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My Q concerns a house in PA.,purchased originally in 2005for…

My Q concerns a house...
My Q concerns a house in PA.,purchased originally in 2005for 165,500....still owing ,$134,400..At present I have tenants paying $800 on a month to month which does not cover the loan modification of $860 plus the$75 per month onHOA,The tenants have not been ideal,ammasing littering and subsequent fines to me from the HOA..The holder of the the loan is with Ocwen and I am behind 4 months.I purchased the house with only my name on the mortgage and deed .
My wife is in school full time in Kentucky,I go back and forth to New York as a chef ,but not ideal...Work has declined .Renting in New York,Renting in Kentucky ,paying a mortgage ,wife in school ,and we have a condo in Florida which we are both on the mortgage ...
I have been in communication with Ocwen as to what to do with the PA property
3 options are 1 .Retain
2 Short Sale
3.deed in lieu
4 foreclosure
I feel 1 is out ,2:short sale is hard and drawn out slog
I need to do the right thing for us ,and also protect our condo as it's a tangible asset ...Hat should b email my next move ?Thank you for your attention
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Answered in 1 minute by:
8/15/2017
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 61,679
Experience: Experienced lawyer
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Hello and welcome. I am working on your answer and will be right back!

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are you able to evict tenant and secure a higher paying tenant?

Have you consider negotiating a refinance as well or seeing what a broker can sell it for?

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Customer reply replied 9 months ago
The cost I would incure as the house would need considerable fixing ...so a higher paying tenant would be subject to 5000 plus fix up..I had not considered refi but I'm not feeling like keeping it ..
Deed in lieu is not wise ?given the circumstances I laid out prior ? ,thanks D
Customer reply replied 9 months ago
Last evaluation of the house was $91,500..owed 134,400?...so short selling would also be difficult .Would Ocwen be willing to avoid foreclosure ,and swallow the diff by deed in lieu or shortsale Would I be on the hook for the shortfall ..please advise
Customer reply replied 9 months ago
Heres my situation..Have a home that's underwater in PA...I work part time in NY ..I am the sole signature on the mortgage
My wife is a full time student in.KY
We have a condo in FLA ..planning on it to retire ..paying a mortgage on it ..both on the deed
My PA has been rented out but rent does NOT cover the modified loan I'm behind 4 months and Ocwen has given.me the 3 scene scenario
1 short sale
2 deed in lieu
3 maybe modify again
4 foreclosure
I need to protect my FLA property ..
But not sure which way to turn and how much time I have ..
My tenant are month to month ..they are late with rent ...What to do ..thanks
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 8,497
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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I am a different Attorney. The Attorney that was assisting you opted out.

There are situations where a deed in lieu of foreclosure or short sale can be worked out without the borrower being on the hook for the shortfall.

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Customer reply replied 9 months ago
Thank you ...So it's a Fed Govt situation not a state to state case regarding short fall on the deed in lieu or shortsale
It is up to the lender. Your loan is governed by the laws of the State the real property is situated in. There are consumer protection agencies at both the State and Federal Government levels. Both State and Federal law apply to the mortgage loan industry. The Department of Housing and Urban Development sets out the Federal requirements. Each State has their own laws that govern at the State level. The lender has the ability to agree to a deed in lieu of foreclosure and waive any shortfall. This would be stated in the deed in lieu agreement. While some states have deficiency judgment capabilities they can agree not to exercise that right.
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http://www.nolo.com/legal-encyclopedia/short-sales-deeds-lieu-foreclosure-30016.html
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Please do not hesitate to ask me any additional questions that you may have with regard to this matter. If you would be kind enough to rate my service positively so I will receive credit from the site for my work I would appreciate it. Thank you for using JA!
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Customer reply replied 9 months ago
Got an affirmative from Ocwen on the deed situation ..the short sale would incur a deficit that would reported to the IRS ...so it's a no brainer...thank you but must also.ask you the legal steps to have my tenants vacate in PA ?thank you

It would be my pleasure to answer a new question if you would be kind enough to rate my service positively. Thank you for your consideration.

Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 8,497
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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Attyadvisor and 87 other Real Estate Law Specialists are ready to help you
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Do your tenants have a written lease.

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Customer reply replied 9 months ago
Expired ...month to month now ..and have not yet paid this month

So you would be evicting them for non payment or terminating the month to month tenancy?

How long have they lived in the property?

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So you would be evicting them for non payment or terminating the month to month tenancy?

How long have they lived in the property?

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Customer reply replied 9 months ago
but they also vacated in January of 2017 ..I am absentee ,didn't know ...and told me at end of January and could I take less money for rent ...175$ less ..and they never addressed the month of Jan missing

They have been out of the property since January 2017? Are you wanting to sue them for back rent?

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Forms and the process:

https://eforms.com/eviction/pa/

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Customer reply replied 9 months ago
They moved back in in February absconding the January rent ...they also incurred fines for littering and which they never paid ..with me on the hook ..
As of last month they were there ,but as of Today I have not received Aug rent ..

I provided several links with the forms and the process.

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Attyadvisor
Attyadvisor
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