We live in New Jersey and owe about $40,000 more than we would be able to sell our house. It's?
Jenny,Yes, New Jersey law does allow the bank to go after more than just the house. They can get a deficiency judgment for the difference between the fair market value and the amount you owe. So if you owe $40,000 more than the house is worth, they can come after you for that.
Also, if the house sells for less than the fair market value, they can get even more if you do not show up in court with proof of the fair market value. You can read more about New Jersey foreclosure law at the link below, but you really need to talk to an experienced real estate lawyer before making a decision to let the house go into foreclosure.foreclosure. Com/statelaw_NJ.html.
Ohio is a judicial foreclosure state this means that if you stop paying your mortgage, your lender must sue you, in court, and obtain a ruling against you, before you have to leave the house. Until the lender wins in court and until the house is sold at a public auction called a Sheriff’s Sale you are the only person who has a right to be in the house. The first step that the lender must take to convince the Court to sell your house at Sheriff’s Sale is to file what is called a Complaint.
The complaint only has to state that you owe the bank money and haven’t paid. The note that you signed the promise to repay the loan and the Mortgage the document that you signed giving the bank a lien on your house, until you repay the note must be attached to the complaint. Once you receive the complaint in the mail, you have 28 days to file your official response with the Court.
I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.
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