using judicial foreclosure they would have to get permission from the judge to proceed with such actions). I realize that mortgages and other loan documents can be boring as heck to read (I used to read and write them for a living and it is no wonder that I still have a few migraine headaches a month although I am working in other areas and fields for most of my time now) -- but you should review your mortgages for these condos and determine if there is any regular or fine print which actually states that any additional secured loan that you receive from the lender using property other than the subject property as collateral is also secured by any additional properties or assets that you may receive loans on at a later date. And, in the event that you default on this loan from the lender, the lender has the right to declare a default on all loans outstanding with them and reserves the right to foreclose on any such additional collateral whether the loan secured by that other collateral is in default in its own right or not. THere is also usually a "standard" clause that goes along with this provision permitting the lender to take ANY payments that you make to the other condo loan and credit the payment or payments towards the outstanding default amount on the first condo loan. There is no "EXACT" legal language that is used or must be used to accomplish/create a cross collateralization and/or cross default obligation in each loan situation but unless you are aware of the provision being in the documents then you generally would not have asked for the lender to remove it as part of the negotiations leading up to your property purchase(s) and signing the loan documents to make those purchases. I used to write these documents when working for large law firms who represented the lenders in these transactions and the language for cross C & D (as we used to call it) is actually a standard clause in their documents and unless you are aware that this is standard language or you read and review the documents with a fine tooth comb before the closing date and loan funding and find the language and question the language and the provision with the loan officer and/or lawyers before the loan documents are signed and the funding achieved then the borrower is generally stuck with these provisions in the loan documents (the language can be in the mortgage, the loan agreement (if there was a separate loan agreement), the promissory note or really any other operative loan document -- but it is generally found in the mortgage)). SO, I suggest that you review your mortgage carefully before the foreclosure hearing and be prepared for the lender to seek permission from the court to use these clauses against you and your payments on the second condo loan -- your argument against the court granting such permission is basically that without the second condo loan and the second condo you will end up as a 64 year old homeless man with no assets to speak of and nothing more than the second condo to live in and if you can get the judge to agree to that then the lender will not be able to touch the second condo loan, the second condo property and the payments that you make towards the second condo loan. -3. Deficiency judgments in General and in New York, (A) Single Action rule: There are many states, such as California, where the lender must choose whether they will pursue a single action against the property or against the Borrower for payment of the outstanding mortgage loan. Once the choice is made, the lender cannot go back to court and change the choice made and must proceed with either an action to foreclose on the property OR a personal civil lawsuit against the Borrower to recover the loan principal. While 99.99% of lenders simply choose to pursue the property in a foreclosure action (and can do so without going to court in a foreclosure proceeding) -- they simply choose non judicial foreclosure and proceed to use publication for foreclosure notification purposes and then sell the property at a foreclosure auction and taking these steps forever barrs the lender from pursuing the personal lawsuit action against the Borrower. So, the option for a deficiency judgment is not available in such states. (B) States where Deficiency Judgments are Generally Available -- In states where a deficiency judgment IS available as a matter of regular course of law and business (such as Massachusetts), the lender is legally permitted to pursue a non judicial foreclosure action against the property first using the publication and "public" auction procedure, and then in the event that the auction price does not cover all of the outstanding loan amounts and any other debts that are liened against the property (such as contractors liens, IRS liens, child support liens or student loan liens) the lender can proceed to sue the borrower personally for personal assets and other real estate assets for up to 2 years after the foreclosure date (the statute of limitations varies by state as well (in those states that permit deficiency proceedings and judgments to go forward)). You are correct, however, in your assumption that many lenders do not bother suing for a deficiency judgment because the borrower has no assets (the lender will generally make these decisions on a case by case basis after reviewing the financial status and age and earning capacity of the Borrower) and while judges can try to discourage a lender from pursuing deficiency judgments (in general or in a particular case), the judge does not have the right to simply dismiss a case because the judge does not believe in permitting deficiency judgments -- the judges must follow the law and make rulings in accordance with the law and if the lender is insistent, the deficiency judgment will be permitted and then ugly things like wage garnishment and bank account garnishment CAN happen (and this is where I generally suggest to people that if the lender starts to pursue a deficiency judgment against you and you actually have built up some assets a few years after the foreclosure or you finally landed a decent job a year or so later -- then you should probably consider a CH 7 liquidation bankruptcy -- because although you may lose some assets, the CH 7 bankruptcy halts wage garnishments forever and there are other advantages to filing a ch 7 at that point as well).