Comments on: Mortgage Crisis Triggers Walk-Aways http://blsciblogs.baruch.cuny.edu/welfare/2009/05/04/mortgage-crisis-triggers-walk-aways-2/ Course Blog for Soc 3151: Social Issues and Social Policy at Baruch College Thu, 19 Nov 2009 14:29:16 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Lynne Philips http://blsciblogs.baruch.cuny.edu/welfare/2009/05/04/mortgage-crisis-triggers-walk-aways-2/comment-page-1/#comment-3902 Lynne Philips Thu, 04 Jun 2009 14:38:41 +0000 http://blsciblogs.baruch.cuny.edu/welfare/?p=494#comment-3902 A very well written article. Thanks for the good tips! A very well written article. Thanks for the good tips!

]]> By: Dean Williams http://blsciblogs.baruch.cuny.edu/welfare/2009/05/04/mortgage-crisis-triggers-walk-aways-2/comment-page-1/#comment-3590 Dean Williams Thu, 28 May 2009 05:54:31 +0000 http://blsciblogs.baruch.cuny.edu/welfare/?p=494#comment-3590 Suppose you had your home auctioned at a foreclosure sale and the sale amount happens to be lesser than the loan money you owe your lender, your lender can sue you for this difference or deficiency within a specified number of days after the foreclosure sale. You can also be ordered by the court to make up this difference. Of course, depending on where you live, a deficiency judgment may not be the automatic next step following a mortgage foreclosure. After the foreclosure sale, your lender will have to file for a deficiency judgment. You can avoid this if you are able to provide proof that the sale price was equal to the market value of the property as on the sale date. This can be done via an appraisal of your home or other legitimate endorsements of its value. If you are worried about your lender getting a deficiency judgment, then the best thing to do is contact an attorney to discuss asset protection strategy with the help of Land Trusts, Personal Property Trusts, etc. This will at least help you make it tough for your creditor to relieve you of your property, making them think twice about filing for a deficiency judgment. Suppose you had your home auctioned at a foreclosure sale and the sale amount happens to be lesser than the loan money you owe your lender, your lender can sue you for this difference or deficiency within a specified number of days after the foreclosure sale. You can also be ordered by the court to make up this difference. Of course, depending on where you live, a deficiency judgment may not be the automatic next step following a mortgage foreclosure. After the foreclosure sale, your lender will have to file for a deficiency judgment. You can avoid this if you are able to provide proof that the sale price was equal to the market value of the property as on the sale date. This can be done via an appraisal of your home or other legitimate endorsements of its value.

If you are worried about your lender getting a deficiency judgment, then the best thing to do is contact an attorney to discuss asset protection strategy with the help of Land Trusts, Personal Property Trusts, etc. This will at least help you make it tough for your creditor to relieve you of your property, making them think twice about filing for a deficiency judgment.

]]> By: CR Home http://blsciblogs.baruch.cuny.edu/welfare/2009/05/04/mortgage-crisis-triggers-walk-aways-2/comment-page-1/#comment-3492 CR Home Mon, 25 May 2009 23:02:30 +0000 http://blsciblogs.baruch.cuny.edu/welfare/?p=494#comment-3492 Unfortunately, many homeowners are also walking away from their mortgage not because of lost income, but because of lost home equity. If you were able to make your payments when you had equity, then you should be able to make your payments without equity. Unfortunately, many homeowners are also walking away from their mortgage not because of lost income, but because of lost home equity. If you were able to make your payments when you had equity, then you should be able to make your payments without equity.

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