tag:blogger.com,1999:blog-2321320695584069696.post6793391736831307320..comments2023-11-05T00:50:11.104-07:00Comments on Hugh Wood: Georgia's Non-Judicial Foreclosure Statutes :: Just the Nuts and BoltsHugh Woodhttp://www.blogger.com/profile/01021049579391065763noreply@blogger.comBlogger38125tag:blogger.com,1999:blog-2321320695584069696.post-38701837667347668462020-11-24T22:50:28.465-08:002020-11-24T22:50:28.465-08:00First of all I want to say superb blog! I had a qu...First of all I want to say superb blog! I had a quick question that I'd like to ask if you don't mind. I was interested to know how you center yourself and clear your thoughts before writing. I've had a tough time clearing my mind in getting my thoughts out. I truly do enjoy writing but it just seems like the first 10 to 15 minutes tend to be wasted just trying to figure out how to begin. Any ideas or hints? Kudos!impotencehttps://besterectiledysfunctionpills.com/noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-3635939119396219692014-05-14T10:39:47.731-07:002014-05-14T10:39:47.731-07:00Does GA require a physical presence within the sta...Does GA require a physical presence within the state to act as the foreclosing trustee?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-51497172223665076742013-02-05T07:48:12.989-08:002013-02-05T07:48:12.989-08:00Hugh,
After the Court has confirmed the foreclosu...Hugh,<br /><br />After the Court has confirmed the foreclosure, how long does the bank have to file a suit to collect the deficiency?<br /><br />Thanks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-16668482522981238202013-01-26T18:21:16.192-08:002013-01-26T18:21:16.192-08:00As to post of January 25, 2013, I cannot answer th...As to post of January 25, 2013, I cannot answer the question w/o looking at the land title. email me the DP/page of the security deed and the county and maybe I can answer your question. hughwood@mindspring.com<br /><br />You wrote: Anonymous said...<br /><br /> Hugh, my rental allegedly foreclosed June 2011,and tenant paid the servicer rent and until 12/2012. The house is still in my name at the County Records office. I am concern of liability and want to know if there are steps I can take to get the house back?Hugh Woodhttps://www.blogger.com/profile/01021049579391065763noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-12162077197121619892013-01-25T19:20:56.237-08:002013-01-25T19:20:56.237-08:00Hugh, my rental allegedly foreclosed June 2011,and...Hugh, my rental allegedly foreclosed June 2011,and tenant paid the servicer rent and until 12/2012. The house is still in my name at the County Records office. I am concern of liability and want to know if there are steps I can take to get the house back?<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-53110185409337245602013-01-02T22:34:33.973-08:002013-01-02T22:34:33.973-08:00Most of your questions are answered on Fannie Mae ...Most of your questions are answered on Fannie Mae (FNMA) website. Go see: http://www.fanniemae.com/resources/file/debt/pdf/debt_library.pdf Federal law trumps Georgia law, if Federal law speaks to the issue in question. See, federal preemption. 1. If either one owns the Security Deed (SD) then yes, either directly or by assignment. 2. Yes, apparently according to federal law. Though, I have my doubts about the stated “facts.” 3. Hypertechnically, no. Go read about FNMA’s right to strip, sell strips, sell note(s), etc. And, the SD holder can always go back (assuming the Foreclosure has not occurred and combine them). GA has one of the shorted confirmation action times (30 days). If there is a foreclosure striped from the note and no confirmation, I would challenge the Note holder on extinguishment. It is a grey area in the law; sorry, need more facts. But, as always, if you are not behind on your payments, the creditor cannot foreclose or call the note.Hugh Woodhttps://www.blogger.com/profile/01021049579391065763noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-5394727128530725082013-01-02T22:07:34.919-08:002013-01-02T22:07:34.919-08:00Hugh, I have 3 questions regarding Fannie Mae'...Hugh, I have 3 questions regarding Fannie Mae's involvement as the investor / loan purchaser. 1. Fannie Mae claims that it can give the servicing company - in my case Bank of America the right to foreclose. If indeed Fannie Mae is the secured creditor, is this true under Georgia Law? 2. Also, if Fannie Mae is the Note Holder and Bank of America holds the security deed and Bank of America is able to foreclose, will this be akin to Fannie Mae selling its secured interest to Bank of America seeing that Bank of America is the holder of the security deed but has no rights to the note? 3. Finally, is it true that if a party sells the note and retains the security deed, then forecloses on the security deed - that the debt has become unsecured? I have been looking for evidence of what happens when the note and security deed are separated at the time of foreclosureAnonymoushttps://www.blogger.com/profile/10649572781071257047noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-77589009999097160422012-05-17T07:39:06.145-07:002012-05-17T07:39:06.145-07:00How often have you seen banks like Citibank suing ...How often have you seen banks like Citibank suing for default judgement a homeowner who has a income of less than 50K?