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Charlie
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 Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
281.04 Dollars($)
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Posted: Fri Feb 06, 2009 3:22 am Post subject:
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Hi Charlie,
I understand what you're going through.
The US bank seems to have paid off the CIT as they have bought their loan already at $18K less than what you owe. That's the reason CIT is charging $18K from you. They have issued a charge off on the 18K simply because they don't want to waste their time in collecting the amount from you. They'll ask for it once or twice and then if you don't work out an arrangement with them, CIT will sell off your loan to a collection agency that'll then collect the payments from you.
I feel you should wait for the collection agency to call you up or perhaps harass you for the payments. You know how the agencies are….. at least when CIT is willing to talk to you for an alternative plan to get back $18k, you should fix up an appointment with them. And yes, you're liable for the amount worth $18K. What you can do is, just ask the first lender if at all they've bought CIT loan for $28K less than what you owe them. That'll confirm whether CIT is misguiding you.
| Quote: | | I'm I liable to the difference of the FMV and the amount US Bank bought the home back at "auction", or is it the difference amount of when they re-sell it? |
You are liable to pay the difference between the fair market value and the debt you owe, whether or not the house could be sold at the fair market value. But the lender can't enforce a deficiency judgment upon you because such a thing hardly exists in non-judicial foreclosure. Actually the court isn't involved here.
| Quote: | | I'm I liable to the FMV difference to US Bank and the 18k to CIT ALL TOGETHER? |
Yes, you are liable to pay the difference (if any) between the fair market value and the mortgage balance you owe, along with the $18K.
Good luck 
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Charlie
Guest
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
281.04 Dollars($)
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