Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

After going through a mediation settlement on a mortgage with…

Customer Question
After going through a mediation...
After going through a mediation settlement on a mortgage with BOA 2 years ago I am told by a company that bought the mortgage from BOA my company still owes an unsecured credit line amount of over $ 100,000. Thought this was part of settlement. Waiting for info to verify from new lender. My question is if my company does have an unsecured amount due what happens if I refuse to pay. I have no ethical issues not paying BOA. Will spare you the sordid experience I have had with BOA over the last 35 years.
Submitted: 3 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 9 minutes by:
7/1/2015
Real Estate Lawyer: Loren, Lawyer replied 3 years ago
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,311
Experience: 30 years of real estate practice experience.
Verified
Thank you for using JustAnswer. I am Loren, a Florida licensed attorney, and I will do whatever I can to answer your question.
Unfortunately, unless the line of credit was included in the mediation settlement, your company would still be liable for repayment, assuming, of course, that you had no valid defenses to assert.
If you refused to repay the bank could sue for breach. If you gave a personal guaranty then the lender could pursue your personal assets, as well as business.
I hope this is helpful.  If you have any follow up questions feel free to post them.  It is never a problem.
Thank you.
Loren
Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Loren Your Own Question
Loren
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,311
39,311 Satisfied Customers
Experience: 30 years of real estate practice experience.

Loren 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

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
Had a short sale 5 years ago and am in the process of trying
had a short sale 5 years ago and am in the process of trying to buy a new house and trying to find out some info about the 2nd mortgage from the short sale… read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
In the state of Ga. I filed chapter 13 and surrendered my
In the state of Ga. I filed chapter 13 and surrendered my property, to get rid of my obligation to the loan which was deficient. I still occupy the property, btw.. My lender (BOA) decided not to forec… read more
P. Simmons
P. Simmons
Lawyer
Doctoral Degree
3,572 satisfied customers
My property was foreclosed on in 2011 November. i had 2 mortgages,
My property was foreclosed on in 2011 November. i had 2 mortgages, wellfargo and bank of america. Wells fargo foreclosed, a third just got in touch with me about still having a mortgage that BOA sold … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
Hi. I live in Fort Lauderdale, Florida. About 8 years ago
Hi. I live in Fort Lauderdale, Florida. About 8 years ago I ve took out an equity line with State Farm for $30k; a few years later I was also able to take out a second equity line with Bank of America… read more
Jack R.
Jack R.
Partner
Juris Doctor
6,136 satisfied customers
I have two homes: Home A and home B,20 years ago I bought home
I have two homes: Home A and home B,20 years ago I bought home B, and thought I had a home equity loan on home B for 20 years. I sold home A 10 years ago, and for the last several years BOA has been r… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
In Nov 2008, we sold our property in Nashua, NH as a short
In Nov 2008, we sold our property in Nashua, NH as a short sale. The primary mortgage settled without a problem. There was a secondary mortgage thru Bank of America. At the time we were told that they… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
am an experienced real estate investor, I have participated
am an experienced real estate investor, I have participated and still participating in foreclosure auctions, note purchasing, assignment, and litigation of all kind of foreclosure defense cases. While… read more
socrateaser
socrateaser
1,031 satisfied customers
Get ready for a short book here: Ohio law. I am at the
Get ready for a short book here: Ohio law. I am at the end of a forclosure. Had no employment so mediation went no where. Court ruled the mortgagee company can now list the property for sheriff sale. … read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
I just found out that Bank of America still kept taking out
I just found out that Bank of America still kept taking out money from my checking account even after I removed my Check info from their site as payment option, went onto their site and it shows no sa… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
We had to do a short sale in March 2011 for our Delaware property
We had to do a short sale in March 2011 for our Delaware property (on market for a year) in order to move to VA. We had 2 mortgages, Citi was 1st and BofA was 2nd. Citi forgave loan as "settled for le… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I have a pool secured by a deed of trust on my home, what happens
I have a pool secured by a deed of trust on my home, what happens if i forclose on my home?… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
Hello, I have a property in Los Angeles, CA. I purchased this
Hello, I have a property in Los Angeles, CA. I purchased this house in 2005 for $620K with NegARM loan 80%, second mortgage 15 years Balloon 10% . Year later refinanced NegARM to 5 years fixed Interes… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,463 satisfied customers
As I understand it; some banks are settling the debt for HELOC
As I understand it; some banks are settling the debt for HELOC at a much lower amount. I would like to see this as an option but don't know who I'm supposed to contact at Bank of America and if I shou… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I was in the last stages of a refinance with Wells Fargo at
I was in the last stages of a refinance with Wells Fargo at 4.5%(affordable homes program). They stated I did not qualify because my line of credit was with a non-Wells Fargo lender. I stand to save a… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,463 satisfied customers
I recently had a house fire. My insurance has sent me a check
I recently had a house fire. My insurance has sent me a check for the dwelling made out in my name and the mortgage company's name. They informed me that the check would be deposited in an escrow acco… read more
Dimitry Esquire
Dimitry Esquire
Attorney
Doctoral Degree
5,526 satisfied customers
I had a house in New Orleans, LA in 2005. I lost my job and
I had a house in New Orleans, LA in 2005. I lost my job and could not pay for the house. For two years the house has been sitting and now Bank of America has decided to foreclose. It was an ARM and th… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I had an equity line with washington mutual on two different
I had an equity line with washington mutual on two different properties. I just found out that the title company paid off the wrong equity line and not the one on my principal property. The heloc is o… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
8,377 satisfied customers
in volation of FDIC 226.34(a)(3)(4)(i)(ii)what are the penalties
in volation of FDIC 226.34(a)(3)(4)(i)(ii) what are the penalties its a va loan and they have been unwilling to modify for over a year now i live in colorado… read more
Law Pro
Law Pro
Doctoral Degree
19,000 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