(C) New York Procedure: The great state of New York handles foreclosures and deficiency judgements in their own quirky way. NY used to allow both judicial and non judicial foreclosures with most foreclosures occurring through court action. Then, in 2009, NY changed their laws to permit ONLY judicial foreclosures due to the ongoing mortgage crisis and all of the controversies concerning the "robo signing" lawsuits against lenders. Here is a link to a great explanation of the NY foreclosure process and the difference between non judicial and judicial foreclosure in NY -- are also some great articles on bankruptcy and a few other topics from a small firm in Brooklyn NY (I worked with one of the partners of that firm when I was in NYC for a few years back in the early 00's)).To finish this particular topic -- New York Deficiency Judgments -- Not only are such judgments available BUT in New York the lender can foreclose on the property AND sue the borrower personally for prospective or projected losses AT THE SAME TIME. The lender must notify the judge at the judicial foreclosure proceeding that they have already or they will be filing a civil lawsuit against the Borrower and any personal assets that the Borrower might still have and then the Lender will be permitted to proceed with BOTH actions at the same time. In most states it is either one or the other (lender chooses whether to foreclose on the property but that is the only remedy the lender can take OR lender can choose to sue the Borrower civilly for the full amount of the principal of the loan. In the few states where both actions are still available, the lender must foreclose first to determine the amount still owed to the lender after the foreclosure sale and only THEN can the lender sue the Borrower civilly for any remaining balance still owed on the loan))(D) New York Law and Your Case -- under the circumstances described in (C) above, the lender can choose to proceed against your properties AND the lender can notify the court that it is also pursuing you personally in a civil action proceeding for any deficiency amount and anything else that the lender claims that you owe or that you will owe when the property or properties is/are sold (whether or not the lender will seek the court's permission to sell condo one at foreclosure AND condo two at foreclosure or short sale, etc. depends upon any language in the mortgages (or note or loan agreements, etc) regarding the lender's rights to have the loans cross collateralized and/or cross-defaulted. If the lender applies to pursue BOTH properties at the hearing and you are current on the condo two loan then you still have a decent chance of getting the judge to use his or her discretion and prohibit the lender from doing anything against you or the condo two property or loan as part of the lender's overall pursuit to be made whole again from foreclosing on BOTH of your condos and also pursuing you in a civil action for any current/future losses or deficiency amounts on the condo ONE loan.-4. Assignment of Mortgage to the "Deed" Man, If you can get the man who asked to buy the Deed to also assume the mortgage and the condo lien and future payments to the condo association for monthly dues you can certainly prepare or have prepared a simple Assignment and Assumption Agreement to accomplish both your Assignment of these documents and debts to the Deed Man and the Deed Man's agreement to Assume the documents and the debts associated with the documents - such legal document if notarized AND recorded in the property records after the Deed to him is recorded in the property records at the county level will certainly put the public on notice that you no longer own the property and you are no longer responsible for the mortgage or any condo liens or future fees to do with this property. However, and this is a really LARGE HOWEVER -- Any such Assignment and Assumption Agreement between the two of you is not effective against the lender or the condo association unless you can get the permission of both parties before the Assignment and Assumption Agreement is executed by the two of you and to show that permission you either have to get the lender and/or the condo association to sign the Assignment and Assumption Agreement document itself (on the signature page a simple "accepted and agreed by UPTOWN BANK by XXXXXXXXXXXXX, authorized representative" - AND the signature also must be notarized and witnessed for acceptance by the county recorder's office to record in the public records (the same type of signature block would be used for the condo association representative if they were also agreeable to this transfer of ownership and payment responsibilities to the DEED MAN). If you go back to the mortgage (or loan agreement (if there is a loan agreement) or the note) and review the fine print again you will see another standard clause that the mortgage cannot be assigned by you to anyone else and cannot be assumed by any third party UNLESS the lender has approved of such assignment / transfer before the assignment and transfer takes place. If you do not get their permission to assign the loan to DEED MAN or any other third party, then the lender can still legally pursue the property AND you personally in a civil action (and as we see from NY law, the lender can do BOTH at the same time). I truly wish I could tell you that you can simply pull out the Assignment and Assumption document and force the lender AND the condo association to comply with the terms of the document, but you are powerless to stop the lender from pursuing you in a civil action against your personal assets if you did not get their permission to Assign the mortgage to a third party before it happened. -5. The Condo Association's Powers. Like the all knowing Oracle in Ancient Greece (or was it Rome, or both??) most condo associations must be kept aware of ownership and transfer of ownership situations and such powers are usually written into the charter documents of the condo association. Review the formation documents for the condo association AND also review any written by-laws or rules and regulations for