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I have Countrywide for 1st and 2nd mortgages, totaling $310K. I know my home isn't worth more than $260K for a reasonably quick sale right now. I recently did a loan modification with them on both loans, trying to catch up, but my income dropped further, I'm behind again, and I've decided to cut my losses. I don't want to file for bankruptcy. I just want to get rid of the home loans and then get caught up on all of my unsecured debts. I'm worried that they'll auction it off for ~$200K and then get a deficiency judgment to make me pay them the difference. What is the likelihood of that happening? Is there something in the loan docs that'll tell me if this is even an option for them (or perhaps it's in the College Park law somewhere)? I make pretty good money (just under $50K) and they have proof of that from my recent loan modification. Is this going to make them want to or able to get a deficiency judgment against me? Please list your answer and your source or credentials. Thank you!
State laws regarding foreclosure for Arizona can be found here: judicial foreclosure and non-judicial foreclosures are available, but the non-judicial deed of trust sale is preferred. The trustee cannot conduct a foreclosure sale under the power of sale clause until a lawsuit to foreclose is dismissed. The lender can't do both. A deficiency on a purchase money mortgage is not allowed on residential property if a single one-family or single two-family dwelling that is on 2.5 acres or less. See Section 33-814. No right of redemption is recognized. A deficiency is allowed if the value of the house has declined because the homeowner has committed waste (basically, not taken care of the place.) Hope this helps & good luck...
A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure.
Are you sure they hold both mortgages? Usually they negotiate with a 2nd mortgage firm and the 2nd mortgage firm makes that loan. My suggestion is for you to get a 2nd job for 2-3 yrs, and keep paying on the house. Tell you why-- if you do, using some simple tricks, you can get caught up in 2 mo and thereafter cut your payment time from 30 yrs to under 12. Also, as a fact, all the RE in the nation will begin to go back up in 1-2 yrs, SLOWLY but it will occur. All land that has not been harmed or that is not in a horrible neighborhood, goes up in value. Another thing you can try to do is sell 1/2 or 1/4 of your home to someone as an investment! and--you can put a small family home based business in your home whose sole task is to pay off the mortgage [assisted care, etc.] Therefore, do not cut your losses; eat the pain for 2 years and you will be in great shape!
Without knowing what kind of arrangements you may have made with a loan modification, we really can't answer the question. I can tell you that Congress passed a law in Jan 2007 that states the lenders can't file a 1099 to the IRS for the balance of your loan. That holds until Jan 2009. But PLEASE PLEASE PLEASE do not steal or tear up the house. Try to work out a deal with CW for you to stay until your redeemption period is over, then give you a few bucks to find another place. We have far too many properties that are causing whole neighborhoods to become blighted. It's bad enough already that we have so many foreclosures. Best of luck
If you make just under $50k, then there is NOOOO way you should be in a house over $300k! You will get whatever you deserve for buying a house you could not afford.