Upside Down Mortgage

Mortgage Default Letter

Question: Collection agency suing for default on mortgage loan??

A house I owned went into foreclosure in 2007. It was auctioned for 366K but mortgage loans were for 320K and 80K=400K. I received a letter from a collection agency Dyck O'neal stating: "enclosed are copies of the documents that support the debt owed to Dyck O'neal. The amount owed as of the date of this letter which includes principal, interest, and fees is 94K." The loans were first with Chase, then I guess they transferred this account over to collections. The situation I'm in is too long to explain and very complex, but I do not have that kind of money to pay these people back. What are my options? Do I need a lawyer and if so, what kind of lawyer should I get, a real estate lawyer or what? I have no idea what to do and I'm very worried as I have no money for something like this. I claimed Bankruptcy back in 2000 due to my exhusband maxing out all my credit cards that were in my name. I'm not sure if I can claim that again, or if that will help with this 94K debt.

Answer: i know this does not help much but there are hundreds if not thousands in the same boat as you are.

b/k may be an option but that can only be determined by a bankruptcy attorney in your local area. Unfortunately I know this does not help much but in the eyes of the law and the agreement you signed you still owe the balance due for the money you borrowed to purchase the property.

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