the owners of the condos. There can also be a Covenant document that sets forth all of the covenants that each condo owner must abide by in order to remain on the good side of the ORACLE and not subject themselves to any additional reprimands, fines or ultimately LIENS from the condo association (any such covenant document is probably recorded at the county level with the other charter documents). Legally speaking, the Condo Association cannot restrict who purchases the condo if they can afford the financing and the condo monthly fees going forward -- but many condo associations put restrictions on leasing (which is legally permissible for the condo association but completely annoying for those condo owners who wish to buy a house and cannot sell their condo so they want to rent it out and the condo association either limits the number of leases in the condo or completely forbids leasing out the units to third parties), so they might be able to object o the assignment to DEED MAN based upon his financial records and/or credit checks but if DEED MAN is willing to sign an agreement stating that he will also be responsible for the condo association fees currently outstanding at the time the DEED is signed and transferred to him, then I cannot see where they could object or would want to object because they are getting paid, afterall. I seriously doubt that the COndo Association will approve of the transfer of the deed unless the outstanding condo fees are paid at the time of the Deed execution. -I know that this is a lot to digest but please let me know if I touched upon all of your questions and concerns from the first three response boxes that you typed up and posted above. Please let me know if I can clarify anything in the treatise I prepped and just sent to you in the paragraphs above. At the same time, I will review your last response typed and posted at 3:45 pm today (just a few minutes ago) and I will provide additional answers accordingly to that question or those comments. -I also ask that you press a positive rating in the ratings section above. I am paid NOTHING unless you press a positive rating before you leave the website ( pressing the middle star or the fourth or fifth star on the right of the middle star are all positive ratings ). Pressing a positive rating above will NOT cost you any additional money -- it simply acts as the trigger mechanism to Just Answer to pay me for my time assisting you and answering your questions today. While I pride myself on the fact that my answers to customers questions are generally more thorough and clearer than many of my colleagues postings in this forum -- even I agree that my answers were quite lengthy above but you did ask a number of legitimate questions that were all interconnected and I truly had to pull it apart to address each issue one by one by one, etc. so I am very sorry for the delay this has taken but I had to research some of the answers and then be clear in the explanations to you above. I am very happy to finish up the conversation with you and continue to respond to your last posting in the response box above even if you press a positive rating above. Your question actually stays open for a few weeks once we complete today's sessions and you can post additional comments and seek responses within reason (the website does encourage customers to ask a new, separate question every several questions due to the fact that experts are not paid hourly wages -- we are paid for each question separately and only if you press a positive rating above. Once a positive rating is pressed, the expert is credited with a portion of the amount that you paid overall for the question session and then a bonus popup box will appear on your screen and while bonuses are not required, any bonus is greatly appreciated AND are actually entirely paid to the expert without deduction by Just Answer. -So again, please review the lengthy responses above and I will review your last post regarding the new agreements made by Deed Man and your self, etc and I will comment and answer that accordingly based upon what I have told you above about the status of your condo association loan and transaction(s) under NY law. THANK YOU VERY MUCH !!-MARY (Legalease)-
Expert:  Legalease replied 5 months ago.
Hello again ---Regarding your first comment in the last question regarding the Deed Man's willingness to assume responsibility for the mortgage --- again, as I said yesterday (above) -- this is all well and good but that agreement is effective only between yourself and the Deed Man and is not effective against the lender. UNLESS you can get the lender to also sign the document and agree in writing to accept the DEED MAN as the operative / owner of the property in your place. If the lender cannot get their payments or principal balance from the Deed Man then the lender still has the legal permissions to pursue you for any remaining balance that they cannot get from Deed Man.-Finally, the IRS gets paid only after all mortgages and all second mortgages are paid off from the proceeds of the sale OR from the proceeds of a short sale or foreclosure. If there are not enough proceeds, then the IRS simply removes their liens and will pursue to person who owes the money on a personal basis and go after personal bank accounts and wages and investments, etc. At that point it might be wise to try to negotiate an Offer in Compromise with the IRS. The effect of such sale or judgement on the property in any foreclosure or short sale is nil (nothing) -- the IRS lien does not stay on the property for the new owners.-Please let me know if you have further questions. If not, can you please press a positive rating above so I will be paid for my time assisting you today? I am paid nothing unless you press a positive rating above (pressing the middle star or the fourth or fifth star on the right of the middle star). Doing so will not cost you any additional money -- it simply acts as the trigger to Just Answer to pay me for my time. After pressing a positive rating, a bonus pop up box will appear and although not required, any bonus is paid directly to the expert without deductions AND is greatly appreciated !! THANK YOU VERY MUCH
Expert:  Legalease replied 5 months ago.
