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Foreclosure in Nashua : Real Estate Advice

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  • Local Info7
  • Home Buying54
  • Home Selling9
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Activity 9
Mon Apr 30, 2012
Ron Thomas answered:
New Hampshire is a RECOURSE state, meaning that the Bank can come after the Homeowner for the difference between the outstanding loan balance and the amount of the sale.
It is called a Deficiency Judgement.
If there is a 2nd Lien, the problem gets even worse.
If the Bank is asking for a promissory note; it sounds like they are allowing the homeowner to pay the difference over time, instead of filing suit.
This is between the Bank and the Seller, and the Buyer should not be involved, unless they wanted to be, (to hold the deal together.)
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Sun May 11, 2014
Tim Moore answered:
As a tenant at will you have almost no rights or time limits. They can tell you to leave almost anytime.
Good luck.
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Mon Mar 21, 2011
scott farmer answered:
I think you need to go back to the divorce docs to see what your settlement agreement says about the home. Seek legal advice first before moving forward with another property.
0 votes 3 answers Share Flag
Mon Apr 19, 2010
Gerard Dunn answered:
Why would you even be involved?

The bank now owns the property and is responsible for it.

The maintenance man is charging rent? It sounds as though the bank may have a problem with that.

Folks in desperate situations are not always reasonable or predictable. I would stay out of it and avoid potential retribution.
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Fri Apr 9, 2010
Pacita Dimacali answered:
Is there something in your agreement, verbal or otherwise, that the landlord agreed to pay for your moving expenses? If no such agreement exists, I can't imagine how a landlord could be forced to pay for you to move out, particularly since you don't have a lease, and by implication, you are on a month-to-month lease whereby so many days notice to vacate may be sufficient.

If the property is sold, and the owner wants the property delivered vacant, the current owner should give you notice to vacate (depending on your state and how love you've lived there, it could be 30 days notice). If the sale closes while you're still there, then it's up to the new owner to give you notice.
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Tue May 17, 2011
answered:
The quick answer is "yes." However, your situation is complicated and raises more questions then answers. Also, there may be other ways to transfer the property from him to you that would be less messy, such as a Quit Claim Refinance.

I would be happy to spend some time with you on the phone to discuss your options.
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Mon Sep 7, 2009
Val Cloutier answered:
Unfortunately Cura, many of the foreclosure websites are scams, who's main business isn't to provide foreclosure information,but to harvest salable email addresses and "warm leads" to provide to real estate agents (for a fee). Many foreclosures eventually end up being listed on MLS (the public search for New Hampshire is www.NNEREN.com), some are sold at auction (though most auctions result in the lender buying the property back if the 'reserve bid' is not met). Your agent, presuming that you have one, will probably have access to the other means of seeing foreclosures (the legit. auctions, HUD-owned homes, etc) Please let me know if I can help.

Val Cloutier, Realtor, Accredited Buyer's Representative, e-Pro
New Hampshire & Massachusetts Real Estate Services
call or txt 603-965-5197
Valerie@SNHhome.com
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Mon Jul 27, 2009
Dane Hahn answered:
Hi Ryan,

You ask, "my house is being foreclosed on.am i responsible for the balance if the auction sale price does not cover the loan amount?"

The right answer is, "yes and no..."

You are in fact responsible for the money you borrowed and apparently are not able to repay. And if the bank or mortgage company can, they will ask you to sign documents to remain responsible until their loan is satisfied. (I suggest that you engage a lawyer to review any paperwork they ask you to sign.)

But apparently you have reasons why you are not making the payments and so they are foreclosing on your home, meaning they are taking the title (true ownership) back from you for non-payment of the obligation. Once they have taken your title and ask you to remove your personal property and your residence to some other locale, you are probably no longer responsible for the loan. What comes with this however is that they will review your finances to see if you may have assets that they can attach--to get the money they believe you sill owe them.

So if they found that you have a yacht or some other asset that they can put a lien on, of if they find that your spouse is a doctor or lawyer or a movie star or professional athlete and earning a good salary, yet you have not made your payments, they can chase you for fraud.

In fact, if you are only telling them the truth, and you can't make the payments, then the foreclosure and auction will probably free you from the title to your house and your responsibility for the loan. Also you will forfiet your acceptable credit standing for some years.

If you want to stay in the house and think that with a mortgage modification you could afford to actually make the payments, talk to a lawyer who specializes in bankruptcy. A simple bankruptcy will delay the auction for up to 6 months, and a loan modification may lower the payments by changing the rate, or the balance owed--if the property has lost considerable value--or the length of the repayment term. Banks are not usually willing to be generous in these matters, but often will give you some additional time.

Dane Hahn
Broker, NH Real Estate
603-566-5460
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Tue May 17, 2011
James Gordon ABR SFR SRS answered:
Lene if they are buying they are using owner finacing or Land Contract as it is called in some states. They may be doing a rent to own program. The most likely possibility is that they are renting a property and telling people that they are buying to try to save face. ... more
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