what is the likelyhood of a judgement being filed against me by a bank that held a second mortgage against my home which was foreclosed on?

Our home was foreclosed on and the property was sold. Their was a deficient balance, which we received a 1099 for. Our taxes have been filed on that amount. Now the second mortgage company is coming after us for the now unsecured debt of 27,000.00. We do not have the money to pay this. What can we do? Our only assets are two vehicles, both over 8 years old.

Asked on January 9, 2018 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

For $27,000, it is reasonably likely that the 2nd lender will in fact come after you; that is more than most will simply write off. Your options, if the do come after you (since if they don't, you don't have to do anything) are to try to either negotiate some payment amount (e.g. 50%) or plan (e.g. payment over several years, at a few hundred per month) you can afford; or else if they sue and get an unpayably large judgment against you, look into filing bankruptcy (which works against debts like this).


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