Hello there --Do you have any further questions for me regarding these issues above ? I actually put a great deal of work into researching and thoughtfully preparing your answers to your questions above because I am empathetic to anyone who is trying to save something out of a foreclosure process brought against them and I truly do not want to see you making any wrong moves with the lender because they will exploit anything they can to make the process easier and more streamlined for them. I am surprised that you have not had any additional follow up questions on these matters because you were coming at me fast and furiously with follow up questions the other day and I kept up with you and answered all of them DESPITE not having been paid for my time to do so at that point. -I am happy to answer any additional questions that you might have on these issues for as long as you need answers to the questions (or follow up questions or clarifications) -- but I ask that you press either the middle star or the fourth or fifth star to the right of the middle star so that I will be paid for my time for assisting you up to this point and over the past two days. If you are having problems with your system or the ratings section please let me know and I can send the question to customer service to assist you with the ratings section if need be (it seems that you have given some positive ratings to some of the questions that you have asked but it appears that you may have had some trouble with the ratings section on other questions and so the expert is never paid anything for assisting you with those questions either). It is truly up to the expert (lawyer, doctor, veterinarian, etc) regarding whether or not to answer a particular question and although I knew that the answer I needed to give to you would be lengthy and there would be follow up questions, I took the question from the open board because I am sympathetic to your foreclosure situation at your age during a time in your life when you should be enjoying yourself rather than fighting a foreclosure action on TWO properties. -THANK YOU VERY MUCH !!!-MARY LEGALEASE
Customer: replied 5 months ago.
you are great but please you miss the fact that i said i filed chapter 11 (which is chapter 13 for homes above 1.3 m) the stay was lifted i dont have money for reorganization which is over 20k per month.
your answer was very good but i need to clarify another thing. 25e is in foreclosure with wells fargo. 25f in foreclsoure with bank of america. building got foreclsoure judgement of 250k against both of them and was sent to referee for calculations. but since their payment is subject to mortgage they did not pursue foreclsoure because bank got there already.ok with all these i have this choice of selliing my apartment not making any money. or sell the deed.
the idea of getting permision from the bank is good but they would never agree to it unless they are fully paid. this guy says he is going to buy the deed then go satisfy the bank. what does that mean i dont know? he acts as if once deed is to his name he will have this magical power to convince the bank to sell the mortgage cheapter. Why i dont know. one lawyer told me even deed is to his name auction can just move forward. when i told deed man that he said he plans to pay the bank fully before auction. i said if you are paying the bank fully and paying the building the 125k then why are you bothering with purchase of deed why not just go ahead and buy the apartment. he said you dont understand and wont give me straight answer. ok in the past i did transfer a deed from my husabnd and my name to only my name. the bank didnt know. i then refinanced and paid the bank. in this case if i dont ask for their permision as long as they are paid why woudl they come suing me? the idea is if i transfer the deed and they dont get paid right? now if they are not getting paid what they want meaning the entire(###) ###-####then they have to sue me and sue him etc while incurring cost and late fees and interest and legal fees. so what is the chance the bank will take what this guy has to offer them and call it a done deal.
so these are all issues here. but the fact remains: a what kind of contract i have to sign with the deed man you said some terms i have to go back to look at your notes. what is it exactly i have to sign with him? is it transfer of deed form is it regular sales contract? my lawyer sent a regular sales contract for 150,000!! how could a sales contract be for $150k and not mention anyting about mortgage and condo fees owed to him. i am just not in line with this lawyer and have to search for a new one. so this is is one
:1. what kind of forms i am supposed to sign? sales and contract, sales and tansfer of deed etc2. the next thing is the building. even if he pays the building what they have said they agree on he also have to gaurnatee he will pay their monthly payments. if he is battling with the bank over deed and they are suing me etc., meanwhile someone has to pay for the condo fees. Question is:is transfer of deed also makes him responsible for condo fee payments?
