Question:

What are the chances of the bank coming after me for foreclosure?

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hi, i have a complicated situation, my realtor knowingly sold me a house that had been build without proper permits and substandard material(it failed all city inspections during construction), i tried to sue the previous owner(because he built it), and the realtor but it didnt go anywhere and i refuse to pay for this house, i am going into foreclosure soon, i havent payed the morgage since may, and i understand after it is auctioned, the bank can come after me for the amount lost in the auction, what are the chances of them actually suing me and trying to get this money, i dont have any money left, ive lost 30,000 dollars investing into this home, i have been thinking about leaving the state if that would help? i live in florida btw.

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  1. Hmm, that's odd ,a GOOD REALTOR always has a house inspected before closing on it.  She is a Realtor, it is part of HER job to guide you through the process.

    You need to deal with your mortgage company first.  See if they will take smaller payments and then extend the foreclose proceedings.

    During that time, hire a lawyer and see what your other options may be.  I think the REALTOR would be the one to sue, she should have had the house inspected before even listing it.

    BTW--Bankruptcy doesn't usually clear a mortgage.  We would all go bankrupt if that were the case.


  2. Well, first of all you should be able to sue. I don't get it. Keep on calling Attorneys there has to be a way. Realtors are supposed to have all those things in order before they even list it. i feel bad for you. The bank can come after you for money but there has to be a way out of this. You could go bankrupt but you won't have credit for awhile. Anyhow, I know I didn't help but keep on calling attorneys.

  3. 1.  You had the CHOICE of having a home inspection on the property.  You declined that option...that is your fault, not the Realtor's.

    2. Your home DID pass all inspections eventually, because they never would have got a final Certificate of Occupancy...which is required whenever you take out building permits or the city will not allow the property to transfer....that is ALL that is required of any home and you can't get a final CO until all previous inspections have been passed...very, very homes get through every inspection without failing some of them, the builder corrects, it's re-inspected, and given a pass.

    3.  "Substandard materials" is your opinion...again, you should have got your own inspector.

    4.  You would have had to prove that the Realtor was aware of the permits....she is under no obligation to do so on a home that has already been built and sold at least once.

    5.  The reason your court case didn't go anywhere, is because they were not legally responsible...again, you could have done an inspection and you declined to.

    6.  You had a contract with the bank and didn't pay it over petty issues that at the end of the day don't mean squat.

    Your chances of suing (which you can't sue the Realtor or the owner, b/c you already have and that case has been lost in court..you can't sue for the same issue twice) and collecting are Z-E-R-O.

    You will most likely get a deficiency judgement against you which could force you into a bankruptcy...which means it will not only destroy your credit but prevent you from purchasing or possibly even renting for another 3 to 5 years.

    My advice:

    1.  Next time, get a home inspection...you spent $30K on a house when $400 would have saved you from the trouble.

    2.  Consult with an attorney whenever you try to resort to self-help measures so they can tell you that you don't have a legal leg to stand on.

    Leaving the state won't help...you don't need them to be present for them to get a judgement against you.

    PS:  You signed the loan application and had the opportunity to review ALL of the documents at the closing before you signed.  You closed anyway...that was the time to ask questions.  Your Realtor didn't sign the docs...YOU did.

    The disclosure?  If you bothered to READ the contract that you signed, it would have stated for you to check whether you had or had not received a disclosure statement...again, that was your time to ask for it.

    Next time, take responsibility for your own mistakes and stop blaming other people.

  4. That house is theirs, not yours. They will foreclose, it will hurt your credit. You need to contact the bank about this and explain.

  5. First off- "The realtor wrote false information that I was a manager of a restaurant"  The realtor didn't sign your credit application- you did.  You also signed the loan docs.  Leaving the state will not help you.  The mortgage company may well sue you for the deficency balance.  The judgment will go on your credit no matter where you live.  They could also sue you for falsifying your loan ap.  That is mortgage fraud.  I don't understand if all you say is true- why your lawsuit didn't go anywhere.  Have you called the board of realtors to complain about the realtor?  There should be liability regarding the permits if they were required.  Good luck!

  6. They will foreclose on the house and your chances of getting another home loan ever are slim. You should have had your offer on the house contingent on an inspection, an inspector would have found many of the problems you are talking about.

  7. The odds of them following through are roughly 100%.     They would be defrauding their investors if they let you just spend their money and walk.    They have a legal obligation to collect the fund you owe, even if they have to garnish your wages for 20 years.    

    Leaving the state will not have any effect.   There are a few countries that you can flee to and will not deport you back to the US.

  8. You need to hire an attorney.

  9. Heh...  Good plan.  Run away.

    Seriously though, get yourself a GOOD lawyer and have a serious chat.  Stop looking for excuses or escape plans.  Deal with this head on and accept consequences for any bad decisions you make.  Caveat Emptor.

  10. Calm down.  Everything seems okay.  First call your lender and find out if you could deed the bank back the house (deed in lieu of foreclosure.)  If that fails -- get a Realtor familiar with short sales and sell your home with a short sale.  If that fails... arrange a loan modification with your lender and this will get your payment up to date and at a lower amount giving you a chance to find a tenant.  IF ALL else fails -- which I'm sure it won't... near 99.9% they won't come after you for the money they lost they will just send you a 1099 next year that you report as your income.  Just don't rip out all appliances before you leave - Banks hate that.  Relax.  Good luck.

  11. they are gonna send ninjas trained at circumcising peoples faces, and one day when your sleeping in your rooms, theyre gonna get ya....THEYRE GONNA GET YA!!!

  12. If you do not pay they will foreclose and your credit will be wrecked. It doesn't matter where you live, your damaged credit will haunt you as much in FL as it would in Canada.

    It seems to me that you also have a beef with the title company, whose job is to make sure that permits and compliance were kosher before closing.

    You don't explain why your previous actions against the agent and seller were unsuccessful, so I cannot tell if you are just whining or if you have truly been scammed. Just remember that you were complicit in a lie about your employment to get the loan, so those who lie with pigs get muddy.

    The answer in either case is a short sale. Contact an agent who is experienced in this.

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