Foreclosure in 89121>Question Details

Jan, Both Buyer and Seller in Las Vegas, NV

Advice!

Asked by Jan, Las Vegas, NV Thu Oct 27, 2011

In a nut shell, our condo was foreclosed on in 2009 (tried so hard to do a short sale but 2nd lender forced the foreclosure). We received a letter weeks later threating a law suit, sough legal advice (nothing happened) 1st lender gave us a 1099. 2 years later This week, we receive this letter from a law firm who wants to settle the 2nd lender debt for 15%, of the debt amount. They are telling me it is a 1 time opportunity and after that they are sending the debt to litigation and pursue it. I spoke with my attorney's office this morning and they said to settle it if all possible. I am very worried about the outcome, they are offering full release from the debt for 15%. I asked if they would meet with me personally and they said they only deal over the phone and through email. What should I do, do I have protection? Any advice would help.

Help the community by answering this question:

Answers

12
Any decent real estate attorney will charge $350 an hour an up in Las Vegas. And that starts from the first minute. This situation is NOT going to be settled with one consulatation. Most experienced real estate agents can suggest what others have done, and that gives you the option to start the ball rolling


DAVID COOPER Foreclosure Specialist with Since 1917 Realty.35 Years Experience Investing. For a Free List of Low Priced Bargain Homes in Good Areas with Cash Flow, GO TO http://www.lasvegaswinner.org or Call +1-702-739-8820
0 votes Thank Flag Link Tue Nov 15, 2011
This is a simple one. You already say that you have an attorney, and you've consulted him/her. Listen to your attorney, they know you and your situation personally.

Their advice is better than any "Advice!" you can get, here on Trulia.
0 votes Thank Flag Link Tue Nov 15, 2011
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
What does your credit report show? Make no deal unless they state in writing that they will delete the negative off your credit report

DAVID COOPER Foreclosure Specialist with Since 1917 Realty.35 Years Experience Investing. For a Free List of Low Priced Bargain Homes in Good Areas with Cash Flow, GO TO http://www.lasvegaswinner.org or Call +1-702-739-8820
0 votes Thank Flag Link Tue Nov 15, 2011
Jan...again, I'm not an attorney....but here's some thoughts. Whatever you do, get a commitment in writing as to what the 2nd lender will settle for. Having said that, they have an unsecured debt, and seems as if they forced the foreclosure on the home due to their unwillingness to settle. so now here they come asking you to settle with them. Bear in mind you are dealing with a collection agency now...folks that have no concern for what's best for you, only to threaten and put pressure on you to settle. I would consult with an attorney, but my thought is that the damage which can be done to your credit has already been done....

Tough situation, I know...hope this helps
0 votes Thank Flag Link Tue Nov 15, 2011
This questions should be directed to an attorney or financial adviser. Don't trust opinions from anyone who doesn't have a full understanding of your current financial picture. Real estate agents help buy and sell homes and sometimes negotiate short sales.
0 votes Thank Flag Link Tue Nov 15, 2011
If you qualify a chapter 7 would make it all go away. The 1099 you contact the IRS as they will release it if you are insolvant. The 15% gone.
0 votes Thank Flag Link Fri Oct 28, 2011
Hi Jan

It sounds like your attorney needs to discuss that is has been over 6 months since the foreclosure
and they might not be able to collect after this amount time.

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
I KNOW LAS VEGAS AND HAVE FOR 40 YEARS

http://www.rapidsellers.com/jbalsano
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes)
0 votes Thank Flag Link Fri Oct 28, 2011
Can your Attorney do any more to help you? This does not sound right. Sometimes when the debt is purchased by these companies it does not mean you owe it to them. Remember you had no contract with them. I depends a great deal on how they received the debt. By that i mean if it was purchased or it was transferred to them. You must always remember that these kind of collection companies rely on your lack of understanding,intimidation and they know how to play on your guilt feelings. Just because they use a Law firms letter head do not be intimidated. I always recommend that anyone who is being contacted to let the collector know in writing that you will only talk to them through written communication and they have your address. Notify them not to call. In writing. There are laws to protect you. Send them a Validation of Debt letter. They usually can't legally respond to the letter and sell the debt to the next company. If you want to talk more give me a call. Also the Fair Debt Collection Protection Act, The Fair Credit Reporting Act,the Telephone Consumer Protection Act and the Unfair Deceptive Practices Act are there to protect you. Do not ever give them access to your checking account. Everything must be in writing. You must control the event. Do not ever let a debt collector intimidate you and do not lose your temper. I have been right where you are and I know how scary it can be.
Thank You
Suzie Marquardt
fahrnyteam@yahoo.com
0 votes Thank Flag Link Thu Oct 27, 2011
I am very worried about your lack of confidence in your attorney’s advice. That is not to say your lack of confidence is in appropriate OR mistaken. You know your attorney and I do not. But, my point is; that these types of questions are exactly what attorneys are for. Theoretically, if your attorney leads you in a direction that is ill advised; you can sue your attorney. That’s why they carry Errors and Omissions Insurance, (E&0). The bottom line here is that this is not a “real estate,” question as such. This question is a “contract law,” question dealing with lenders and borrowers; pretty much the same thing as if you had borrowed money to buy a car or a build a pool in your back yard. This question has to do with creditors liability and the potential for repercussions, (depending on the creditor choices you make). My sincere advice would be to locate and find an attorney that inspires you. Give me a call if you can't find any. I have been in town for almost 20 years and have meet a "few," good attorneys that I could refer you to.
0 votes Thank Flag Link Thu Oct 27, 2011
Your attorney would be the best one to give legal advice. I concur with settling provided they give you a full release. One thing to make sure of, is the debt collector really collecting on the 2nd's loan or was the debt sold to them or is it neither? Make sure they have the right to collect from you before giving anybody a dime. If you decide to settle, you can try to even negotiate for less than what they are asking for. Mention the bankruptcy word.
Web Reference: http://www.HouseOfVegas.com
0 votes Thank Flag Link Thu Oct 27, 2011
Jan the only legal advice you should take is from a lawyer. the best advice i have is make sure everything is in writing before paying. You may want a 2nd opinion from another attorney.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Oct 27, 2011
Jan,
Whatever you do, get it in writing. Debt collectors may promise one thing over the phone and later not live up to it. If you do get something in writing consider making a counter offer of what you may have available immediately if the full payoff they are seeking isn't available or would put in into severe hardship. Do everything in writing and if they do call consider recording the conversations or at least take careful notes.
0 votes Thank Flag Link Thu Oct 27, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer