Have a Real Estate Problem You'd Like Solved? Let Dick Dennis Help You Solve it . . . FAST!

* Is your home subject to foreclosure and you'd like to be able to come away with the least amount of damage to your credit?

* Or perhaps you want to convey a property title to a family member and you're not quite sure how it should be done.

* You have a property that you own free and clear of any mortgages. We can show you how to protect your title to that property so no one forges documents to take it away from you.

* You've had your home for sale with a real estate agent who has not performed as advertised. How can you get out of the listing you have with him/her?

Here are just a few testimonials of the many Dick has received. Notice the frequency of how people compliment his fast response to their questions . . . and the clarity of his answers.

* Amazingly fast response and answered the question directly. Very useful advice. Thank you again for your time and expertise. Your answers are very clear and easy to understand. Thank you -- Jim

* Thank you so much for your insightful answer - and the promptness with which you replied. I should be so prompt in saying Thanks ! -- Jay

* A complete and sensible answer -- VERY HELPFUL! -- Jean Gillette

* Thank you very much, Mr. Dennis. You were very helpful. Yours truly, Jack Patton Jr.

* Thanks for quick turn around and help in the matter. You seemed to know exactly what you were talking about. -- Suzanne

* Mr. Dennis, you were very thorough and provided excellent answers. Thank you. -- Lorena K

* Thank you so much for such a prompt and responsive answer to my question. -- J. Goodner

* I have asked around, and this was the best, and clearest answer to my problem. It directly told me what I needed to hear. Thank you very much, Dick, it saved us from some major hassles. Brian Baskin

* Very quick response. It was a three fold problem. 1. Protect family ownership from probate. 2. Give mother abilty to sell without my wife's involvement. 3. Minimize capital gains tax. (there is still more involved - may have to write you later) Thanks, Mike Bauer

* Dick, Thank you for the prompt reply and information sharing. You've brought up many good points and have pointed me in the right direction to start. Thanks so much! -- Scott

* Wonderfully stated, professional advice! Thanks, Dick. -- Didi

* A "thank you" to Mr. Dennis for the quickest response I've ever received on All Experts.com with great advise as well. -- Ann Robertson

* Quick, clear and pertinent response. Thank you!! -- Taum

* WOW! Awesome, complete, thoughtful, and must have taken a good portion of time. I really appreciated it! -- Paul










About Me

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Sun City, California, United States
The best part of being a real estate broker with so many years expertise is that I am able to help people with their real estate problems. • And as a real estate broker since 1971, there is very little I don't know about the subject. • However, since I was 13 my first love has been writing. Put me in front of a keyboard and It'll be difficult to be able to get me away from it. Also, all my life I've been aesthetic (artistically inclined). With that facility I am able to create newsletters. • On February 14, 2010, my wife, Barbara, and I will have been married 56 years!! That speaks for itself, right?

Saturday, December 26, 2009

About Foreclosure: Quick Response and Good Work

This question was posed to me the other day: Mr. Dennis, my question is I have a mortgage in my name only. My wife's name is only on the deed, closing documents, etc. Is she along with myself liable to pay for any deficiency when they foreclose on my house?

I dont want to file for bankruptcy. Can the bank come after me and garnish my salary? I was paying PMI and loan payments until April 2009 but we still live in the house. I dont want to have to leave to avoid because I don't want people entering residence to damage the property. Can the bank come after me for my payments being in arrears since 4/09? They (Court/Bank) haven't decided on a sale date My house is in NJ. I believe my loan is owned by Freddie Mac/BofA. Would I be required to pay taxes on the deficiency amount?

I am willing to quit-claim the deed, but the bank stated that I have to list house on market for at least 3 months first. However, at the same time, they sent me a summons from the court. Lastly, for foreclosure, do I have to physically go into court? Let me know what advice you can give me or options available to me? Thanks in advance for your time. -- Alistair.

My answer: Your wife need not worry about deficiency on your house, Alistair, as long as she was not on the mortgage. And you may not, either. New Jersey has a very confusing law regarding deficiencies after a foreclosure. To make sure you understand, I found a New Jersey attorney blog site from which you can have your questions answered. Use this link: http://www.njlawblog.com/2008/12/articles/bankruptcy-creditors-rights/deficiency-actions-after-foreclosure-judgements/

It does address almost everything you asked. As for paying taxes on the deficiency amount, forget it. President Bush signed a law 2 years ago against that. And, if you do a deed-in-lieu, definitely you'll not have to worry about a deficiency. Go to the above link and READ IT ALL. I believe it will allow you to rest your concerns. I do wish you well.

This was Alistair's appreciative reply: Dick, such a clear and quick response is much appreciated. Thanks a million. Keep up the good work. A lot of people in mortgage distress need consultations from people like you.
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