Who has been sued for a Mortgage Deficiency

[ilzhoefer]

Hello:

Just curious to see if anyone knows of anyone who has been sued for a mortgage deficiency?

Thanks.

[BeingHopeful]

My old mortgage company tried.  I had gotten divorced and the decree said she was supposed to pay the mortgage, which she did not.  The house was foreclosed on and she had filed bankruptcy.  They then came after me for $132,000.00.  I was able to beat it as I was notified about any the proceedings and wasn't given anything until after they tried to sue me, so I had no chance to try and save any part of it.  Cost me $1000.00 for a lawyer, but best money spent.

[ilzhoefer]

Did you own other real estate property or had a significant cash amount in your account at the time that they sued you for deficiency?

[BeingHopeful]

No.  IN fact, after the divorce I was left with $50K in credit card debt.  It took me 2 years, but I paid it all.  I had been debt free for maybe a few months and this came up.  So, I only had a couple thousand in savings.  So, that was the other argument, we could have battled and probably won as I was never served or notified the house was going into foreclosure, or they could pursue it, but I would file bankruptcy and they would get nothing anyway.  So, they just dropped it all together.