Since 2009, Sternberg Law Group has been helping Southern California homeowners stay in their homes. We offer a casual, accepting environment where we do not judge people regardless of the life events that bring them to us. We understand our clients are in distress and we pride ourselves in tailoring legal strategies to reduce stress and help homeowners make the right decisions.
You will be personally matched with an in-house attorney based on your needs and their specialized skillset. We make it our number one priority to communicate the progress of your case and consistently discuss the needs and wants of our clients.
In 2015 i fell behind 2 payments. I reached out to the mortgage lender to ask what can be done . Long story short for two mortgage payments I have a lien on my home of 25,000 dollars! I had no idea they were doing this to me I would have never done it for two missed mortgage payments . Here it is 2024 I have not missed a mortgage payment or been late since. I recently found this out when I tried to get a home equity loan am I Credit Union told me I had another lien on my home . How can I get this removed ? Thank you
Hello sir, my chapter 13 plan was discharge last week. My auto loan was listed as Exempt. I was paying directly, but at one point I could not afford to pay it anymore. I didn't pay it for over 2 years. I was going to surrender the car, and by the way the transmission is shot. I called the bank and told them I wanted to surrender it. They sent me some documents to sign. It looks like they would want me to pay the deficiency and report to the credit reports. If I sign the document. Would I be giving up my rights? If they come to repossess it on their own, will I still be protected by the bankruptcy law? Please note the Trustee did not make any payments on the car. Thank you for your help.
Thank you for the question, but it's hard for us to answer without knowing all the facts. Do you have your own Chapter 13 BK attorney that can help you? - SLG
Sooooo, i have to sell my house when my balloon deal is up ? Oh yeah, refinance for the 4th time, I'll never own my home..i only agreed to pay 115,000, I'm sure I've paid close to 200,000 already.. errrr
Your saying, If I owe a balloon payment to my siblings and have been paying them a monthly fee I have to divide the balloon payment by 60 mos and add that to the monthly payment I have been giving them? What if you don't make that amount of money to give them and to live?
Hello - the 60-month payment term is a Chapter 13 repayment plan. If a mortgage loan matures (or balloons) you can pay back that portion over a 60-month BK term. Keep in mind it may also include interest if it is a secured loan. - This is not legal advice.
@@sternberglawgroupJLS Thank You for your quick response! My lawyer had to reschedule, so I met with him today. Thanks for sharing your knowledge. Not to many options for me, because of my low income. I can't pay back the balloon payment in the 60 mos. unless I make more money. I will be working hard to secure additional jobs, but may not reach my goal soon enough. However, I believe in prayer! If you do also, please do the same. Thanks!
@@diegomdominguez8600 We are not experts, and this is not legal advise, but an eligible bidder is required to occupy the home as a principal residence. Not flip the home.
Hello, there is a home at a foreclosure auction I am interested in buying but not sure I understand the title search I did. It says that in 2012 there was an ownership change and coldwell banker gave her a 152k loan. In 2014, there was some type of change to the loan and now it says 183K by coldwell banker. In 2017, there was another change to the loan and it says 200k by Prime Lending. The biding is starting at 165k. Is there a way to know if this auction is for a 1st or 2nd lean? Thanks in advance.
Does the time in which the deed is filled and recorded have any impact on the order of the priority…does it change the position of anything…? Say the second filled a deed before the first…? Thanks in advance…
My friend had 2 mortgages but the second mortgage was a balloon 🎈 mortgage and she stopped receiving statements and assumed it rolled over to her 1st mortgage and the second mortgage was bought out by another company out if state. Long story short she had to file for foreclosure but asked the Courts of she can sell the house so she can pay off both loans and walk away with something or empty
@@joshuasternberg802 That's what I told her why would you assume that. I guess when she leave financed she figured both were combined and the second mortgage was what I'll buy another company and they never sent her any mortgage payments to pay it so she assumed otherwise I said that was a really bad assumption you should have looked into it or got a lawyer or just put the money aside just in case something happens. She had a balloon mortgage I never even heard of it and then I heard a lot of people lost their houses over that type of mortgage from over 30 plus years ago. Do you have any advice. She owe 30,000 and interest from the second mortgage She didn't have the money She didn't have enough money in our savings or her investment accounts to borrow so I told her to tell everything she could do is probably sell the house to pay off both mortgages and just walk away with at least 80,000
Typically there are no monthly payments and the partial claim only needs to be paid off if the homeowner sells or refinances. This is not legal advice. - SLG
Hello I live in Maryland snd I have had a nightmare with SN Servicing Copr. This company is a nightmare to work with. Company continously steal my money each month. Each month I ma ke payments, my payments are applied and then unapplied at a lesser amount. I have all receipts. I have also been charged for force placed insurance. I have all receipts. Please help.
