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Collection of the monies due and owing letter.

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prov1golf Joined: 17 Oct 2010 Posts: 2 1.00 Dollars($)	Posted: Sun Oct 17, 2010 9:10 pm    Post subject: Collection of the monies due and owing letter. Like 0 Dislike 0 Got served a notice today for my old house I forclosed 2 years ago in Nevada. It says I have 20 days to respond. Can they come after me for the second mortgage. Letter says you have been sued and letter is from District Court of Nevada. What are my options??
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Oct 17, 2010 10:16 pm    Post subject: Like 0 Dislike 0 Hi prov1golf, The lender can come after you to recover the balance amount resulting from the foreclosure of the property. If you're unable to pay off the dues, then the lender can place a lien on your other property. In my opinion, it will be better if you could negotiate with your lender and get a better payment plan to pay off the dues. _________________ Procrastination is the enemy of your financial success
prov1golf Joined: 17 Oct 2010 Posts: 2 1.00 Dollars($)	Posted: Sun Oct 17, 2010 10:22 pm    Post subject: Collection of the monies due and owing letter Like 0 Dislike 0 Do I contact the lender or the lawyer? Do you think they will take a lesser amount for the debt? Like give them 10k out of the 70k? If not BK another option?? What do you guys think??
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sun Oct 17, 2010 11:12 pm    Post subject: Like 0 Dislike 0 Hi prov1golf welcome to mortgagefit, Instead of contacting the lender immediately you should first search a lawyer and file for bankruptcy.there are two types of BK chapter 13 & ch.7 you can choose whichever is suitable for you. Meanwhile make sure that you give proper written answer to the notice sent by the court. Feel free to ask any further query if you have. DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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