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james.uberti, Renter in New Haven, CT

When a company that has bought your "paper" from the bank geta a deficiency judgement, are you liable to pay/?

Asked by james.uberti, New Haven, CT Mon Jun 30, 2014

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Banks and creditors sell their "paper" aka accounts payable all the time. The key is if the debt is valid, if the collections are within the time frame as outlined by federal and your states collection law. If they get a judgement, than you are at a whole different level of debt and now have courts involved. You should not ignore and consult a lawyer for anything you do not understand to know your rights and or obligations.
0 votes Thank Flag Link Mon Jun 30, 2014
James,
Your question does not contain sufficient information to create a response OTHER than the trite and well used, "You need to consult an attorney."

Does 'Paper" mean the subscription to the New Haven news source, the mortgage note, the tax cert, the right to pursue, or some other instrument of debt?

Do not rely on the financial hardship of another to exempt YOU from your debts. Their hardship may only mean they have not the resources to pursue collection OR they are going to pursue collection on a urgent basis. This is good grounds for hard negotiations.

With so many unknowns, you best source of actionable direction is a New Haven attorney. Unfortunately, they do not work without compensation.

Best of success,
Annette Lawrence, Broker/Associate
REMAX
Palm Harbor, FL
727.420.4041
0 votes Thank Flag Link Mon Jun 30, 2014
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