Impound Account
I have another question and will try to be brief:
BK discharged in 2005. I filed a homestead on current home and it states on Bk paperwork "Debtor will retain collateral and continue to make regular payments." Mortgage company was listed on discharge page and I NEVER signed formal papers with the mortgage company, so I assume I did not reaffirm.
An impound account was placed on account last August which made it impossible for me to make new mortgage payment ($1400 increase a month!). I understand they had that right since I was late paying my real estate taxes the prior year.
House is in foreclosure. I have searched the internet and think that I am not responsible for taxes already paid on property (negative escrow account), taxes due this year, and difference that house can be sold for after foreclosure (deficiency judgement). Is that correct?
If I do a short sale for less that the house is worth, is that still true? Who pays closing costs and commissions?
I'm in CA if that makes a difference.
************************New Details****************
I tried to call a real estate attorney [on a Saturday
] and one called me back! I asked him the above question. HE stated that I would be responsible for the difference after foreclosure because it would be considered a "new debt". I reminded him of the mortgage company appearing on my BK discharge and that I did not sign papers with the company and he said the amount at that time was discharged. But AFTER foreclosure it was a new debt. FURTHER that a short sale would cut even more into the shortfall since the commissions and closing costs would have to be paid as well. I swear everything else I have read seems to be to the contrary?!?
BK discharged in 2005. I filed a homestead on current home and it states on Bk paperwork "Debtor will retain collateral and continue to make regular payments." Mortgage company was listed on discharge page and I NEVER signed formal papers with the mortgage company, so I assume I did not reaffirm.
An impound account was placed on account last August which made it impossible for me to make new mortgage payment ($1400 increase a month!). I understand they had that right since I was late paying my real estate taxes the prior year.
House is in foreclosure. I have searched the internet and think that I am not responsible for taxes already paid on property (negative escrow account), taxes due this year, and difference that house can be sold for after foreclosure (deficiency judgement). Is that correct?
If I do a short sale for less that the house is worth, is that still true? Who pays closing costs and commissions?
I'm in CA if that makes a difference.
************************New Details****************
I tried to call a real estate attorney [on a Saturday
] and one called me back! I asked him the above question. HE stated that I would be responsible for the difference after foreclosure because it would be considered a "new debt". I reminded him of the mortgage company appearing on my BK discharge and that I did not sign papers with the company and he said the amount at that time was discharged. But AFTER foreclosure it was a new debt. FURTHER that a short sale would cut even more into the shortfall since the commissions and closing costs would have to be paid as well. I swear everything else I have read seems to be to the contrary?!?
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