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-62376183494085421552011-11-10T17:03:51.026-08:002011-11-10T17:03:51.026-08:00I am not in foreclosure do I have legal standing t...I am not in foreclosure do I have legal standing to challenge MERS standing to act as a corporate fiduciary (Grantee) in my Security Deed?, If you answer yes, do I have to prove that I've been harmed due to MERS illegal act and how would such harm be proved?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-31541349939595516302011-11-10T16:31:44.216-08:002011-11-10T16:31:44.216-08:00I am not in foreclosure do I have legal standing t...I am not in foreclosure do I have legal standing to challenge MERS standing to act as a corporate fiduciary (Grantee) in my Security?, I you answer yes, do I have to prove that I've been harmed due to MERS illegal act and how would such harm be proved?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-39024313853366894332011-05-23T13:51:22.138-07:002011-05-23T13:51:22.138-07:00Reply to HELOC. Yes. Unknown without more facts...Reply to HELOC. Yes. Unknown without more facts. I will say that the lost HELOC is somewhat less likely than either the 1st or 2nd chasing you (it is much like a 2nd).Hugh Woodhttps://www.blogger.com/profile/01021049579391065763noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-5286568472636715262011-05-23T13:23:46.203-07:002011-05-23T13:23:46.203-07:00Hugh,
Can the bank that holds a HELOC that was use...Hugh,<br />Can the bank that holds a HELOC that was used to purchase a house come after me with a deficiency judgement?<br />If so, what is the likelihood of this happening nowadays?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-89640111205890771252011-03-12T12:14:24.379-08:002011-03-12T12:14:24.379-08:00To Greg: I gather you were forclosed on in Dec of...To Greg: I gather you were forclosed on in Dec of 2010. The Bank filed within 30 days, but the hearing is now in March 2011 on the deficency. There is somelaw against the bank. However, I have always considered that the bank's filing within 30 days preserves the Def. Judgment hearing.Hugh Woodhttps://www.blogger.com/profile/01021049579391065763noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-36280201986879828282011-03-12T05:41:19.133-08:002011-03-12T05:41:19.133-08:00mr wood.i foreclosed on a property in dec of 2010....mr wood.i foreclosed on a property in dec of 2010.and the property was sold to the bank on the courthouse steps.it is now march i have not received a deficiency on the property.but i did find out that within 30days of the sale the banks attorney filed paper work stating they foreclosed.and now i am getting a notice that there is a confirmation notice hearing on the foreclosure.so my question is.i thought the bank had 30 days from sale of property to file a deficiency.or because they filed paper work within 30 days of the sale.it keeps the option of a deficiency after the comfirmation hearing.it is very confusing because there are so many conflicting answers to this.could they have given me a deficiency notice without the confirmation hearing.so now its 3 months since i foreclosed.i did receive form 1099A.sorry if i confused you in this statement.would like to no your opinion.has to much time passed for a deffi,,judgement..gregUnknownhttps://www.blogger.com/profile/18220924814291553717noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-12221925314312056572011-02-24T10:42:09.156-08:002011-02-24T10:42:09.156-08:00In Response to "Brian"
From the IRS:
T...In Response to "Brian"<br /><br />From the IRS:<br /><br />The Mortgage Forgiveness Debt Relief Act and Debt Cancellation If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.<br /><br />The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.<br /><br />This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.<br /><br />More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.<br /><br />The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation:<br /><br />What is Cancellation of Debt?<br />If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.<br /><br />Are there any publications I can read for more information?<br />Yes.<br />(1) Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals) is new and addresses in a single document the tax consequences of cancellation of debt issues.<br /><br />(2) See the IRS news release IR-2008-17 with additional questions and answers on IRS.gov.<br /><br />Hugh WoodHugh Woodhttps://www.blogger.com/profile/01021049579391065763noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-87540276909853554392011-02-24T09:21:12.942-08:002011-02-24T09:21:12.942-08:00Mr. Wood:
