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My husband and I borrowed two conventional mortgage loans in 2006. We foreclosed and the house was auctioned in Dec. 2007. We are still getting invoices from a collection company for the smaller mortgage loan. Are we still responsible for this collection? The invoices state that we should pay to avoid a lien on our home, but we haven't been living there in almost two years. We live in Texas. Thanks.
Submitted: 62 days and 5 hours ago.
Category: Legal
Value: $18
Status: AWAITING CUSTOMER ACTION
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State/Country relating to Question: Texas
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Hello,
Unfortunately it appears that you are still liable for the loan.
When a property is foreclosed in Texas, a judgment can be entered by the court for any amount of the loan that remains unpaid. This is called a deficiency judgment. The deficiency judgment can be used to execute on other property held by the debtor.
Expert:
FLandNYLawyer
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Answered:
9/20/2009
Attorney
20 years of private practice
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