3. if i transfer the deed does that stop the foreclosure auction or it will still move forward unless he pays them.
4. if he has to pay them why doesnt he just buy the apartment instead of paying them? why doesnt he go buy the mortgage, there has to be something he is upto after i transfer the deed to him that is going to make it lucritive to him otherwise why to bother all this? ok i transfer the deed he will pay the building and pay me then what is the upper hand he has agasint the bank? there has to be one for him to have this deal attractive to him
5. if i transfer the deed to him he can just not pay the bank then go on foreclsoure auction day and buy it there. this way he is stopping me from the dale of the apartment to anyone else and buying it in foreclosure auction. is it possible that is what is in his mind?
6. if i transfer the deed to him you say the bank will come after me. why? if transfer of deed and he doesnt pay then bank forecloses and makes their money any way. why to come after me? i know if they sell they will make their money. if they dont i am sure they wont come after me. i think the issue here is if this guy doesnt pay any of it. it is not if the bank made enough money in auction. if they make or dont make money in auction i am not worried about it. i had asked for short sale they didnt agree to it. that was their choice to go on auction. plus they said if they dont they will pull it out and go put it in open market. this is a very desirable and sought after apartment and eventually they will make their money. so my issue is if you say they will come after me when do they do that? if he owns the deed bank can still foreclose so that means they cant come after me. b. if he owns the deed and bank doesnt get paid they they can sue me . in that case i have the agreement with deed man i can pull it out and say not my problem he said he is going to pay the deed. if the courts make him to pay
Customer: replied 5 months ago.
then why would the bank be upset i transfered the deed. I did the same in my ex husband's case I transfered the deed to my name no one noticed it or complained then i paid the bank. so the issue here is not what bank may sue me all the attention of me is why this guy wants to pay me and have the deed to his name. what is his benefit? The only thing he keeps saying is that he has his contacts with bank meaning he can convince them to sell it to him cheaper. i am sure there is no convinciing there has to be some legal battle that he feels bank wont pursue and will make peace for getting paid less money.
So the portion i am concerend is: QUESTION: . if bank agrees to take less from him does that mean they will come after me for rest or once they do agree to less money from him i am cleared
all this comes up to this:"
I WANT TO MAKE THE MONEY BUT DONT WANT TO SIGN A CONTRACT THAT IS NOT PROTECTING ME,. what kind of contract i should sign one two transfer of deed sales contract of gaurantee or the one you wrote.
also i know he has to plans to ask the bank i cant ask the bank 5 days before the auction do you mind signing this of course they are not going to agree to it unless there is a clearance they will fully be paid upon signing it. as for the building i dont think they will sign but i plan to tell them verbally before hand and as long as they get paid and there is a new owner who is wealthy they will be ok. i mentioned it a while ago to the building lawyer she said it is illegal but not too firmely builing was upset about transfer of deed of my ex but nothing they could really do they just came after me for their condo fees QUESTION: Is the deed owner or the mortgage holder who is to pay the condo fees? I think you told me mortgage holder but i dont know that is what you said
QUESTION: considering my apartment 25f is a different bank if there is a judgement from wells fargo woudl that mean they can foreclsoure on 25f or it is simplay a judgement. 25f is under water i owe B of A more than market price. so if it goes on sale of auction wells fargo wont make money so most likely wont bother putting judgement. but if they do my problem is that may be only may be with some luck in life i will be able to have a quiet title of 25F. if there are too many judgements i will be left with no equity of the apartment. also if there is any chance wells fargo can foreclsoure on my second aparment i dont want to take the risk. i think i know the anser wells fargo cant foreclsoure on my assets because it is only a judgement but if they can get a permision to foreclose on it in future that is my concern
ok so this is the issue if bank doesnt fully get paid lets say by this guy, they put a judgement agaisnt my other apartment woudl they be able to foreclose or it will only be a judgement?
i think if you just give me a short answers we will be clear. the question i had about quiet title i dont want you to go trhough trouble with that. i have time to figure it out but at the same time it is related because if the other bank forecloses on me and take all the money i dont care who has judgment or foreclsoure rights on my assets.
i dont work i am a full time attorney to my children;s life and my job has been to save their home until they grow up and leave home!!! that is what has now happened. i am losing my home i rasied them in it because i kept refinanicng to save it for them. i am not worried about judgements against my pay check. i have little alimoney coming to me and judgements cant touch alimonys.
thant you you haev been great will give you positive and more and may want to call but if i call would it be you or someone elseas for your pay yes you are great. but i realy dont need all that information that you haev gone through so much trouble to provide to me.
