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 Tina Your Own Question
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
Type Your Real Estate Law Question Here...
Tina is online now
A new question is answered every 9 seconds

8 years ago we had a short sale for a condo that was to be

Customer Question

8 years ago we had a short sale for a condo that was to be home for my disabled sister. My mother was diagnosed with lung cancer and passed away prior to it being completed for them to move in. Whe. We received the property we were told the association didn't allow it to be rented. I paid the mortgage for a year while it was listed for sale. Washington mutual was the owner of the deed but during this mess, chase and a new set of reps were assigned. It was sold at a loss and. We were given a 1099c for taxes that year. Im now getting letters about the equity account that they attached to it to get an 80/20 loan to avoid PMI. All money went to the purchase in the beginning.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Illinois
JA: Has anything been filed or reported?
Customer: nothing from out sorry.. Nothing from our last credit report. I have traced the number from a letter and online they make it sound as though it's a scam.
JA: Anything else you want the lawyer to know before I connect you?
Customer: When chase took over the account we were in the middle of the sheriffs sale and we had a bid offer of 305000 on the property. Chase countered with an offer of 265000.
Submitted: 1 month ago.
Category: Real Estate Law
Customer: replied 1 month ago.
We found a buyer. The property was originally 445.000 when we purchased it.
Builder delays and problems with turnover date made the 6 month adventure almost 15 months. When the unit was being sold I contacted the bank weekly and sent in hardship papers that were repeatedly lost and I would submit over and over. My mother in law passed away and it was vacant during the short sale process. I found the buyer and they offered the BID price. This was the number I was told would stop the sheriffs sale. We then were turned over to a completely different rep that explained that she worked for chase and they bought out Washington mutual. She then told me all of the hundreds of files were just dropped into her lap.
The sale went through not at the 305,000 he was paying, but at the 265,000 that chase countered with.
We were stunned to say the least. The bank sold the property. Wrote off the loss. Gave me a 1099c (I think) the next year for taxes. And now I'm getting letters saying that I owe 41000 on the condo.
Expert:  TJ, Esq. replied 1 month ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I'll be glad to help if I can. I'm sorry to hear about this distressing situation. To clarify your question, are you asking why the property would have been sold for $265k when another party offered $305k? If so, Please provide me with more details, such as when/where the $305k offer was made (i.e., at the auction?). Also, did the proposed buy have the requisite deposit to purchase the property?

Thank you.

Customer: replied 1 month ago.
The sale went through. My question was not about that at all. How long after a short sale can the bank still attempt to collect if there was a 1099 issued to me after the short sale was completed? Ive received a letter asking to settle a debt that I dont believe is mine. The bank took back the property and sold at a loss to a new buyer. I reloaded that bad debt is sold to bottom feeders to hopefully collect even if less. Could they claim to be chase bank even if they are not affiliated? What is Illinois statute of limitations? This is the question. I have never made any agreements to pay even a dollar. It's not my debt.
Customer: replied 1 month ago.
The sheriff sale was postponed because of the offer made by the buyer. The sale went to a regular title company and my relestate agent was with us at the closing.
Expert:  TJ, Esq. replied 1 month ago.

Hi again.

I'm a little confused. You didn't sign the note? But they are asking you for money? Do you know why? Have you to pointed out that you didn't sign the note? If so, what did they say?

Customer: replied 1 month ago.
This is only a question of if the state allows a deficiency judgement in Illinois 8 years after the real estate was resold. No judgement has been made against us. I received a letter asking for payment of the equity line attached to a house I no longer have.
Expert:  TJ, Esq. replied 1 month ago.

Hi again.

Unfortunately, the law is rarely black and white. It is very fact driven, and you haven't given me enough information to answer your question. Accordingly, I will politely opt out, and open the question to other attorneys to review.

I wish you the best.

Expert:  Damien Bosco replied 1 month ago.

If you are still looking for help, possibly I can help you. Let me know if so.

Customer: replied 1 month ago.
I still have not received assistance to my short sale question. I would like to cancel this service since I do not believe it will be answered as promised by an American, English speaking individual that is licensed in my state. This is a scam trying only to upcharge me for interactions. Buyer beware!
Expert:  Damien Bosco replied 1 month ago.

I understand your question regards ***** ***** of limitation that a mortgagor can attempt to obtain a deficiency judgment. Is that correct?

Related Real Estate Law Questions