Just got serve,what does it mean?

[Angel.R]

I just found a tiny note in front of my door saying I just got serve by SLS which is the owner of my second mortgage as I'm in a 80/20 interest only as I was thinking about walking away and now is a fact that I will be leaving as I just realize that even NACA or any other program might help me I just can't afford the house.There is an 1-800 number on this piece of paper for me to call.Tomorrow I will be missing my 4th house payment.I know the little note is bad news and God know what else awaits me down the road. Thx guys!

[Angel.R]

I also know the banks will use scare tactics before going into legal action.My main problem right now is trying to save money to be able to go and hopefully rent somewhere.Just worry when I saw the note and now I feel like someone is always watching us.Every strange car or persons that I never had seen around here before I feel they are here just to see if we are still here.Am I going crazy here?Thx!

[Evan Bedard]

Hi Angel.r,

If you are going to walk away from your home I suggest you save up as much as possible before you are forced to leave the home. Depending on your state this may take a long time. Also your 2nd lender will most likely not foreclose because they will get nothing from the sale if your home is upside down. The first mortgage lender will usually due the foreclosure sale...

[Angel.R]

Thanks for the reply Evan.After been so naive throwout the whole process of purchasing my home in 2006,I almost certain I was a victim of predatory lending.How in the world I got approved for a $276k home with a job that gives me about $175 dollars a week on my paycheck and another $250 in gratuities more or less.That's all I was making at that point and my wife had just started working and her job so her income wasn't part of my loan approval here in FL.A also had credit card debts too at that point and had a minivan we bought that year cause two vehicles was a must since we have kids and the driving distance to work was far.

[faith]

Angel,
Hello and welcome to this forum,

There's a link in this forum that Moe posted about Foreclosure process, please click the link below:

Foreclosure Process

And also Professor Shays posted the list of states for non recourse and I can see that Florida is one of them.

Recourse v. Non-Recourse States

He also posted 300 days free rent
300 Days of "Free Rent"

Check it out and take your time reading these topics, it will give you an idea of what to do.

Do not be afraid, everything will be fine, God will help you walk through all these process..

Take care, God bless you and your family

[Enough Already]

Hi there,

FL should not be listed on the non-recourse state. That was listed in error. Florida is indeed a recourse state.

AngelR, my advice is to try to find a competent, experienced local realtor to help you with a short sale. Be sure to negotiate forgiveness of the debt and underlying note with the bank, prior to signing off on the sale.

If a short sale doesn't work out for you, and you want to walk away, I'd save up as much money as possible, while living rent free, so you can negotiate a settlement with the bank after the foreclosure. They should be willing to settle for 5% - 10% of the loan balance.

Good luck!

[faith]

Angel,

I think there is confussion about Florida being a non recourse or a recourse state. In Florida the state is a recourse but your loan documents are stamped as a Non recourse or a Recourse Loan. Just because a state permits recourse loans doesn't mean it forbids non-recourse loans.


However, just because a document is stamped "Non-Recourse" doesn't necessarily mean a non recourse loan. A stamp on a document may be part of its terms, or it may be legally meaningless.

The way I understood it, the lenders can obtain a deficiency judgment against the borrowers if their property is foreclosed or short sold. But if your loan documents specify that the loan is a non recourse, then the lender will not be able to sue you for the deficiency judgement. The lender can only seize the collateral against which he has given the loan. You can check your loan documents and check if your loan documents are stamped non recourse or a recourse loan. If you can't find it in your document, you need to ask your lender to find out if the loan is a recourse or non recourse loan.


Source: Law Journal, Florida

[NotinPA]

I don't understand how you got served?
They just left a note?

[Angel.R]

Originally Posted by NotinPA

I don't understand how you got served?
They just left a note?

Yes it was just a note slip saying that SLS which is my second mortgage has service me and to call the 800 number

[snapple candy]

Angel, doesnt sound like a legal notice. Just a note to let you know they were in the neighborhood.....thats getting aggressive for a 2nd lien holder. I wouldnt worry about it.

[Angel.R]

Thank you guys I really appreciate all the help I'm getting from you guys in this hard times for me and families with similar situations.God bless!