Holder Favor
How can I get my second mortgage holder to forgive my loan? my home was sold in short sale? not a major bank?
I sold my home last year as a short sale and the first lien holder, wells fargo, took the short sale in stride and forgave what i owed, however, the second mortgage holder is not a major bank and did not forgive my loan. I made payments of $200 a month for about a year and they will not forgive the rest. i do not even own the home anymore. Is there any government programs that I can use in my favor? thank you very much. I had to take a 67% pay cut because of layoffs and cannot afford to pay all that is needed, let alone a mortgage on a house I no longer own. Thanks for any info or advice!
The 2nd lender obviously approved the sale, but they only released the lien, not there ability to collect, as this happens ALL the time. Depending on if you signed a new note with new terms and recourse or your just paying your payment as always, it will determine what can be done. You should speak with an attorney, but if you stop paying, they can either sue you and seek a deficiency judgment or they can write it off and issue you a 1099C. You may be protected from the tax implications if you qualify for the Mortgage Debt Relief Act of 2007, so speak with a QUALIFIED Tax Adviser, who may also present you with the IRS form 982 for Insolvency if the MDRA 0f 07 doesn’t apply.
That just covers your tax implication, not your legal. You didn’t mention what state you are in, as you may be in a Non Recourse state (Like CA), which means the lender probably can’t do anything if this was your primary, as they did their one move, the short sale. If your in a Recourse state (Like FL) then they can persue you BUT remember, they must sue you for the deficiency judgment, its not automatic, which means they need to spend money to get money, and banks don’t like spending good money to chase bad money, nor do the stockholders. Again, speak with an attorney.
Good Luck
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