Real Estate Law
Have real estate law questions? Ask a real estate lawyer.
Connect one-on-one with {0} who will answer your question
Answered in 8 hours by:
11/3/2011
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 16,440
Experience: 13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
VerifiedHello.
I am off line at the moment but will review this shortly.
--MARY
Hello again
Sorry about the delay -- I ended up going off line last evening due to prior commitments.
The language in #6 appears to be enough to protect you from future action for deficiency (obviously, there are never any 100% guarantees because you never know exactly how a court will look at it )-- but if you want to be protected on the first AND second mortgages then both lenders must sign it -- if the second mortgage lender does not sign anything then they can still pursue you -- leaving you in the position of arguing that the full amount of the loans -- first and second -- were used solely for the house.
--MARY
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 16,440
Experience: 13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
VerifiedLegalease and 87 other Real Estate Law Specialists are ready to help you
Hello Again
Yes, if you can show that the bulk of the second mortgage paid off earlier mortgage(s) then you will meet the qualifications of the deficiency laws -- house repairs are a bit less clear although you can certainly make the case that the money went right back into improve the property by showing receipts, etc., you may qualify for the deficiency forgiveness. Unfortunately, these statutes and cases decided under them are all very much up in the air because the laws are so new during a time period of a large number of foreclosures.
--MARY
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 16,440
Experience: 13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
VerifiedLegalease and 87 other Real Estate Law Specialists are ready to help you
How JustAnswer works
Describe your issueThe assistant will guide you
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
100% satisfaction guaranteeGet all the answers you need
Related Real Estate Law Questions
I have a few questions regarding a short sale. My husband
Good Evening,I have a few questions regarding a short sale. My husband and I are the buyers.1. Should we pay for the seller's attorney in short sale? 2. Should we pay a lender paid mortgage tax? 3. Sh… read more
Ray
Lawyer
Doctoral Degree
11,698 satisfied customers
I was in the process of short selling my rental property.
I was in the process of short selling my rental property. Short story is the appraised value of the house is $100k. I have two mortgages from 2007. 1st is $111,000. 2nd is $81k. I have two offers. $10… read more
Richard
Owner
Doctoral Degree
56,869 satisfied customers
I had a job relocation, and am attempting to close a short
I had a job relocation, and am attempting to close a short sale with a home buyer that has waited 6 months for the sale to be finalized. The home has a 1st and 2nd mortgage. The 1st mortgage holder ap… read more
Isaac, Esq.
Attorney at Law
Doctoral Degree
53,353 satisfied customers
I have an offer to the bank for a short sale. Details
I have an offer to the bank for a short sale. Details: 1st mortgage $1,500,000 2nd mortgage (refinanced later after purchase) $ 300,000 Total Offer is short $735,000 Offer Price: $1,065,000 The 1st mo… read more
Irwin Law
Juris Doctor JD
7,973 satisfied customers
Hello, Im currently doing a short sale on a investment property,the
Hello, Im currently doing a short sale on a investment property,the 1st and the 2nd are both purchase money loans. The 1st lien holder is willing to pay the 2nd 2800.00 on a 28,000.00 second loan.And … read more
Tina
Attorney and Counselor at Law, Mediator
Doctoral Degree
31,168 satisfied customers
My name is Gabe from Palmdale, Ca. I am in a short-sale, 3
My name is XXXXX XXXXX Palmdale, Ca. I am in a short-sale, 3 months now. I was asked to sign an addendum waiving my rights to the initial short sale contract. The home did not appraise at the asking p… read more
Ellen
Attorney
Doctoral Degree
20,957 satisfied customers
Hello again, I received this answer from you earlier today.
Hello again, I received this answer from you earlier today. I appreciate your quick response. From FlacorPLawyer "If the seller has signed a contract of sale with you, and his lender has approved the … read more
Jack R.
Partner
Juris Doctor
6,136 satisfied customers
Will a Deed in Lieu qualify under CCP508 for protection of
Will a Deed in Lieu qualify under CCP508 for protection of deficiency judgements on purchase money loans - especially in regards XXXXX XXXXX and 3rd liens?… read more
Anne
Attorney
Doctoral Degree
2,149 satisfied customers
Im attempting to sell my house as a short sale in Massachusetts.
