Foreclosed in March of 2008. We are being sued by our 3rd mortgage company and sent to collections by our 2nd.

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Foreclosed in March of 2008. We are being sued by our 3rd mortgage company and sent to collections by our 2nd.

Our home was forclosed on in March of 2008. We had a second and third on the home. Both have been charged off according to our credit report. Right now the 2nd has sent us to collections and the 3rd is suing us for the amount due. Can they do this? We have heard that once a loan is charged off they cannot sue for collection. We have to file an answer to the company suing us and we have no idea how to proceed… please help us!

Asked on June 15, 2009 under Real Estate Law, Colorado

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I'm afraid you heard wrong.  Whatever it might say on a credit report, a company that holds a mortgage is not likely to give up on trying to collect, until and unless there's a discharge in bankruptcy or something about as drastic (from a creditor's point of view).  And I certainly hope you didn't stop paying those loans because you saw that on the credit report.

There's more to this story, I know.  To begin with, you haven't explained how it is that you're still in your home, more than a year after the foreclosure.  You need to have an attorney in your area review all of the facts, to give you reliable advice.  One place to find the lawyer you need is our website, http://attorneypages.com


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