Foreclosure Event

[Leroy]

I'd my dwelling house foreclosed previously several years.  I got the mortgage in the insistence of the buddy who was a genuine house agent.  He guaranteed me the buying price of the house was below market value and that it was a "nice offer".  This was before the market collapsed.  Thats not the issue. 
I was excessively nervous to consider the loan since I'd hardly any preserved and a good job but no diploma so i realized if i lost my job id be scewed.  Our main problem was what would happen if i lost might work and couldnt pay.  This was my main concern.  Might I've to repay the loan if i lost the home?  Our realtor assured me that worst-case situation I'd shed the home and my credit would be destroyed for a long time. I got the mortgage lost my work and went away thinking i lost the home and destroyed my credit but i was okay otherwise.
 
Fast-Forward to now.  I recently joined the military, and they did a credit check and unearthed that I've two loans energetic, for 45,000 and 27,000.  I've no idea what happened and why and who's responsible if anyone.
Our plan would be to contact the mortgage companies and discover whatever info I will and if necessary contact an attorney and sue my property agent.  Was thinking if it is a great plan and if im missing anything. 
I reside in Florida and im conscious of anti deficieny laws.

[Cwentun]

"Our realtor lied in my experience. Are they somehow permitted to rest?"
An agent reaches center a salesman. Does more have to be stated?
Regarding the agent and bank performing humorous paperwork to enable you to get accepted, properly, that virtually is what happened for the whole nation. I will bet anywhere in your lender papers is just a declaration that of the above mentioned holds true for the greatest of one's perception and understanding and you closed the papers. Therefore, I do not understand wherever getting fraud about the paperwork might enable you to get.
Stephen Calder, PLS

[Oakden]

Pzajac:
I Our realtor assured me that worst-case situation I'd shed the home and my credit would be destroyed for a long time. I got the mortgage lost my work and went away thinking i lost the home and destroyed my credit but i was okay otherwise. 
Fast-Forward to now.  I recently joined the military, and they did a credit check and unearthed that I've two loans energetic, for 45,000 and 27,000.  I've no idea what happened and why and who's responsible if anyone.


The thing is the above situation is HOW your credit gets destroyed along the way your realtor explained. did you genuinely believe that when you went from your home, they would simply eliminate your financial troubles, place a dark tag on your report, and everybody would proceed on their merry way? a mortgage does not simply disappear since you can not spend it nowadays and the financial institution takes the home back. the dark tag originates from the very fact that you've debt that is not being repaid, which can be exactly what the two loans are. Today, if you've low-income and no belongings, you might be basically judgment-proof, since you can not get blood out-of a rock, however the financing organizations still have to follow along with the procedure of attempting to recover their money.
you may want to spend time educating yourself how financing and credit rating really function, and notice if you feel differently next. I believe that several area schools provide continuing-education courses that address that kind of issue, and you'll truly be doing yourself a favor in the long term to achieve a great knowledge of the way the entire procedure works.

[Frans]

Fascinating points.  I neglect to see the distinction between doing my very own homework and fraud.  And i dont see how i couldn't have an incident at this point.  Our real estate broker lied to me.  Are they somehow permitted to rest?  I imagine I'd require evidence right?  Properly i was doing some investigation, and i discovered some more troubling facts.  I'd no savings and a typical at best credit score when i requested the loan.  The loan i got out was an eighty/20.  100% borrowed loan.  And based on what ive discovered it seems the real estate broker and loan company should have frauded my banking account claims and additional details to obtain the loan approved.  I wonder if I've an incident today?  And im still uncertain why I've to settle the loan whatsoever.  
 
Why dont Florida anti-deficiency regulations affect me?

[Tormaigh]

Pzajac:My plan is to contact the loan agencies and find out whatever information i can and if need be contact a lawyer and sue my real estate agent.

You have absolutely no case against the realtor.

[Arber]

In California, many first mortgages are nonrecourse. If the financial institution forecloses, that usually stops it. Nevertheless, without studying your real loan contract, it's difficult to understand if your specific loan contract is some type of exclusion for the common principle. Additionally, as you went away, I'm unsure the bank has really foreclosed.
Furthermore, it appears like you may have inserted right into a deal that also may have incorporated another mortgage or home-equity type of credit. (You note two loans in your article.) These loans are "hard-money" types and do not get destroyed simply because you gave back the home. Consequently, while you might be within the obvious with regard for the first-mortgage, you probably aren't from the woods with any minute or HELOC.
I would consider my loan paperwork to a lawyer only for an evaluation on if the first loan certainly was nonrecourse. He/she might be in a position to write a letter to obtain the mortgage-holder to obtain it to recognize that that it foreclosed to the home. Nevertheless, the very first mortgage company might be eligible for record it in your credit history as foreclosed having a healthy owed, even when the loan can't be gathered since it was nonrecourse.
I do not understand what to inform you about this second mortgage.
 

[Jacquelin]

I doubt you could hold the real estate agent responsible.
You failed to do your own due diligence. You bought a house knowing you were too close to the edge financially.
You have some more work to do. If necessary, you may be able to file bankruptcy.