What if an investor buys a second loan foreclosure…what are their options other than buying the first…and, what if the first doesn’t want to sell…? In Michigan…Thanks
If an investor buys a foreclosure from second position one of the challenges is what to do with the first. The first doesn’t have to “want to sell.” A homeowner should have the right to pay off the 1st. This is not legal advice. -SLG
On forbearance June, July, August and September 1 pay lump. Late july i ll have June and julys mortgage payments. Am i ok to pay June and july and get off forbearance NOW before the end forbearance? Ty in advance
am I corect that Social Secuity is counted for means test but is NOT COUNTED/EXEMPT from disposable income worksheet formula? Can you work an all SSDI income down to a $0 repayment plan for unsecured?
If I have a partial claim and i sell the house within 2 years. How much of the partial claim I would need to pay? I understand the partial claim is for the life of the loan, what if I didn't keep the loan for 30 years?
Very well explained. I've been a FHA volunteer home retention counselor since 2011 and during the first six year's of my service I dealt with HAMP modifications and because many of my clients didn't have the debt to income ratio needed to qualify using their waterfall system most needed a balloon payment at the end of their loan period. Balloon Payments mostly applied to Home Loans where the note owner would not or could not extend the life of the loan. Many Servicers and Mortgage Lenders are still following the spirit of the HAMP formula. I've had 31 total clients and 2 failed almost immediately and really didn't have the desire to pay as needed to save their home. One of them just walked away and the other negotiated a cash for keys payment. Today 22 of my clients are still in their homes. 5 of my clients sold due to divorce and 2 sold due to the death of a spouse. I have yearly reviews with 21 of my clients and the success stories are moderate to unbelievable. The families that got deferred principal along with balloon payments are by far the greatest financial results. One family had a net worth of - 11K in 2011 and today have a net worth of 500K+. Their house payment including escrow was $1,980 and their modified payment is now $805 ( they pay $305 more each month in extra principal).They owed 205K on their home valued then at 208K. Today they owe 133K on their home worth 480K. The deferred principal is $42,400 and when their loan ends in 03/33 that's what they owe as the balloon. IF they continue to make those extra principal payments and continue to save at same rate into both their ROTH IRA'S they'll have more money than needed to pay it off without another mortgage IF they choose to. If you're having trouble paying your mortgage I encourage you to ask for help modifying your loan by calling FHA or VA and asking for help from a counselor in your area. Of course if you've waited to long speak to a qualified attorney to get the relief offered by the Courts. Good Luck
I have one question. I was forced to sell the house by family curt due to a divorce. I was living there until the date the house was sold. The loan was on my name only, and I had just done an FHA loan modification. It lowered the interest rate, the monthly payments, and also to remove the co-signer from the loan/title. I sold the house in April 2021, and today, I received a notice stating that I have a HUD partial claim balance of $26,000. What do I need to do? Can you please help me figure this out? Thank you in advance.
I have a loan modification from 2013 and the mortgage added 23 years to our loan. I think this isn’t right and just realized this maturity date! How do I get this figured out if our mortgage was bought out several times?? Hope you can help in someway! Thank you! We will be paying on our house for 53 years!!!😢
The loan modification is the controlling document on your loan. If the term was extended that is now part of your loan. You can only change it or "modify" it by getting a new modification. We are not suggesting such action or providing legal advise. This is for informational purposes only.
Very good into video raising awareness on SB 1079 and how it will impact all foreclosures on Single Family dwelling of 1-4 residences. As you say there's an initial 2 weeks where a 'qualified' bidder can say they will buy the place and then another month for them to put together the funds. What seems really tough is who is going to want to see a home in foreclosure which takes 4 months minimum, then 2 weeks for the notice that the qualified bidder wants to buy and then another month to put together the funds. Probably only the qualified tennant and noth a 3rd party looking for thier primary residence as during the 5 and 1/2 month the tennant could have poured cement down the sewer pipes, plumbing and ignored any maintence or repairs. I think overall SB 1079 results in less housing being available to the market as these properties probably require more time to restore and commercial bidders are likely to bid less that they would have otherwise resulting in less proceeds to the homeowner who lost thier home.
If a 2nd position lender forecloses on a property, and nobody wants to bid/buy the 2nd note... does the 2nd position lender then take over title on the property and is responsible for the 1st note? Do the liens behind 2nd position go away or is that lender now responsible for those as well?
