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attyadvisor, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 7210
Experience:  29 years of practice consumer protection law
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A lender is pursuing a mortgage deficiency, there was no foreclosure,

Customer Question

A lender is pursuing a mortgage deficiency, there was no foreclosure, no judgment, we signed over our home. They sold it way under market in about half of the average marketing time. I live in Colorado and the deficiency is from a property in the Netherlands, I was told to sign contract by the mortgage advisor as it would be a deed in lieu but three years later they turned me over for collections to a collector in Florida and one in Denver? I don't think is is legal or valid, help.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Dwayne B. replied 1 year ago.
Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms. Please be patient when waiting for a response. I may be looking something up, typing the response, or busy with something else and sometimes it takes a while to respond. Is there a specific question with which I could assist?
Customer: replied 1 year ago.
I was hoping you would answer my original question with something other than a question, since I had to pay extra to see you answer, and there wasn't one. Don't answer as I am not interested in paying an additional amount for another question.
Expert:  attyadvisor replied 1 year ago.
Welcome to JA and thank you for your question. I am sorry the jurisdiction is not showing up on my end. What State does your question pertain to?
Expert:  attyadvisor replied 1 year ago.
I am able to see the jurisdiction now. My apologies. What you are referring to is a deed in lieu of foreclosure. We need to see the paperwork provided with the deed in lieu. The ideal situation is to have an agreement with the lender that prohibits them from pursuing a deficiency judgment. Do you have a copy of what you signed?
Expert:  attyadvisor replied 1 year ago.
I apologize I am to see the jurisdiction. As a general rule the lender needs to agree in writing that they accept the deed in lieu and Will Not pursue a deficiency judgment. The reason you want this is precisely for the situation you are in where the lender sold well under fair market value. In fact you have an action against the lender for not acting in good faith. Do you have a copy of your documents from your deed in lieu agreement?
Expert:  attyadvisor replied 1 year ago.
Sorry for the typo. " I am able to see the jurisdiction"