Foreclosure in Lewisville>Question Details

Ads2010, Home Seller in Lewisville, TX

My home foreclosed in December and I have received a letter from Real Time Resolutions attempting to collect on the second lein of my foreclosed home.

Asked by Ads2010, Lewisville, TX Tue Feb 8, 2011

I tried very hard to save the home and made payment up until the end that the bank told me would save me from foreclosure. I also had a short sale offer that was very close to the money I owed that the bank refused. The bank wanted my home, the bank took my home now they are trying to collect on the 2nd lein. Is my only option bankruptcy?

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4
Shafiq,

You misunderstood Ads post. They ATTEMPTED short sale, but the bank rejected the offer that was near the mortgage balance. Because of this, they got foreclosed on.

Ads,

Unfortunately, yes they can come after you on the 2nd lein. You can attempt to negotiate with them and settle for less than what is due because they know they are getting nothing from you. Just make sure you get them to agree not to report it to the credit agencies an GET IT IN WRITING BEFORE PAYING THEM A PENNY. You will already have a foreclosure on your credit report, another hit on it won't make it look any uglier.

Speak with a lawyer as Anna suggested or a financial counselor to see what your options are and how those options will affect you both near term and in the future.

Best of luck,

Because it's more than real estate. It's RAYL-Estate!

Brian Rayl, REALTOR®, e-PRO, SFR
Keller Williams Elite Park Cities
972-949-4222
Brian@Rayl-Estate.com
http://brianrayl.com
Web Reference: http://brianrayl.com
0 votes Thank Flag Link Mon Mar 28, 2011
Also...., If the first lienholder is accepted less than they are due, then the second lien holder will not get much if anything at all.
0 votes Thank Flag Link Fri Mar 25, 2011
You are not responsible for the 2nd lien, you have short sale because you had a hardship, and they are desperate to collect any money from you it’s too late for them to collect anything from you, in fact your 2nd lien was insured to 2nd lien holder therefore & I think you should not worry about them & go with your life
Web Reference: http://www.younesdfw.com
0 votes Thank Flag Link Fri Mar 25, 2011
Consider consulting with an attorney who specializes in real estate, he/she can best advise as it relates to your specific situation--accurate advice prevents future problems--most professionals do offer a free consultation, or if you cannot afford one see link for possible helpful information...
http://www.texasbar.com/AM/Template.cfm?Section=Free_Legal_I…
0 votes Thank Flag Link Tue Feb 8, 2011
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