Mortgage Lender California

Charlie Said:

In California, after foreclosure, are you still responsible for your second mortgage?

We Answered:

Yes, you are fully responsible for the second, third, etc. You only owe state income tax on the first if you never refinanced it.

Mark Said:

Must I complete a "Verification of Rent/Mortgage" a lender sent regarding one of my apartment tenants.

We Answered:

you are within your rights as the landlord/owner to NOT sign it until the rent is paid. if you wish to resolve this matter quickly, simply tell your tenant either pay the rent he owes or you will write down on the VOR that he was late paying his rent on time for that month. rather than risk this, he will most likely pay the rent and settle quickly. It's quite a hassle to go through all the paperwork and such for loans so if he balks on this then he will be set back for awhile. definitely won't like you anymore but you do what you need to in order to make everything kosher.

Allen Said:

My mother dies in NY state while owning a home, I was never on the mortgage, am I responsible in anyway?

We Answered:

Good Lord. Probate should have been started/open a year ago... Did her personal representative never do so??? What happened with the home?

Although many people think if you have a will, you don't need probate, that is not necessarily true, ESPECIALLY if there are assets, such as real estate and also debt.

Contact the personal representative & get probate started if it hasn't been. If you are, you need to contact a probate attorney in the state she resided in (New York?).

Part of the probate process is the "Notice to Creditors" period. This is when the mortgage holder would have to step up & claim they are owed funds from the estate. If the estate does not have sufficient assets to continue the loan payments, the home will need to be sold or foreclosed upon.

http://www.1800probate.com/probate-lawye…

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