forclosure deficiency
Posted by April on December 31, 2008 at 08:25:12:
As a lender we sold a property and ended up filing forclosure. Contract was for $200,000 and he owed at least $15,000 in interest fees. We ended up buying the property back at the auction for $100,000(because he bid $100,000 and we didn't want him to get away with that) The guy who we filed forclosure on owned many other business( in other names of course). We also spent at least $7,000 in lawyer fees. Is there automatically a deficiency filed or what cost would that be to us to file one. Is it worth it if he has no money in this empty business? What can we do to get any money from him. We thought of filing fraud, but not wanting to have the huge lawyer fee. Please help!
Thanks
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