The "Partial Claim" actually increases your debt by upwards of 25% or more. It is a complete snow job by HUD. A friend of ours took the "forbearance relief" during COVID panic for 18 months. Yes, they kept their home. The mortgage balance was $198,000. At the end of the forbearance, the mortgage payoff was $201,000. They were presented the new "loan modification" documents which stated the same $201,000 loan balance. The balance, per COVID "relief", did not change. HOWEVER, a new HUD "partial claim" ADDED an additional $57,143 to their debt. In what universe is this "relief"??? Forebearance is defined as "delay", so you don't have to pay on your CURRENT mortgage for an extended period. HUD profited $57, 143 of NEW money when the couple sold their home. Their debt increased from $201,000 to $258,143. IT IS SCAM ON THE AMERICAN CITIZEN during the goofball pandemic. Banks and HUD "cleaned up" nicely...in the 100 billions.
Sounds like you’re misunderstanding the what’s taking place. There’s no way your friends didn’t make a payment for 18 months and only owed $201k. If you listened to the video he just explained that hud steps in to pay what they owe. The partial liens don’t show up on the payoff statement but they are revealed during a title search. Your friend would’ve actually signed the hud partials before the liens were recorded so there’s no way they shouldn’t have known about it. Maybe they forgot or just didn’t read. People don’t always tell the whole story.
If my parents had a mortgage and were deceased before the lender put the home in a forbearance during covid( I was making payments on my deceased parents home) how can I get the partial claim if the servicer did not recognize me as an heir . They refused to recognize me as an heir and sold the home even though I on many many occasions contacted them about keeping the home.
hey josh had a question regarding paying off the first lien position how would i go about paying it off if i got the property on second position since you said the bank might not talk to me since I'm not the one on the their mortgage
It can be a challenge. There is no short answer. Get on the phone with the servicer and even try to speak to the prior owner. This is not legal advice. - SLG
Received the FHAStandalone partial and TPP. I was current when I was approved. My lender just reported to the CRA 30days delinquent. Is the CARES ACT Guidelines still apply in 2024?
Hi Josh, if you’re a hard money lender that takes the 2nd position on title and the borrower defaults and forces foreclosure sale, does the foreclosing lender have to accept the highest bid or can they hold out for the amount needed to satisfy all debts?
Hello, thank you for the question but we do not handle foreclosure sales. We typically are defending or trying to stop them. But, I can try to help so long as you realize this is not attorney advise and this does not create an attorney client relationship. In your question, are you asking if you can hold out to get enough money from the sale to pay off both the 1st and 2nd or just enough money to pay off the 2nd?
If the first mortgage is 200k and the second morrgage is $240 k... the second morgage then decides to foreclose. Wouldnt the person buying the house at auction have to pay off the first and second mortgage to get the house? I always though a 2nd mortgage had to pay off the first mortgage to foreclose. Thank you!
If you buy a house at the auction and it is the 2nd foreclosing, you buy the home subject to the 1st. You do not need to pay off the 1st at the foreclosure sale. This is not legal advise.
Possibly a Due on Sale or other wording would force a cash payoff of the 1st or perhaps a transition for the winning bid could be worked out. Also in California after a foreclosure Senate Bill 1079 and other subsequent laws allow the tennant/owner to indicate they intend to 'beat' the winning foreclosure bid if they indicate via writing 15 days from the foreclosure sale. Then they have 30 days to fund thier new bid or it goes to the original winning bidder. Thank you CA for making it riskier to bid at auction so the homeowner gets pennies on the dollar. -NOT LEGAL ADVISE-
@@raystewart3034We will do a new video on SB 1097. It does make it harder to buy homes at foreclosure but gives individuals who want to occupy the home a chance to purchase foreclosed homes.
NOTICE: Bid is for 2nd mortgage lien value and does not include this senior lien payoff (Buyer will assume lien and clear during closing process). 1st mortgage lien of approximately $1,153,862.50 through 11/23/2022 (per diem of $75.53 thereafter). Please contact us for more information. Please note: **No Co-Broker/Buyer's Agent commission offered on this property**, is this what you just said ?
Hello Nathan - a mortgage company is more willing to assist with hardship options if a homeowner is able to resume payments. Let us know if you have any questions. This is not legal advise, - SLG Team
@@sternberglawgroupJLS yes I understand that I just went through something like this recently had to sell my house to pay debts. Problem is they want proof of income of some kind at some point. I lost my job few years ago because of management changes. In the end I was able to sell my house to pay off lender because couldn't pay mortgage anymore. I just told them straight out not paying it do what you have to and let the courts figure it out. Luckily was able to sell in time before court got involved.
