Deficiency Judgment Exception For Personal Residence
The pipes burst in my Pennsylvania house and there is a lot of water damage. I am sure the house is not worth what I owe on the mortgage. I cannot afford to fix it and am living with my sister. If I stop making payments and the bank forecloses on my house, is it true that they cannot sue me for a deficiency judgement because it is a personal residence? In this case, what are the consequences of foreclosure, other than the obvious losing my house and bad credit?
Hi,
I have just found this site I'm not too sure of what I can or can not write so try to pm me and maybe I can help you.
Quote:
On 2004-10-06 10:58, newinvestor1975 wrote:
My initial question was deleted because it was considered advertising, which I did not intend to do at all.
I am eager to start "bird-dogging" or start learning from an experienced investor some how, some way...but I don't know how to get started or who to contact. I am in Maryland? Can someone give some suggestions on what to do?? I am really at my wits end with my current job....law enforcement, and am really just trying to gather more info on how I can learn more from someone near me and still earn a living. I am having a "case of the Mondays" today and I want out of this zoo - like career, seriously.
Just like Newinvestor1975, i am on the same stage in life. Maybe not burnt out yet with my current career, Engineering = Tech Dir in a Locomotive Maintenance Shop. I am eager to start RE investing or start learning from an experienced investor some how, some way...but I don't know how to get started or who to contact. I am in the Twin Cities, MN? Can someone give some suggestions on what to do, where to go, who to see, etc??
[addsig]
find a local REI club, join and start networking. In the mean time do all the reading you can on real estate investing.
[addsig]
Thanks John,
I am new to the board and have found it to be very informative. But at no time did I intend to advertise. I'm just here very eager to learn from someone who is capable of showing me the ropes. By the way I have just recieved your e-book and have found it to be a good read with good information of how to get started. Until I found this site I had not known anything about "bird-dogging", never even heard about it and what it was all about. I definetly appreciate those who want to pass on their knowledge to others. Education doesn't have to be given or taken the traditional way in order for someone to be successful.
Thanks,
NI1975
hey guys don't worry about getting "zappppppped!" alot of use have been at one time or another, and had good intentions as well. tci is "pretty strict" about that stuff but they really are trying to protect everyone and do a good job. its like when i was in school when the teacher would wack me on the head with a ruler i kinda of felt "belittled" but i sucked it up and she taught me so much...same here. first just cruise around the site and read, read, read and you will learn so much...good luck and good investing..........kenmax