Im attempting to sell my house as a short sale in Massachusetts. I just recieved an offer for roughly 40,000 less than whats owed through fees a 1st and a 2nd. I have recieved an intent to forclose fr… read more
P. Simmons
Lawyer
Doctoral Degree
4,710 satisfied customers
I purchased a home in 01, my mom co-signed my mortgage. In
I purchased a home in '01, my mom co-signed my mortgage. In '02 I obtained a HELOC for 37k., it's an ARM, interest only until 2012. In 2012 my payments will double as I'll I begin repayment of both pr… read more
Law Pro
Doctoral Degree
19,000 satisfied customers
Can a 2nd lien holder obtain a deficiency judgment after the
Can a 2nd lien holder obtain a deficiency judgment after the 1st lien holder forecloses on a property in the state of oregon?… read more
P. Simmons
Lawyer
Doctoral Degree
4,710 satisfied customers
I have a short sale offer in to my mortgage company and there
I have a short sale offer in to my mortgage company and there was an addendum included that they would not file a deficiency judgement against me if they accept the short sale offer. The negotiators r… read more
Ellen
Attorney
Doctoral Degree
20,957 satisfied customers
We had to stop making payments on our primary residence as
We had to stop making payments on our primary residence as we had two rental properties without tenants and had mortgages on the three properties. Our primary residence has a contract for a short sale… read more
cfortunato
J.D.
7,967 satisfied customers
We have been in a short sale in Hawaii for the last year.
We have been in a short sale in Hawaii for the last year. We have 2 loans (80% and 20%). The 1st loan is Fannie Mae backed and the 2nd somehow got MI (mortgage insuance/investor) on it. Both loans are… read more
Ellen
Attorney
Doctoral Degree
20,957 satisfied customers
I currently hold a $275,000 1st mortgage, and $92,000 2nd mortgage,
I currently hold a $275,000 1st mortgage, and $92,000 2nd mortgage, on a Nevada home that is now currently worth just ~$200,000. While I could continue to make monthly payments, it seems illogical to … read more
Attorney & Counselor at Law
Managing Partner
Doctoral Degree
1,059 satisfied customers
I am owed money on a 2nd Mortgage on house I owned
I sold my home to man who in turn borrowed part of the purchase monies from a private investor $200,000 - I held a 2nd trust of $171,000 - since the property didn't move after 2 years the 1st mortgage… read more
Law Pro
Doctoral Degree
19,000 satisfied customers
In Illinois In a short sale situation, can the 2nd mortgage
In Illinois: In a short sale situation, can the 2nd mortgage lien holder require the signing of a promissory note to release the lien. We have offered the 7k, representing 25% of the debt.… read more
Law Pro
Doctoral Degree
19,000 satisfied customers
Hello.....I am a licensed RE agent in Arizona, ...
Hello.....I am a licensed RE agent in Arizona, representing a client on the listing side of a short sale. We have written approval from the 1st lien holder, however the 2nd is still pending approval..… read more
Flagbridge-RE
Principal Consultant
B.Kin, B.C.L, C. Neg, C. Med, C. A
1,786 satisfied customers
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.
JustAnswer in the News:
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
What Customers are Saying:
Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!
Edmond, OK
My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.
Redwood City, CA
I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.
Wichita, KS
PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.
Houston, TX
Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!
Atlanta, GA
It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.
Apopka, FL
Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.
Freshfield, Liverpool, UK
< Previous | Next >
Meet the Experts:
Barrister
Lawyer
16,873 satisfied customers
21 years real estate, Realtor. Landlord 29 years
Ray
Lawyer
11,698 satisfied customers
Texas Attorney for 30 years dealing in real estate
LawTalk
Attorney
6,208 satisfied customers
I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
Ely
Counselor at Law
5,005 satisfied customers
Qualified attorney in private practice including business, family, criminal, and real estate issues.
P. Simmons
Lawyer
4,710 satisfied customers
12+ yrs. of experience including real estate law.
ScottyMacESQ
Lawyer
2,810 satisfied customers
Licensed General Practice Attorney, Texas
LawyerWriter
Lawyer
1,773 satisfied customers
Over 40 years experience in construction and real estate
< Previous | Next >
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.
