More details to this question:
My husband and I obtained a mortgage and HELOC to buy our home in 2005 with Countrywide. It then became BOA. Shortly before the 7/11 foreclosure, they assigned the HELOC to Greentree servicing. Over the last several months, they have been after us to pay it. Is this legal or valid? We understand that Greetree is part of BOA.
6 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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This is difficult to answer without seeing the documents.. But generally Michigan allows deficiency judgments to issue when they do not collect 100% of what is owed on the mortgage when they sell a house at a foreclosure sale. Some other states do not allow defiency judgments (I believe California for one)... I strongly suggest you consult with an attorney to double check this!
Answered on Sep 24th, 2012 at 6:05 PM
You promised to pay back the money. If you have not paid off the loan.. and have not settled with the lender... you still owe the money.
Answered on Sep 24th, 2012 at 6:05 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Yes, it is legal.
Answered on Sep 24th, 2012 at 6:04 PM
Family Attorney serving Henderson, NV
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Harris, Yug & Ohlinger
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Yes, an assignment of a debt is valid.
Answered on Sep 24th, 2012 at 6:04 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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They can assign, and it appears the HELOC is still valid and therefore they have a right to try to collect it.
Answered on Sep 24th, 2012 at 6:01 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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This is not a simple question to answer because it depends on where the property is located, whether or not it is a dwelling and the timing of the second loan.
Answered on Sep 24th, 2012 at 6:01 PM