In order to send a 1099 to a borrower f...Mr. Wood:<br /><br />In order to send a 1099 to a borrower for forgiven debt based on a foreclosure, does the lender first have to confirm the foreclosure sale in order to determine that fair market value was received at the foreclosure sale? If not, can the borrower challenge the fair market value listed in the 1099? Thank you for your consideration.<br /><br />BrianBriannoreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-74496863137957648222011-02-15T17:37:24.128-08:002011-02-15T17:37:24.128-08:00Oops, book and page number was on original deed to...Oops, book and page number was on original deed to secure debt documentChipmunkhttps://www.blogger.com/profile/05583969408887021464noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-53710431972363045802011-02-15T15:41:31.561-08:002011-02-15T15:41:31.561-08:00Thanks. I checked the title. It appears by book an...Thanks. I checked the title. It appears by book and page that he just refiled a copy of the original assignment made to the bank. Nothing new showing assignment to him.Chipmunkhttps://www.blogger.com/profile/05583969408887021464noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-29291573524364611702011-02-15T13:54:42.003-08:002011-02-15T13:54:42.003-08:00To Chipmumk: Probably the "Broker" can ...To Chipmumk: Probably the "Broker" can foreclose. Check the Assignment on www.gsccca.org Assuming a proper assignment (which I suspect exists) then, yes, he/they/the bank can foreclose. Hugh WoodHugh Woodhttps://www.blogger.com/profile/01021049579391065763noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-31429919111041256662011-02-15T13:43:10.276-08:002011-02-15T13:43:10.276-08:00Hugh
My husband borrowed money from a mortgage br...Hugh <br />My husband borrowed money from a mortgage broker for a refi. The broker had borrowed money to lend to my husband from his bank.When the note went into default the broker started the foreclosure process. We discovered by chance that our broker had reassigned the note and deed to secure debt to his bank the same day he had made my husband the loan. Can he legally foreclose or does the bank holding title have to do it?Chipmunkhttps://www.blogger.com/profile/05583969408887021464noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-84150961715647654502010-10-09T07:30:52.925-07:002010-10-09T07:30:52.925-07:00Hugh,
What GA statues are there for homeowner def...Hugh,<br /><br />What GA statues are there for homeowner defense in Foreclosure? For the life of me I am trying to figure this thing out. I filed Chapter 7 and asked my atty to oppose the relief from Stay and they ignored me. should aty's represent their clients best interest pro bono or not? Now I am working on filing "adversary proceeding" in BK court. Please share caselaw for Standing and any cases/rulings/judgements known in GA on behalf of the homeowner. Anything I can use in Georgia BK civil court? <br /><br />I know this will help others who are in GA, fighting to keep shelter for their families, make informaed decisions kowing possible defense for their situation.Denisenoreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-31475588733545222942010-09-08T06:14:30.063-07:002010-09-08T06:14:30.063-07:00I understand that in Georgia the lender has 30 day...I understand that in Georgia the lender has 30 days following a foreclosure to go after the borrower for a dificiency. <br /><br />Does this 30 day time limit apply to the bank going after a personal guarantor as well? Or is the bank not subject to the 30 day time limit when pursuing a deficiency judgment against a guarantor?Unknownhttps://www.blogger.com/profile/07696675110430496279noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-61988536151249291862009-05-18T03:41:00.000-07:002009-05-18T03:41:00.000-07:00Hugh
Thank you
Mid 2006 it got sold to America's S...Hugh<br />Thank you<br />Mid 2006 it got sold to America's Servicing claim - does it make any difference.joyfulhttps://www.blogger.com/profile/16167275947678922355noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-70631558555683464522009-05-17T19:33:00.000-07:002009-05-17T19:33:00.000-07:00To Joyful: Good Question. I happen to know from p...To Joyful: Good Question. I happen to know from private litigation that New Century has sold/auctioned (whatever) all of its Georgia Properties and those properties are no longer subject to the Stay in Bankruptcy in Delaware. B/c GA does not have a place to challenge the Real Party in Interest, you will either have to file suit first (a very expensive proposition) or suffer the consequenses. Even in the prefiling the parties can't show they are current. If you go into BK, you may be able to raise the issue in opposition to a Lift the Stay Motion. HCWHugh Woodhttps://www.blogger.com/profile/01021049579391065763noreply@blogger.comtag:blogger.com,1999:blog-2321320695584069696.post-90220948503784664742009-05-17T15:16:00.000-07:002009-05-17T15:16:00.000-07:00Joyful
Home 123 funded (2yrs ago)MERS is nominee/m...Joyful<br />Home 123 funded (2yrs ago)MERS is nominee/mortgagee. later we are paying New Century and then later the service is transfer to America's servicing. 1 month ago MERS(as assignor) assigns the mortgage to Bank National Trust as Indenture trustee for New Century(bankrupt, subprime).<br />Who is the party of interest. I am kind of confused.Helpjoyfulhttps://www.blogger.com/profile/16167275947678922355noreply@blogger.com