Look up the PDF file called The Nature of Money by Alfred Adask. (start at the bottom of page 59) The loan company takes the repo, sells it at auction, files the balance at the end of the year as a loss and then tries to sue you for the same loss, without a title. Guess what? If they don't have the title they can't take you to a court of law! Read the UCC codes!
Last May I short saled my house in Falmouth. The first mortgage was paid off but the second one is 90K short. Both loans are from Bank of America. Now BOA is chasing after us demanding immediate payment for the full amount at once. They sent the deficiency to a collection agency which has been threatening us with a law suit. Bank of America had offer me a settlement for 25k if I would pay at once but I did not have the money. Any advise will be greatly appreciated! Lance
Id suggest you speak with an attorney that specializes in defending against deficiency judgments. I have been informed by our attorney that after the disposition of a property through a short sale, the lender has a period of 1 year to file for a judgment in Maine. If they fail to do that then they miss their chance. Id confirm this with your attorney. There are collection companies out there trying to squeeze money out of people when they dont really have a legal leg to stand on.
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Look up the PDF file called The Nature of Money by Alfred Adask. (start at the bottom of page 59) The loan company takes the repo, sells it at auction, files the balance at the end of the year as a loss and then tries to sue you for the same loss, without a title. Guess what? If they don't have the title they can't take you to a court of law! Read the UCC codes!
lordonus 2 months ago
good info thanks
parentaladvisory66 5 months ago
Last May I short saled my house in Falmouth. The first mortgage was paid off but the second one is 90K short. Both loans are from Bank of America. Now BOA is chasing after us demanding immediate payment for the full amount at once. They sent the deficiency to a collection agency which has been threatening us with a law suit. Bank of America had offer me a settlement for 25k if I would pay at once but I did not have the money. Any advise will be greatly appreciated! Lance
AbodeRES 1 year ago
Id suggest you speak with an attorney that specializes in defending against deficiency judgments. I have been informed by our attorney that after the disposition of a property through a short sale, the lender has a period of 1 year to file for a judgment in Maine. If they fail to do that then they miss their chance. Id confirm this with your attorney. There are collection companies out there trying to squeeze money out of people when they dont really have a legal leg to stand on.
MHSolutionsInc 1 year ago
@MHSolutionsInc
Thank you very much for the suggestions. Can you give me the contact of a lawyer?
By the way, which department/agency of
the government of the state of Maine
could I check with to see if a lawsuit has
been filed against me?
Many thanks!
Lance
AbodeRES 1 year ago