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I purchased my home in 2009 and encountered medical illness in 2010; tried for several years to get a modification but finally in 2013 I had to file bankruptcy, which was discharged in 2014. My home was apart of that bankruptcy, but I still tried to get a modification. I never however reaffirmed the original loan. They gave me a modification that I could not really afford. So I am at the point now of doing a sale and at worst a short sale of the home. I would like to know what is my liability in a short sale? Would it be best to do a foreclosure? What would be my liability in a foreclosure? Also I would like to know would I be eligible for a new mortgage on a cheaper smaller home?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Chase allowed me to contract to sell the home and I got a 60 day stay on the foreclosure till June 12, 2018

Lawyer's Assistant: Where is the home located?

Mebane, NC

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That is really what I want to know. I would like to see how I can get out of this home and how much it will cost me. And I just want to be able to move on to a small home at a much more affordable home.

Submitted: 2 months ago.Category: Real Estate Law
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Answered in 15 hours by:
5/2/2018
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 months ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 125,893
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

If you signed reaffirming the debt and got a modification, then you would remain liable for that debt and the lender can likely seek deficiency judgement against you (depending on whether they use judicial or non-judicial foreclosure). The NC non-recourse statute does not state anything about short sales, so the lender can also seek deficiency judgment against you on a short sale unless they agree to waive the deficiency as part of the agreement to short sell.

In a foreclosure, the non-recourse statute says they cannot pursue deficiency if they do a non-judicial foreclosure, but if they sue for foreclosure, they could pursue you for the deficiency judgment.

We cannot tell you if you could qualify for a mortgage on a cheaper/smaller home, we do not have access to your finances to make that determination and you would need to sit with a lender. However, I can tell you that with a foreclosure or short sale on your credit, as well as a bankruptcy, it is going to make it difficult to get a new mortgage in general.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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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).

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