AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question Hello, last year unfortunately my home was foreclosed, it was my primary residence for 3+ years. My mortgage was split between two lenders, the primary about $250k, the secondary about $54k. After the foreclosure, the primary lender cancelled the debt as expected, but they got nowhere near the value of the total loan given the real estate market. This no longer shows as debt owed when people run my credit. However, the secondary lender is surprisingly still sending me statements every month, and it still shows as debt owed on my credit. I'm wondering what the most effective/diplomatic approach is to confront them and ask them to cancel the debt since the home has been foreclosed. My only fear is that by calling them and confronting them I may set the wheels in motion for a deficiency judgment, but would it really be worth their money to initiate this process? I'm not sure how much in total that costs them. Thank you in advance for your time!
Answer You may be better off contacting an attorney which knows real estate law in your local area.
The first question would be, was the second loan secured with the title on your home? If this is the case the lender may have supplied a release of the mortgage so a clean title could be provided to the buyer. There are a few instances I have heard explained in which the secondary lender can attempt to collect the debt. I am not sure how this works in Wisconsin, so you will need to check the local laws to see if this is possible.
If you are receiving a bill from the lender, it is usually best to call ASAP to straighten out the situation and/or gather the information. It may take time for the lender to update the information. I refinanced last year. The mailed statements provide the new payment but the Internet site still has the old amount.
Remember you will be dealing with a person on the other end of the phone who will be looking at the situation for the first time. It may take a while for them to get up to speed. With what I have seen from lenders over the past few weeks, you may be talking with a person who is new to the lending industry. Simply supply whatever facts you have available, dates, agreements, any paperwork you have on the foreclosure and the sale date of the transaction.
If you can find out the name of the title company which closed the last sale they may be able to provide you with information which may tell you how the title was cleared for transfer.
I hope this helps.
Lots of luck on starting over. Our prayers are with you.
