Re: Deficiency judgement changes Texas MUST READ
Posted by Doug Logan on September 11, 2004 at 09:01:23:In Reply to: Deficiency judgement changes Texas MUST READ posted by blake on September 10, 2004 at 14:00:52:
Blake:
Thanks for the information which you posted as a response to my original posting of "Foreclosing on Ex in Texas".
My ex's property was indeed foreclosed last Tuesday, and was purchased by me on a credit bid for far below market value. I understand that I would not be able to seek judgement for the difference between the first note + advancements + legal expenses - auction sale price. But if I read the legislation correctly, when I put the home on the open market, and sell it (let's say 60-90 days from now, getting the best price the market will yield), then I should be able to file suit for actual sale price - first note - pre-foreclosure advancements - foreclosure legal fees - closing costs - realtor fees - necessary repairs - any interim mortgage payments I make until the property is sold. Since the first mortgage is essentially underwater, this will create true and actual cash expenses to me that resulted from my ex's irresponsible actions and the foreclosure of my Deed of Trust to Secure Assumption. And I believe that any PMI references in the legeslation would not apply to me since PMI mitigates losses to the first note holder, not me...
I anticipate being out somewhere around $15K, and that is real money to me that I would like to collect or write off my taxes.
Thanks for any additional comments anyone.
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Comments:: Blake: : Thanks for the information which you posted as a response to my original posting of "Foreclosing on Ex in Texas". : My ex's property was indeed foreclosed last Tuesday, and was purchased by me on a credit bid for far below market value. I understand that I would not be able to seek judgement for the difference between the first note + advancements + legal expenses - auction sale price. But if I read the legislation correctly, when I put the home on the open market, and sell it (let's say 60-90 days from now, getting the best price the market will yield), then I should be able to file suit for actual sale price - first note - pre-foreclosure advancements - foreclosure legal fees - closing costs - realtor fees - necessary repairs - any interim mortgage payments I make until the property is sold. Since the first mortgage is essentially underwater, this will create true and actual cash expenses to me that resulted from my ex's irresponsible actions and the foreclosure of my Deed of Trust to Secure Assumption. And I believe that any PMI references in the legeslation would not apply to me since PMI mitigates losses to the first note holder, not me... : I anticipate being out somewhere around $15K, and that is real money to me that I would like to collect or write off my taxes. : Thanks for any additional comments anyone. Optional Link URL : Link Title :