QUESTION
How do I respond to a lawsuit that is suing me for not paying the home equity line of credit?
Asked on Aug 11th, 2011 on Bankruptcy - Florida
More details to this question:
I have a home equity line of credit on a house that sold 4 years ago .Now I am getting sued because I didn't pay it. Wasn't it suppose to be paid when the house closed? What can I do for a response to the lawsuit? Should I admit I signed all the docs but don't admit payments? Help?
2 ANSWERS
Elvin Garry Grundy
It is illegal in Arizona for a creditor to collect on a deficiency judgment after the foreclosure sale of your home if the property being foreclosed is a: (a) 2 acres or less; and (b) limited to and utilized as a single one-family or single two-family dwelling. Creditors outside of Arizona may be unfamiliar with the broad anti-deficiency statutes (See A.R.S. 33-729(A) and 33-814(G)). Competent and diligent legal counsel can challenge unwarranted deficiency judgments, and in some instances, recover attorney fees and damages when creditors bring meritless collections actions that fly in the face of Arizona's anti-deficiency statutes.
Answered on Aug 16th, 2011 at 8:08 AM
Karla Lehn
It would be wise to file a legal Answer to the Complaint before a Judgment is entered in favor of the bank by the Court.
Answered on Aug 12th, 2011 at 12:30 PM