Customer: replied 5 months ago.
also you wrote: I truly wish I could tell you that you can simply pull out the Assignment and Assumption document and force the lender AND the condo association to comply with the terms of the document, but you are powerless to stop the lender from pursuing you in a civil action against your personal assets if you did not get their permission to Assign the mortgage to a third party before it happened.QUESTION: when you say personal assets are you talking about 25e which i gave to deed man? or you are talking about my other assets? if they are coming after 25e why is that important i am losing it to foreclsure already so what is big deal they come after that i have made my money of*****so why to worry if they take it ? can they take it from deed man and sell it in auction? i was told yes they can still pursue the auction. if they pursue the auction i hae my money in my pocket what difference does it make for me? if they dont pursue on the auction and they get a judgement agaisnt my other asset that is the problem. meaning deed man is untouchable my 25e is no longer mine to put judgment agasint it and they will go after 25f/ that is the issue. please remember i am losing 25e in 7 days. the issue is shold i let it go on auction or transfer the deed to this guy who gives me 150 k and gives bulding 125k? or should i sell it get no money?
as i said you say they will come after my assets? is 25e still considered my asset even he has the deed? if no then i think that will be a problem. but at the same time someone told me they will be able to foreclsoure even if the deed is transfered to this guy. he said think about it if anyone who has an auction last minute can put deed under someone els's name and then the auction would stop, i dont agree with this lawyer because most people wont take an aparment with such a huge loan before auction because it would only be on their records unless they plan to pay the mortgage and this is what the deed man says he will do. so that means transfer of deed must be stopping the bank and he an go negotiate and say hay what do you want to do it you cant foreclsoure on me
so plesae question: if deed is no longer on my name can bank move forward with auction? if not then they have to sue both of us for illegal transfer or they will only sue me. if they sue me woudl the court grants them the right to foreclsoure on 25e? or will grant them judgement agasint my other apartment? clearly will say it was illegal and give them back 25e am i right-
Expert:  Legalease replied 5 months ago.
Hello again ---You asked many questions and I tried to answer them as I went along but was not even sure I was remembering every question that you asked. The lender can foreclose on the property even if the deed is transferred to someone else -- if the mortgage remains in your name, that property is still the collateral for the original loan. Think about it -- legally it does not matter whose name is ***** ***** deed -- if it is a clear promissory note, mortgage and loan agreement (if there was a loan agreement -- in many cases, the lenders will simply put the terms of the loan agreement into the mortgage and have only one document) then the secured collateral for the mortgage is STILL the property (that has not changed). This answer has not changed and will not change no matter how many times you restate the same question in a little bit different manner. Whatever lawyer originally told you this was correct and you seem to be seeking a different opinion on the matter -- you want an answer that conforms with what you want to do with the property and neither I nor any of my colleagues can give you a different answer to this question. MARY
Customer: replied 5 months ago.
you wrote: " If the lender cannot get their payments or principal balance from the Deed Man then the lender still has the legal permissions to pursue you for any remaining balance that they cannot get from Deed Man." as i mentioned a lawyer told me that even if the deed is to his name bank still can foreclose on the house. so what is there to come after me besides the same thing happens if i dont sign with the deed man. or bank cant foreclose on his any more and will come after my other assets. which one? foreclose on E apartment whihc they already haev an order or come after my F apartment adn file a foreclsoure action or just put a judgement agaisnt it?i had just typed this email above but then went and reach what you had said in this last email. remember you had said they will come after me but you had not mentioned what does that mean as i have asked many time which apartment. ok again the question is if i transfer the deed to his name and he doesnt pay the bank they will come after me why do i care? may 17th is auction date. i assigned the deed i get 150 and then deed man either pays the bank or doesnt pay the bank. if he pays them good for him he can have the apartment. if he doesnt pay the bank they foreclose on him, why do i care i have my 150. you seem to be missing the fact that thsi home is in foreclsoure i am not giving a big equity aparment away. i am giving an apartment that is under the water so he is taking the loan and all the high debts and giving me money; what is my problem if bank gets upset they foreclsoure on my apartment. isnt this what they are doing right now?
