Posted on: 13th Sep, 2009 03:17 pm
three years ago I had a property foreclosed. The mortgage company owned the first and second loans. They would not let me sell it for a $40,000 loss and I would secure the 40 with my residence. They sold the property and now, 3 years later they are suing me for the balance of the second loan. I live in Texas. Can they recover from me and if so how?
Thank you
Thank you
How did you sell it with out the second lenders agreemnt?
Hi Daniel,
The second lender has the right to recover the dues from you and thus, he can sue you for it. If you do not pay off the dues, then he may either place a lien on your other property or can charge off the loan to a collection agency. You can try and negotiate with the second lender so that he forgives the amount or gives you a payment plan to pay off the dues.
The second lender has the right to recover the dues from you and thus, he can sue you for it. If you do not pay off the dues, then he may either place a lien on your other property or can charge off the loan to a collection agency. You can try and negotiate with the second lender so that he forgives the amount or gives you a payment plan to pay off the dues.
Thank you for the responses. Adonis, how should I approach the lender about forgiving the loan. I have explained to them several times that I was embezzled and my business destroyed and that I tried negotiating with them before they foreclosed to let me sell the property and I would pay on the balance and they refused. Now they are suing. I am not sure how they would negotiate since they have refused so far. I am not sure how the courts will view my situation or if they will simply just pile on to my debt. I am deep in debt as a result of destoryed business, embezzled money and bad economy and credit.
Hi Daniel,
It would be better if you could write a hardship letter to the lender and request them to forgive the deficient amount. If they cannot forgive the whole amount, they may at least think of forgiving a portion of the dues. This will make things easier for you as it would help you in paying off the mortgage dues.
Thanks
It would be better if you could write a hardship letter to the lender and request them to forgive the deficient amount. If they cannot forgive the whole amount, they may at least think of forgiving a portion of the dues. This will make things easier for you as it would help you in paying off the mortgage dues.
Thanks