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Home originally bought in October 1988 and has been refinanced

Customer Question
Home originally "bought" in October...
Home originally "bought" in October 1988 and has been refinanced numerous times. Currently owe more than the value of the home and have less than $2,000 equity. The home is in very bad shape and in deteriorating neighborhood. Husband and I have separated (not yet filed for divorice) and he is not employed (has not been for last 5+ yrs). I do not want home and am willing to walk away, and in fact have done so.

I am in default in payments of mortgage (since June 2010) and in August I informed lender (American General, Springfield MO) that had no choice but to go through foreclosure and that I did not want to retain the home and that I would be moving. I was told over the phone that they would garnish my wages. I told them that such an act would severely hurt me and my sons, but obviously they would do what they had to do. A few weeks later I got letter giving me 30 days to file for one of the federal programs that appeared to essentially allow refinancing and I don't want the house nor do I ever wish to do business with them again. I did nothing, except wait for next step. Last week I got a Notice of Foreclosure letter (dated Nov 17 but received approximately Nov 23). It contained a copy of a Notice of Trustee Sale of the property to be conducted at county courthouse on December 17, 2010.

My sons and I did move to a rental property on October 1, however, I still have LOTS of items in the house that have not yet been moved. I have kept utilities on and maintained the insurance.

Question #1: Is this trustee sale the end of it or can I expect further lawsuits, liens, garnishments, etc from them?

Question #2: Do I have to provide access to the home prior to the auction?

Question #3: Do I have to be completely out of the home by the date of the auction?

Question #4: What happens if no one buys property?

Thanks for any comments or advice you can provide me.

Kim
Submitted: 7 years ago.Category: Real Estate Law
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Answered in 4 minutes by:
12/1/2010
Real Estate Lawyer: Ray, Lawyer replied 7 years ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,969
Experience: Texas Attorney for 30 years dealing in real estate
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Thanks for your questions.Lets go through them.

 

Is this trustee sale the end of it or can I expect further lawsuits, liens, garnishments, etc from them? They woudl then have to file to evict you here.

 

Question #2: Do I have to provide access to the home prior to the auction? No

 

Question #3: Do I have to be completely out of the home by the date of the auction? No but you may want to start making plans.I have seen cases where lenders illegally claim abandonment and haul it all off.While legally this is incorrect you never know and its hard for you to afford lawyer to try and get it back.I woudl make plans here for anything you want to get it out now or soon.

 

Question #4: What happens if no one buys property?Lender will buy it here for some amount.They will then come after you for deficiency here.

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Customer reply replied 7 years ago

Please clarify your responses to:

 

Question #1: Don't understand response at all! The home is worth far less than the mortgage balance even if it was in good condition. Should I expect the mortgagor to pursue other legal action against me for the difference? Or is the trustee sale typically the final act and nothing further other than very bad credit rating expected?

Question #4: Please explain. Does this mean they might sue me for balance? Garnish wages? What? And might this happen regardless (see question #1)?

Real Estate Lawyer: Ray, Lawyer replied 7 years ago
1.Yes they always pursue deficiency judgment here for difference between what is owed and sales price at foreclosure.You might be looking at bankruptcy down the road.Levy on your bank accounts, garnishment, all are possibilities if there is judgment.Again bankruptcy here maybe necessary to discharge.I just don't want you to think they foreclose and it ends there.Deficiency collection is very possible here.
Ray
Ray, Lawyer
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Satisfied Customers: 43,969
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Customer reply replied 7 years ago
Thank you. That is unfortunately what I expected might occur.
Real Estate Lawyer: Ray, Lawyer replied 7 years ago

Thanks for the chat..

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