Being sued for 2nd Mortgage auction


The complaint states that I have not lived up to my agreement to pay the Plaintiff the balance due on the note. But in the summons Bank of America is not listed as the Plaintiff, Old Republic Insurance Company is listed as the Plaintiff.


No where in the original note is Old Republic ever mentioned. I'm assuming that Bank of America must have assigned the note to Old Republic prior to foreclosing.


Do I have a right to demand proof that Old Republic is indeed the current note holder? My fear is that if I pay the $36,500 to Old Republic now, Bank of America may sue T.J. Ward Jersey me for that same note somewhere down the road. Is that a possibility?


How do protect myself from a future law suit where Bank of America will be listed as the Plaintiff?


Looks like Bank of America took out an insurance policy with the second mortgage. And Old Republic paid out the 2nd mortgage claim bank of America files when you defaulted.


So thats why Old Republic is suing you.


That's why "walking away" in recourse states has major implications.


It's took late now to look to the past. But as silver fall said. You need to contact an attorney ASAP. Because they could start having funds deducted from your Womens Louis Vasquez Jersey bank account if you don't settle this claim.


Young ill informed homeowners who "walked away" are finding this out the hard way.


My wifes very good friend defaulted on a 180k second loan. The bank was deducted $400 a month from her account until she just filed BK.


Let this be a lesson to those in recourse states who default.


Probably has less to do with "insurance" in the traditional sense than transferance of the debt. Lenders rouutinely transfer debt to insurers. The probably don't even have to notify you of the transfer.


I agree that anyone that thinks foreclosure is the end of the problemsi in a recourse state is delusionsal.


If the OP would have attempted to negoiate a Deed in lieu of foreclosure agreement they could have avoided this mess.


The laws of the state where the summons have been filed did change for loans originated after 2009, but I suspect the OP is out Authen... Louis Vasquez Jersey of luck with a loan from seven years ago.


Probably has less to do with "insurance" in the traditional sense than transferance of the debt. Lenders rouutinely transfer debt to insurers. The probably don't even have to notify you of the transfer.


I agree that anyone that thinks foreclosure is the end of the problemsi in a recourse state is delusionsal.


If the OP would have attempted to negoiate a Deed in lieu of foreclosure agreement they could have avoided this mess.


The laws of the state where the summons have been filed did change for loans originated after 2009, but I suspect the OP is out of luck with a loan from seven years ago.


This is the choice you made, why are you asking for help now? You have placed yourself in a hole so deep and now asking for a lifeline. If you do nothing Authentic T.J. Ward Jersey to help yourself now, in the future there is no lifeline long enough to help you.


As someone who deals with homeowners facing foreclosure on a daily basis. We don't know the details of the loan you trying to search for whether deficiency judgments are allowed, tells me you do not understand your situation.


There can be a settlement for less. The $36,500 can be settled for around $11,000 now. If Old Republic takes their suite to court, additional legal fees are adding, makes it harder to settle at a lower amount in the future.


You have the option of filing bankruptcy. Your income will determine wheter doing a Chap 13 where your making payments to a trustee for up to 5 years. This is listed on your credit for 7 years. A Chap 7 to a total liquidation of your debts, this says on your credit for ten years. Noting your credit now is pretty much tanked due the foreclosure.


You also Womens Aqib Talib Jersey have the option of doing nothing. Let time takes it course and hoping for the best. Realistically Old Republic can file for a civil judgement, then have the local sheriff go to your house and confiscate items to auction off and satisfy you debt. Once there is a civil judgment your checking and savings account can be frozen. Also the tax return are held back.


Case and point Authentic Aqib Talib Jersey the longer you wait to do something, the harder and more costlier it becomes to resolve the problem.


This is the choice you made, why are you asking for help now? You have placed yourself in a hole so deep and now asking for a lifeline. If you do nothing to help yourself now, in the future there is no lifeline long enough to help you.


As someone who deals with homeowners facing foreclosure on a daily basis. We don't know the details of the loan you trying to search for whether deficiency judgments are allowed, tells me you do not understand your situation.