Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal
This answer was rated:

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

loan from Wells Fargo. In...
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?
Show More
Show Less
Ask Your Own Legal Question
Answered in 8 minutes by:
7/14/2013
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 56,025
Experience: Attorney with 29 years of experience.
Verified
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!
Ask Your Own Legal Question
Customer reply replied 4 years ago

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

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?
Ask Your Own Legal Question
Customer reply replied 4 years ago

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

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
Richard, Attorney
Category: Legal
Satisfied Customers: 56,025
Experience: Attorney with 29 years of experience.
Verified
Richard and 87 other Legal Specialists are ready to help you
Ask your own question now
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/
Ask Your Own Legal Question
Ask Richard Your Own Question
Richard
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 56,025
56,025 Satisfied Customers
Experience: Attorney with 29 years of experience.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

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

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

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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, 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!!

ElaineAtlanta, 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.

TonyApopka, 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.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,727 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

42,358 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
Is there a ststute. Is there a Statute of Limitation on
Is there a Statute of Limitation on Court Ordered Divorce Decrees in NJ, also NY? … read more
Ray
Ray
Lawyer
Doctoral Degree
30,877 satisfied customers
What is the Statute of Limitations for the State of Alaska
What is the Statute of Limitations for the State of Alaska to recover erroneous retirement payments made to the widow of a deceased State employee? … read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
35,305 satisfied customers
Is there a statute of limitations on property damage?
Is there a statute of limitations on property damage? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
What is the statute of limitation on medical bills. I just
what is the statute of limitation on medical bills. I just received one from 51/2 years ago … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Is there a statute of limitation for damages caused by a
Is there a statute of limitation for damages caused by a tenant in a rental property in SC?… read more
Thomas Swartz
Thomas Swartz
Attorney
Juris Doctor
2,848 satisfied customers
Wondering about statute of limitations in Colorado, been
Wondering about statute of limitations in Colorado, been accused of check fraud back in 2013, which I have no re-collection of. … read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
Miss, is there a statute of limitation on gun charges and
Hi Miss Wilson , is there a statute of limitation on gun charges and attemped murder in New York . charges from 1992. … read more
Andrew
Andrew
Attorney
Juris Doctorate
197 satisfied customers
What is the statute of limitations for illegally selling
What is the statute of limitations for illegally selling Vicodin one time, specifically under federal law? … read more
Zoey, JD
Zoey, JD
Doctoral Degree
181 satisfied customers
Statute of limitations - soliciting prostitution. Colorado
Statute of limitations - soliciting prostitution. JA: Because laws vary from place to place, can you tell me what state this is in? Customer: Colorado JA: Have you talked to a lawyer yet? Customer: No… read more
LegalGems
LegalGems
Juris Doctorate
10,717 satisfied customers
In Illinois. Question 1: Once a statute of limitations runs
In Illinois. Hello, Question 1: Once a statute of limitations runs out on a business loan [10 years] can the collection agency still serve papers and try to sue? Question 2: If the bank placed a lien … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
What is the statute of limitations in California to file a
What is the statute of limitations in California to file a wrongful death suit ? The issue is my brother's death due to non-treatment of pneumonia while in a skilled nursing facility. The death certif… read more
Ray
Ray
Lawyer
Doctoral Degree
30,877 satisfied customers
What is the statute of limitations in California for filing
What is the statute of limitations in California for filing suit against a physician for breech of contract? Additionally, if the person is also suing the doctor for malpractice, would the person also… read more
Ray
Ray
Lawyer
Doctoral Degree
30,877 satisfied customers
What is the statute of limitations in Texas for A felon in
What is the statute of limitations in Texas for A felon in possession of a firearm … read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
What is the statute of limitations for legal malpractice
what is the statute of limitations for legal malpractice lawsuit? … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
What are the statute of limitations for Intentional
what are the statute of limitations for Intentional Infliction of Emotional Distress cases?… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,001 satisfied customers
What is the statute of limitations on collecting on a
Hi! What is the statute of limitations on collecting on a criminal monetary judgment? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
In California is there a statute of limitations on bring a
In California is there a statute of limitations on bring a court action against a ex-husband that the court ordered over 25-years ago to pay his wife $125,000.00 in a divorce. Is there anything lawful… read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
What is the statute of limitations for a private loan in
What is the statute of limitations for a private loan in Louisiana … read more
Expert James
Expert James
Doctoral Degree
11,710 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x