How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Richard Your Own Question

Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 45520
Experience:  Attorney with 29 years of experience.
Type Your Legal Question Here...
Richard is online now
A new question is answered every 9 seconds

In 2007 my husband and I purchased a home and obtained our

Customer Question

In 2007 my husband and I purchased a home and obtained our loan from Wells Fargo. In order to get the loan and avoid mortgage insurance Wells Fargo decided to do a primary loan with a secondary equity line of credit of $58K with the deed as the security interest which combined made up the total price of the home. In 2009 the property was foreclosed on. Wells Fargo purchased the property for $100. Two weeks ago we were served a court summons from RCS Recovery Services in which we are they are claiming we owe them $58K plus interest. Apparently even though Wells foreclosed on us and they held both loans they sold off the secondary to RCS. Attached to the summons is an "Allonge for the purpose of note endorsement" that only states "account specific" for the original loan amount, borrowers name and property name". In the field for "Wells Fargo Loan Number" it says "See Attached Exhibit A" which is the equity line document. My question is what is an allonge?
Submitted: 12 months ago.
Category: Legal
Expert:  Richard replied 12 months ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. "Allonge" is a term you don't see much. But, it is really only a descriptive term and doesn't in itself have any direct impact on the specific lawsuit. It basically is a term referring to an exhibit or attachment because there too much to write and it won't fit on the 1st piece of paper. When that happens, this term is simply a directive that there will a separate sheet of paper which will contain the information that would not fit on the first page.



I think I have answered your question fully and accurately. If not, please let me know and I'll be happy to address it further. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Customer: replied 12 months ago.

Based on the above situation do you feel RCS has grounds for this lawsuit?

Expert:  Richard replied 12 months ago.
Thanks for following up. Can you tell me whether or not you received a 1099-C from the bank on this loan when the property was foreclosed?
Customer: replied 12 months ago.

I do not believe we received a 1099-C for either loan.

Expert:  Richard replied 12 months ago.
Thank you. Unfortunately, if not, the holder of the loan would still be within the applicable statute of limitations to brings suit. The Florida statute of limitations is 5 years on this...it was recently amended to just 1 year to bring a deficiency judgment but because of when this new law takes effect, the holder of the loan would not be prevented from bringing this suit. Florida, unfortunately, is a deficiency state...which means the holder of this loan can pursue the borrower for the deficiency...the amount owed over the amount of the foreclosure sale. Whether or not they will continue to pursue this against you depends upon their assessment of the collectibility of a deficiency judgment. So, if you can convince them there is nothing for them to get, and that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the them to not pursue the lawsuit because they do not know whether or not you would… then it is unlikely they will continue to spend the time and money necessary to get a judgment they believe is uncollectible in the end.


Your further defense is that the holder of the loan doesn't have the property documentation. You can demand they produce all appropriate documentation, including the original loan documents, all assignment documents, and all evidence proving those signing any assignment documents actually worked at the applicable entities at the time of assignment. In addition, anyone signing affidavits should be made to appear to produce evidence of any and all personal knowledge sworn to in any such affidavits. The demand for this documentation itself often is sufficient to cause them to drop this suit.



This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you that the holder of the loan had no right to file this suit, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!
Richard, Attorney
Category: Legal
Satisfied Customers: 45520
Experience: Attorney with 29 years of experience.
Richard and 5 other Legal Specialists are ready to help you
Expert:  Richard replied 12 months ago.
Thanks so much for the positive rating and the generous bonus! I appreciate your kindness and the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it. Lee Michigan
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    8436
    JD, BBA Over 25 years legal and business experience.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8436
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/RA/ratioscripta/2012-6-13_2955_foto3.64x64.jpg Ely's Avatar

    Ely

    Counselor at Law

    Satisfied Customers:

    19941
    Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    8189
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/jespoag/2008-12-17_222355_jessepic.jpg JPEsq's Avatar

    JPEsq

    Attorney

    Satisfied Customers:

    2132
    Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor
  • http://ww2.justanswer.com/uploads/gsenmartin/2008-04-22_214950_me1.jpg Guillermo J. Senmartin, Esq.'s Avatar

    Guillermo J. Senmartin, Esq.

    Attorney

    Satisfied Customers:

    110
    7+ years of experience handling various legal matters.
  • http://ww2.justanswer.com/uploads/PA/PaulmoJD/2013-10-10_195858_JAImage.64x64.jpg Law Educator, Esq.'s Avatar

    Law Educator, Esq.

    Attorney

    Satisfied Customers:

    31621
    JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    15975
    Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.