my only problem is that he satisfies my condo board. that is why i haev said you pay me 150 and then 125 to condo board and then what he wants to do with the bank not my problem. if he doesnt pay bank forecloses basically on his and he loses $275 if bank doesnt foreclose on him then he can pay the bank all he owes them or partial and satisfy them and i sit in the corner with my 150!!!
this is the problem. what is the harm to me you keep saying they can come after me. that confuses me because i haev another asset. now you say they will foreclsoure on the same apartment and i say they are doing that any way
so i need to know what is the harm of signing with this man besides them foreclsoin on the apartment? you had said absolutely not do it in your first email , since then i have given you more information so i can get more clear decision. i still dont know if you have changed your mind that it is ok for me to do it or you think still i should not. again if i have violated the bank's agreement and transfered the deed who cares bank is going to foreclsoure and get their money any way whose problem is if i did something i was not supposed to do/. i just dont understand the implications of all these to end result no matter how i break the contreact and i do this and that what is the end results for me and why i am in any negative position than if i just let it go on foreclsure ? why to let it go on foreclsoure but not make money out of it?thanks
Customer: replied 5 months ago.
you did not answer me if i call i get you or someone else. plus how long i can speak on the phone?
Expert:  Legalease replied 5 months ago.
Hello again---Perhaps things are getting lost in the translation here. Your lender can do any of the following as it so chooses to do AND because NY is NOT a single action rule state (as I explained earlier ) the lender can do ALL of these things AT THE SAME TIME -- (A) sue you and Deed Man to foreclose on the property (if the lender did not approve of the transfer/ assignment of the deed to Deed Man), AND (B) Sue you and Deed Man for any deficiency in the price of the sale and the price they get for the property AND for any condo fees still outstanding at foreclosure (sometimes the lender will pay off the condo fees at foreclosure so It can deliver clear title to the buyer at foreclosure and can then sue the Borrower and your Deed Man, AND (C) If both of your mortgages have cross collateral and/or cross default provisions with any other properties and loans that you have with the same lender, then the lender can move to foreclose on your other property at the same time as the other foreclosure if they are fairly confident that they are going to end up having a deficiency in the first condo foreclosure between the outstanding mortgage and the price they sell the property for ( I did explain this earlier also). If there is already a judgment lien on the other condo then they can ask the court to let them foreclose on that property as well as the other property that is already in default.=If you request a call and you want to talk to another attorney, that is fine (I will not accept the request and leave it on the board for another attorney to review and call you if they wish to do so). Telephone calls do cost an additional fee and it must be paid for and accepted before the call is made to you. The length of the call generally depends on the lawyer you speak with but most average about 20 minutes or so. -Please let me know if you want to talk to a different lawyer on the phone. -MARY
Customer: replied 5 months ago.
i do not have loan with the same bank i had explained this to you
it is wells fargo the second one b of america
why deficency? loan is 1800,000 lender didnt accept short sale so they are going to sell it for that price or higher
if definiencny in the foreclosure next week isnt that teh samedefnicnecy as i sell the deed to this guy? why is the defineincey any different
you give me too much information all the scares of the world but you are not looking at me and my case not a genral case
my apartment is owed 1.8 market price is above 2.3 my building has accepted 125k why do you bring out all these legal suits agaisnt me? why do they have deficienies. as i said i am payoing building so why building has to sue me ? i am getting paid. the deed man is going to deal with the bank. bank is gong to foreclsoe and get their money same foreclosure is next week. please you have confused me by not answering me one and one and one question: WHAT IS THE DIFFERENCE BETWEEN ME SELLING THE DEED TO THIS GUY THEN LOSING MY HOME TO FORECLSOURE WITH ME NOT SELLING MY DEED TO THIS GUY AND THEN LOSE MY HOME. i just dont see the difference
Expert:  Legalease replied 5 months ago.
I am going to take myself off of this question.
Expert:  Irwin Law replied 5 months ago.
Good morning another expert here and I will try to assist with your question. I believe my answer may differ from the information that has previously been provided; however, in order to do that I need more information about the sale proposals that you have. It will be much better for us to have a direct telephone discussion which I think you will benefit from. We call that PREMIUM SERVICE and that offer will follow this.