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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] So, sequester your assets to avoid follow-up scavengers... Posted by Ward-CA- on April 25, 2008 at 8:21 AM In Reply to: Re: The possible versus the probable... posted by Mike on April 25, 2008 at 6:22 AM Mike, I assume these recovery companies are selective as to what cases they're willing to spend their resources (time and money) on, right? So if the owners-in-default don't innocently give their lenders an update on their current assets when trying to ameliorate their house payment difficulties (prior to foreclosure) they just might be looked over by such scavenging services, right? I'd think the scavengers would spend their time on those targets that look the most promising from the aspect of wage garnishment, rental property, bank accounts, etc. right?? So maybe ordinary folks who are in deep, no-doc doo doo should make some smart moves BEFORE they lose their property at the foreclosure auction to safely sequester what's left. Thanks for the warning. -------Ward =============== : I'm not trying to scare anyone, but I work for a national default outsourcing company, and : I have a couple of clients that are starting to pursue deficiencies and recovery on wiped out junior liens. : There are recovery companies that will take this on contigency, perform a detailed asset search, : and pursue collection and legal action to recover these monies. There is no cost or effort needed : from the lender as the recovery company simply splits any collected amounts. I think we may see : more of this since lenders who in the past wouldn't care are now seeing so much loss in other areas : look for any money that might be sitting out there to be had. : : Mark, : : Yes, the possibility of a lender going for deficiency judgments against all their borrowers-in-default in HI exists. BUT the probability that any sane lender will actually spend their precious time and money trying to get blood out of such turnips is almost non-existent. : : ------------Ward : : =============== : : : : : Aloha from Maui Ward : : : I am a real estate broker in Hawaii and have a client wanting to sell : : : their condo by way of a short sale : : : Their lender told them that if there was a deficency they would : : : be responsible for the short fall : : : I understand that the mortgage debt relief act would allow them : : : to avoid taxation on the deficency but what about their issues with the lender : : : Confused on Maui again? Follow Ups: Re: So, sequester your assets to avoid follow-up scavengers... Mike 8:42 AM, 04/25/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Mike, : I assume these recovery companies are selective as to what cases they're willing to spend their resources (time and money) on, right? So if the owners-in-default don't innocently give their lenders an update on their current assets when trying to ameliorate their house payment difficulties (prior to foreclosure) they just might be looked over by such scavenging services, right? : I'd think the scavengers would spend their time on those targets that look the most promising from the aspect of wage garnishment, rental property, bank accounts, etc. right?? So maybe ordinary folks who are in deep, no-doc doo doo should make some smart moves BEFORE they lose their property at the foreclosure auction to safely sequester what's left. : Thanks for the warning. : : -------Ward : : =============== : : : I'm not trying to scare anyone, but I work for a national default outsourcing company, and : : I have a couple of clients that are starting to pursue deficiencies and recovery on wiped out junior liens. : : There are recovery companies that will take this on contigency, perform a detailed asset search, : : and pursue collection and legal action to recover these monies. There is no cost or effort needed : : from the lender as the recovery company simply splits any collected amounts. I think we may see : : more of this since lenders who in the past wouldn't care are now seeing so much loss in other areas : : look for any money that might be sitting out there to be had. : : : Mark, : : : Yes, the possibility of a lender going for deficiency judgments against all their borrowers-in-default in HI exists. BUT the probability that any sane lender will actually spend their precious time and money trying to get blood out of such turnips is almost non-existent. : : : ------------Ward : : : =============== : : : : : : : Aloha from Maui Ward : : : : I am a real estate broker in Hawaii and have a client wanting to sell : : : : their condo by way of a short sale : : : : Their lender told them that if there was a deficency they would : : : : be responsible for the short fall : : : : I understand that the mortgage debt relief act would allow them : : : : to avoid taxation on the deficency but what about their issues with the lender : : : : Confused on Maui again? 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