Attorney Batting Practice�One, Two, Three�Opinions Please!

[bkmaggster]

There will be. I assure you.

Even in normal times, by the time they subtract from whatever equity you had, the lawyer's fees, the interest fees, the title search fees, the cost of sale fees, the insurance fees, the broker's fees, the miscellaneous fees, the court cost fees, the 'because it's Tuesday' fees, -- there WILL BE a deficiency in a foreclosure. Nearly every single time.

In these times, what with the depressed real estate values, it's even more certain.

Even in a non-recourse state?

[HakunaMatata]

Luci-

You're wonderful! You've been through so much and you still maintain a logical, helpful, empathic stance. Much appreciated!

You're correct, my newly found cash chica program is eye-opening! While I've been stupidly frugal (often neglecting necessities), I've never really thought about daily purchases. I relied on my "30 day interest free loans" (aka credit cards) and knew I had time to generate income. An emergency vet visit, a plumber expense, or a broken vacuum no longer come with delayed payment. Wow.

MSbklawyer-

I've exerted considerable energy into assessing the possibility of a DJ. I only have one loan (a refi) and it appears "in normal times" DJs are rarely issued on primary residences with single loans.

Are your assertions derived from future projections? My discomfort rests in the fact my loan is with HSBC (UK) and they have placed a moratorium on issuing DJs. I feel like the tides may be turning and the odds of being hit with a DJ are increasing. Of course, I can't find solid proof of such. I'm in Michigan and I believe the statute of limitations is six years. That's a considerable amount of time given to a lender who wishes to play hardball. The banks are, obviously, struggling. Why wouldn't they come after me?!

[Ann]

Thanks for sharing your experience and opinion! It's comforting to know others have received similar advice (especially a fellow Michigander!).

Hmmm...I wonder if we've been dealing with the same attorney?!

Hakuna, would you mind sending me the names of the lawyers you used in a private message? I too am in Michigan and so far have interviewed 3 (1 was over the phone) and 2 were in person. ALL 3 were different. am planning on finding 2 more to talk to. I would really appreciate it if you would!

[HakunaMatata]

Hakuna, would you mind sending me the names of the lawyers you used in a private message? I too am in Michigan and so far have interviewed 3 (1 was over the phone) and 2 were in person. ALL 3 were different. am planning on finding 2 more to talk to. I would really appreciate it if you would!

PM has been sent!

[hereforinfo]

Even in a non-recourse state?

I think MSbklawyer was just referring to a deficiency balance, not a deficiency judgement.

[MSbklawyer]

I think MSbklawyer was just referring to a deficiency balance, not a deficiency judgement.

Precisely. Sorry I didn't make that clear enough.