Quote:
Originally Posted by saczig  Hi Friends,
I need your help and suggestion on this.
I have brought my home in peak 2005 market for $380k and currently it is $180k (Sacramento, CA).
To buy this home I took loan from one of the credit union (based in Marlborough, MA), I have took 2 loans, the break down is 80% primary loan, 15% secondary loan( Shows as Equity in my monthly statements) and 5% down payment.
After that, I have never taken any equity and used my home as primary residence and used pay monthly mortgage on time.
This February-2009, I and stopped paying the mortgage and kept for home on short sale. After few months there are 2 offers and we presented to credit union.
The credit union has sent me back letter to sign. A note that I will pay the remaining deficiency amount after the short sale and only then they will proceed with the short sale.
After consulting the lawyer, I have decided not to sign the note for remaining deficiency amount.
It seam they (credit union) had some management meeting and final decision has taken and they have decided that their bank is not relieving any member from the deficiency balance.
Now the credit union is saying only option here is to go foreclosure and they are saying they will attach the note at the end of the foreclosure process.
Can they really do this?
Any suggestion on this will really help me and please let me know my options.
Thank You |
Hello and welcome to this forum,
The links below talks about CA Section 580b which states that your lender can not pursue any deficiency judgment against you for Purchase money mortgage and never refinance and a primary residence; how to negotiate with your lender, Short Sale Outposts and many other important informations that may help in your situation.
Please take time to read it.
http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/14521-those-worrying-about-who-will-rent-us-now.html http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/15145-ga-upside-down-thinking-about-walking.html http://www.loansafe.org/forum/short-sale-outpost/14207-national-city-short-sale-help.html http://www.loansafe.org/forum/short-sale-outpost/
Thank you and God bless.
The info above is for your information only.