For legal questions, it is always best to hire an attorney.
With that being said, I have not generally seen banks coming after people. With that being said, it is my understanding that they legally can. In fact, sometimes with short sales, banks will agree not to pursue any defecits as part of the agreement. Also, take a look at the tax implications, as forgiveness of debt could have tax implications.
I would be happy to discuss your situation further with you to discuss what options are available to you. There have been quite a bit of movement in the market over the last year, and you may be able to sell the and move on without these concerns.
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Kirsten Wellborn... more
Hi I live & work in tge Stone Mountain/Decatur area. I would be happy to help in the purchase of some income properties. Contact me Kaylane Peters. Keller Williams Realty Metro Atlanta 504-373-9696... more
This is not uncommon as many banks are outsourcing (not yet to India as far as I know) this type of work. You might be told something by one party and something entirely different happens. There are so many homes in trouble right now that this type of thing will happen until there is some organized and regulated way to address the issue as personally as possible.
My guess is that since almost all HOAs have legal representation, your's does. I've heard of situations in which HOAs initiate foreclosure procedings in cases like this as well thus ensuring payment of fees. You might be out of luck as there should have been notice sent to your orgainization when they started the proceedings, I might hold off on the letter and see if you can leverage that into payment. Get your lawyer in the mix, there might be a way to get at least some of it.
Short refinances are not something that most lenders or Realtors are familiar with and many lenders will not openly discuss this possibility with clients. Your current lender is not the one to go to for help in a short refi situation. You will have to qualify through another lender (Preferably a major banking institution) Major banks, once approved, will help you negotiate a short refi with your current lender. Again, you must qualify (Loan brokers are not the answer here typically). Barring that, you will have to consider selling your home through traditional method or, if you have negative equity, through the short sale process. If none of these avenues are possible, contact your own attorney or find one through a legal assistance center in your city.
A short refi can be a great tool if used properly and done with the assistance of someone who really knows the process. If your situation requires a short sale, be vary careful of your choice in Realtor. Not many will have the experience with this process and make pretty convincing claims to the contrary. Do your research up front...know the answers and ask those questions to your Realtor. If they don't have the answers and do not know how to find them or attempt to BS their way though the conversation...move on.... more