after 9 years, the sheriff sale.... just couple of questions

TheRuined

LoanSafe Member
Aug 29, 2010
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0
1
long story short

bought a first house back in 2009

went through hardship and defaulted. to be honest, i forgot most of the info about the mortgage ever since i decided to just let it go and hope for the best. the original mortgage was through suntrust. now, christiana trust/wsfs is handling the foreclosure.

went through a period of depression and just decided to just let the house go into foreclosure. spoke with a NJ lawyer back then and he said getting sued for the deficiency is very rare in the state of NJ

9 years later, im now married with a 11month old child, decent paying job. property finally going through sheriff sale this month

just couple questions for the state of NJ

since the original mortgage and house is in the state of NJ, the bank will need to go through NJ court in case they want to file a judgment against me correct? it doesnt make sense to go through TX because i live here now.

my wife is nowhere on the original mortgage papers because we met many years after the fact. she knows about my situation. we now live in the state of TX. i guess the mortgage company sent somebody to personally mail me documents about the pending foreclosure. he asked for my wifes name and i gave it like an idiot. Now, my wifes name also appears on the foreclosure posting as a defendant. is this common practice? in the case of a deficiency judgment, can the bank also come after my wife and her credit? the only info they have is her name.

also, how common or rare is a deficiency judgment in the state of NJ? a lawyer once told me it is rare, but this is several years ago. is this still the case? i own nothing under my name besides that debt and couple credit card debt, nothing crazy. my credit actually improved after going through creditrepair.com due to several repititions of past due reports.

if thlast question, i know that no new news about an extension of the mortgage debt forgiveness act yet. if i do get a 1099c, im guessing no way to not have to pay taxes on the forgiven debt? is it guaranteed to receive a 1099c?
 

Jzone

LoanSafe Member
Jun 20, 2017
206
28
28
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long story short

bought a first house back in 2009

went through hardship and defaulted. to be honest, i forgot most of the info about the mortgage ever since i decided to just let it go and hope for the best. the original mortgage was through suntrust. now, christiana trust/wsfs is handling the foreclosure.

went through a period of depression and just decided to just let the house go into foreclosure. spoke with a NJ lawyer back then and he said getting sued for the deficiency is very rare in the state of NJ

9 years later, im now married with a 11month old child, decent paying job. property finally going through sheriff sale this month

just couple questions for the state of NJ

since the original mortgage and house is in the state of NJ, the bank will need to go through NJ court in case they want to file a judgment against me correct? it doesnt make sense to go through TX because i live here now.

my wife is nowhere on the original mortgage papers because we met many years after the fact. she knows about my situation. we now live in the state of TX. i guess the mortgage company sent somebody to personally mail me documents about the pending foreclosure. he asked for my wifes name and i gave it like an idiot. Now, my wifes name also appears on the foreclosure posting as a defendant. is this common practice? in the case of a deficiency judgment, can the bank also come after my wife and her credit? the only info they have is her name.

also, how common or rare is a deficiency judgment in the state of NJ? a lawyer once told me it is rare, but this is several years ago. is this still the case? i own nothing under my name besides that debt and couple credit card debt, nothing crazy. my credit actually improved after going through creditrepair.com due to several repititions of past due reports.

if thlast question, i know that no new news about an extension of the mortgage debt forgiveness act yet. if i do get a 1099c, im guessing no way to not have to pay taxes on the forgiven debt? is it guaranteed to receive a 1099c?
You did not file bankruptcy? Sounds like you just stopped paying?

Your old debts will follow you for a little longer. Not sure on NJ, but most states are 7-9 years.

This is from: NOLO.com

Deficiency judgments are allowed in New Jersey, but not in the foreclosure action itself. To obtain a deficiency judgment, the lender must file a separate lawsuit within three months after the foreclosure sale or, if confirmation of the sale is required, from the date of the confirmation of the sale (N.J. Stat. Ann. § § 2A: 50-1 through 2A:50-2.1).
 

bigfrog

LoanSafe Member
Aug 31, 2011
359
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Another interesting story.. TheRunning, these days, its pretty easy to pull information of someone.. just need a name and an address. That's how companies send 1099 to the IRS.. buahahaha.

I think they are trying to see if they can establish commingling.. if they do, they can come after your wife's assets. It will depend on when you two got married, for how long, what state. you may want to seek legal advices to protect her. I don't know if this would work, if filing a divorce, and re-marry in the future when this is all over.. Marriage shouldn't be based on a sheet of paper. buahahah

Let us know whats the outcome..