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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No right of offset across state lines.. Posted by Ward-CA- on February 23, 2004 at 10:47 PM In Reply to: Deficiency question. posted by Texas To Indy on February 23, 2004 at 5:45 PM : I currently own homes in Texas and Indiana. We have separate mortgages on both, but the same lender services both liens. I live in the Indiana house and currently lease the Tx house. The renters in the TX house will move out at the end of May and we will not be able to make the payments. I have a couple of questions: : 1. Deficiency judments in TX are limited to the difference between the FMV and the loan amount. The house appraises for $350k for the tax man and my loan balance is $280k on 1st and 2nd. Will FMV really be FMV? : 2. Can the lender foreclose on my house in Indiana even though it was not used to secure the loan on the TX house (remember, it's the same lender) and I have ~$30k in equity in this house. : 3. I have heard that the lenders will sell the deficiency judgements to other people for cents on the dollar and these other people will come after you for the deficiency. Is this true? : Thanks in advance for your advice. ============================== #1. Yes #2. No, only the specific property described in the Texas trust deed can be foreclosed upon for nonpayment of the Texas loan. #3. There is a specialized market where savvy investors will buy an existing judgment from a creditor at a deep discount and then forcibly collect the judgment amount from the judgment debtor by whatever legal means available. However, you can bet that before the judgment was bought, the judgment buyer knew the debtor’s assets totaled enough to go after. Follow Ups: Re: No right of offset across state lines.. Texas To Indy 6:05 AM, 02/24/04 (3) No worries... Ward-CA- 1:39 PM, 02/24/04 (2) Deed in lieu. Texas to Indy 6:18 AM, 02/25/04 (1) Worth a shot... Ward-CA- 8:12 AM, 02/25/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I currently own homes in Texas and Indiana. We have separate mortgages on both, but the same lender services both liens. I live in the Indiana house and currently lease the Tx house. The renters in the TX house will move out at the end of May and we will not be able to make the payments. I have a couple of questions: : : 1. Deficiency judments in TX are limited to the difference between the FMV and the loan amount. The house appraises for $350k for the tax man and my loan balance is $280k on 1st and 2nd. Will FMV really be FMV? : : 2. Can the lender foreclose on my house in Indiana even though it was not used to secure the loan on the TX house (remember, it's the same lender) and I have ~$30k in equity in this house. : : 3. I have heard that the lenders will sell the deficiency judgements to other people for cents on the dollar and these other people will come after you for the deficiency. Is this true? : : Thanks in advance for your advice. : ============================== : #1. Yes : #2. No, only the specific property described in the Texas trust deed can be foreclosed upon for nonpayment of the Texas loan. : #3. There is a specialized market where savvy investors will buy an existing judgment from a creditor at a deep discount and then forcibly collect the judgment amount from the judgment debtor by whatever legal means available. : However, you can bet that before the judgment was bought, the judgment buyer knew the debtor’s assets totaled enough to go after. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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