Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law
This answer was rated:

Currently I have home in the midst of a foreclosure(stopped

making payments in jan). My...
Currently I have home in the midst of a foreclosure(stopped making payments in jan). My girlfriend and I bought another home before stopping the payments on the other home. What are the potential implications?
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 3 minutes by:
4/17/2013
C.Fortunato
C.Fortunato, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,023
Experience: Expert in Landlord/Tenant Law. Licensed Real Estate Broker.
Verified

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Real Estate and Consumer Protection attorney here to assist you.

cfortunato :

The fact that you and your girlfriend purchased another home before having stopped paying the mortgage for the home in foreclosure does not matter.

cfortunato :

However, the mortgagee can get a deficiency judgment for the balance of the mortgage after the house sells in a foreclosure sale. This judgment can be used to place a lien on your new home.

Customer:

What are my options. How would my filing for a bankruptcy impact the new home mortgage?

cfortunato :

If the new home mortgage is already in place, your Bankruptcy filing will not affect it.

cfortunato :

If you continue to pay that mortgage.

Customer:

Thanks for the information. I think I understand my options and the potential implications. Would you recommend filing for bankruptcy?

cfortunato :

How much equity does the new home have? (Equity = current market value minus the balance on the mortgage.)

Customer:

very little. It appraised for about what we paid for it. We have done some work to it, but not sure its significant enough to raise the value that much

cfortunato :

Last question - is the foreclosure process being conducted in court or out of court?

cfortunato :

In other words, is the foreclosure process a judicial proceeding?

cfortunato :

Or a non-judicial proceeding?

Customer:

As far as I know out of court, but not sure. I have had very little direct contact with the mortgage holders (first and second mortgage on other home). I recieved a notice from the primary mortgage holder indicating the process has gone to foreclosure.

cfortunato :

Thank you for your responses.

cfortunato :

If the foreclosure is being conducted out of court, the mortgage companies will not be able to get deficiency judgments for the balance of the mortgages.

cfortunato :

Which means there would be no need to file a Bankruptcy.

Customer:

So, its just a wait and see game?

cfortunato :

Yes.

cfortunato :

Once you find out whether the process is judicial or non-judicial, you will have plenty of time to file a Bankruptcy.

Customer:

I assume if it goes to court I will get some formal notification

Customer:

I just stopped making payments in january, so the foreclousure process is just starting

cfortunato :

Yes - the mortgage company must file a Complaint, which must be served on you and on your girlfriend.

Customer:

My girlfriends name isn't on the other house, but given its on this one she will be severed as well?

cfortunato :

No - I thought your girlfriend's name was on the mortgages for the first house also.

cfortunato :

If not, she will not be served notice of the foreclosure proceeding.

Customer:

no

cfortunato :

So, only you would have to be served if the mortgage company goes to court for the foreclosure proceeding.

Customer:

ok, thanks for your help! Very good info!

cfortunato :

You're welcome!

cfortunato :

And please have a pleasant day!

Customer:

thx! You do the same!

cfortunato :

Before you leave, please don't forget to provide a positive rating for my help.

cfortunato :

Thank you!

C.Fortunato
C.Fortunato, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,023
Experience: Expert in Landlord/Tenant Law. Licensed Real Estate Broker.
Verified
C.Fortunato and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Ask C.Fortunato Your Own Question
C.Fortunato
C.Fortunato
C.Fortunato, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,023
8,023 Satisfied Customers
Experience: Expert in Landlord/Tenant Law. Licensed Real Estate Broker.

C.Fortunato is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

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.
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!

Gary B.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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.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!!

