Advice On Troubled Property Out Of State
Good afternoon, I need some advice, I have house in pa, valued 70,000, I owed 50k. 30k to 1st , 20k to equity line of credit. I relocated and could not make payments. Went into foreclosure 2003, squatters set the second floor on fire, foreclosure was stop and the 1st mortgage company/also the insurance company collected 30,000 on insurance policy. The last response said that I owe them 3k, the equity line said that they would settle for 6k. The 1st mortgage sold the account to agency now getting calls saying I owe 30k again. The 1st mortgage company refuses to give me the info on fire claim. 31/2 story brick duplex (vacant for 2 years)
Has it been to court?
Are deficiency judgments allowed in the state?
Is there a deficiency judgment?
Are the loans recourse or nonrecourse?
Just a few of the questions one might ask before advising.
You might want to talk to an investor in PA who might be able to lead you out of your quandary with your credit intact and perhaps a little cash to boot.
Don't let the asset sit and waste, it doesn't help you or the lenders.