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Legal Pup
Legal Pup, Amature researcher
Category: Legal
Satisfied Customers: 9508
Experience:  Ca. Contractors and Tennant/Landlord law
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Can a debt collector put a lien on property for old debt?

Resolved Question:

I foreclosed on a property about 12 years ago and there was a second mortgage on the property, the person I owned it with declared bankruptcy, now I am being harassed for the money and they say if I don''t pay they will put a lien on property or things owned.Not on Credit Report anymore!
Submitted: 6 years ago.
Category: Legal
Expert:  Legal Pup replied 6 years ago.

Hi Customer;

If you are referring to the mortgage that you both shared. They can come after you for the remainder if he has declared bankruptcy.

If you foreclosed on a piece of property that had a second mortgage on it. Then you assume the mortgage when you foreclose, and are liable to the mortgagor for that debt. If your partner that assumed the mortgage along with you defaults on his share. Then you are left holding the bag. The only way around something like this would be through incorporation laws where each partner is liable only for his own share of the debt. In this way if one person in the corporation goes belly up the rest of the group only has to pay their fair share.

I'm sorry but it looks like its is either pay the debt, or go to court and contest it.

As for them taking other properties you own to satisfy the debt. The only thing they can take is the property that was mortgaged.

If the property value will not satisfy the debt then they would have to take you to civil claims court. They would then have to prove that it was by your doing that the property was devalued beyond the amount of the debt.

In any case I highly recommend you get an attorney to help you in this matter. I'm sure that there are some fancy strings that can be pulled, and papers that can be filed on your behalf that will protect you, and your investments.

Customer: replied 6 years ago.
I don't understand I do not own the property anymore and haven't in 12 years, The debt is not on my credit report and on the document they keep sending me to collect the debt had the wrong address on it for the property that I did own. I assumed the debt was written off since it is not on my report and I don't own any property at all!
Expert:  Legal Pup replied 6 years ago.
So you are saying that the property was yours, and that you were the one forclosed on?
Customer: replied 6 years ago.
Reply to The Home Smithy's Post: yes
Expert:  Legal Pup replied 6 years ago.

My appologies I was under the impression that you were the person that forclosed on the property.

As for the letters you are receiving are they from the people that actually forclosed on the property or from another agency?

Customer: replied 6 years ago.
Reply to The Home Smithy's Post: they are from an independent collection agency that took over the debt, not the bank that foreclosed on the property.
Expert:  Legal Pup replied 6 years ago.

These people are given the debt to collect in the hopes that you will pay it off. If the debt is no longer on your credit report I would not put much stock in the threats they make. They are full of nothing but hot air. If they harrasss you in any way you can report them to the loan commission, as well as many other official reporting agencies. They must abide by certain guide lines when trying to collect debts of this nature.

They are just fishing for people that actually fall for the claims they make. Legally they cant touch you, or your assetts.

 

Legal Pup, Amature researcher
Category: Legal
Satisfied Customers: 9508
Experience: Ca. Contractors and Tennant/Landlord law
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