ElaineAtlanta, 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.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

10,826 satisfied customers

16 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,657 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,367 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,899 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
Back in Nov. of 2009 our second mortgage was written off as
Back in Nov. of 2009 our second mortgage was written off as a bad debt after filed Ch 13. We stopped paying on that mortgage which is why it was written off but the lien still remains. We are now back… read more
Attyadvisor
Attyadvisor
Doctoral Degree
6,878 satisfied customers
My real estate agent and i completed a real estate
my real estate agent and i completed a real estate transaction back in November of 2007. there has been a problem with the transaction and i would like to take her to small claims court. however, i wa… read more
Dave Kennett
Dave Kennett
Doctoral Degree
25,741 satisfied customers
Real estate question. NC. Mortgage. Need to know if fha pr
need to know if fha pr va loans will allow for spring water instead of well… read more
N.Brown ESQ
N.Brown ESQ
Juris Doctorate
11 satisfied customers
I like to find out if Bank of america ( second mortgage )
I like to find out if Bank of america ( second mortgage ) with a defaulted equity loan ,,,,can forclose a … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,903 satisfied customers
If I'm a mortgage banker, can I own a real estate brokerage
If I'm a mortgage banker, can I own a real estate brokerage and have my agents use me as their preferred lender? … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
17,970 satisfied customers
I have a real estate question related to Florida Real Estate
I have a real estate question related to Florida Real Estate law. … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
27,451 satisfied customers
I am being sued by the bank I got a second mortgage through.
I am being sued by the bank I got a second mortgage through. The house was foreclosed on approximately 10 years ago. I thought at the time that the second mortgage was wiped away too as I have not see… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
34,897 satisfied customers
I need to get a second Mortgage on a property located in
I need to get a second Mortgage on a property located in Chicago , IL . How can I do it from Tucson , AZ ? … read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
I am the owner of an $87,000 second mortgage located in
I am the owner of an $87,000 second mortgage located in Alexandria, Virginia. The mortgage is in foreclosure due to default and I've just found out that the first mortgage is underwater. Here's how it… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,657 satisfied customers
What is the statute of limitations on the second mortgage in
What is the statute of limitations on the second mortgage in Texas? Trying to obtain a lien release on second cancelled/charged off in 2009. The servicer is no longer in business, account transferred … read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
I have a Reverse Mortgage and became behind on real estate
I have a Reverse Mortgage and became behind on real estate taxes. I entered into an installment agreement with Riverside County, which my lender ignored and paid in full with the County. Now the Lende… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,657 satisfied customers
The city of Miami Beach gave a second mortgage with the
The city of Miami Beach gave a second mortgage with the stipulation that the property could not sold, rented or used other than the borrowers primary residence for the following 15 years. The borrower… read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
We bought a house in May of 2006 and took a second mortgage
we bought a house in May of 2006 and took a second mortgage out on it in January 2007. I was just reading the paperwork on the second mortgage and the security for the second mortgage is the house. Do… read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
We took a second mortgage on our house six months after
We took a second mortgage on our house six months after purchase in January of 2007. The second was for 700K and was with Countrywide - which has since gone bust. It was turned over to a collection ag… read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
My second mortgage company is foreclosing on my home. I am
Hello! My second mortgage company is foreclosing on my home. I am in good standing with the first and am in contact with a firm who is willing to re-finance the entire debt, but the second says they a… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,657 satisfied customers
What happens if home foreclosed and second mortgage does not
what happens if home foreclosed and second mortgage does not file? this is in South Carolina, home foreclosed 3 plus years ago and nothing done yet on home equity note? … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
In 1999 I apparently had a second mortgage take out on my
In 1999 I apparently had a second mortgage take out on my property, in 2002 I had to claim bankruptcy, I don't remember paying directly anything to that loan, I was discharged from bankruptcy in 2005.… read more
Ray
Ray
Lawyer
Doctoral Degree
7,367 satisfied customers
Tina, we have a second mortgage we haven't paid on in about
hi tina, we have a second mortgage we haven't paid on in about 7 years. the property finally has some equity. there's no lien or default filid on the property. what can we expect the lender to do at t… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,207 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 (last updated February 8, 2012).

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).

Show MoreShow Less

Ask Your Question

x