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Posted by Irwin on June 18, 2005 at 14:07:10:
In Reply to: Re: suit for foreclosure posted by lisa on June 16, 2005 at 12:32:52:
Lisa: The laws concerning collection of what are called "deficiency judgments" are complex and vary from state to state. You may owe it all, or you may owe nothing. There's no way you can deal with this situation without hiring a lawyer who is knowledgeable in mortgage foreclosure. That is, unless you decide to simply file a Chapter 7 bankruptcy and wipe out this debt whatever the amount happens to be.
: : my husband and i are being sued for a forelosure in 2/2004. It was financed through the owner. We had to sign a contract stating that it was only financed for two years by him. At the end of the two years, we had to refinance or sale the property. If we did not do ant of those things the balance was due on the note. We tried to refinance, but was told did not have equity to refinance. The house was up for sale for 10 mos. with no sale. So we moved out and bought a home through a mortgage company. In the meantime the owner foreclosed on that property in 2/04. He then turned around and sold it in 5/04. He is suing us for the total cost of the home. Shouldn't we be sued for the difference, not the whole purchase amount?
