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Old 01-22-2010, 01:46 PM
 
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I am in missouri, where deficiency judgements are not allowed. I had a house that had a first and second mortgage. the 2nd was secured by the property as far as I know, they did a appraisal and closing when it was taken out.

My home was foreclosed on this past summer and sold on the courthouse steps, we received nothing about this, which I found very odd. It sold for a fraction of the primary loan balance. The people who purchased it demanded posession and evicted us. I still am getting bills from the 2nd mortgage company (Chase). I don't know what to do, from what I have read the 2nd mortgage holder should've known that it was being foreclosed from the title work they should've done prior to the sale and should've been at the auction to protect their interest. They weren't so my question is since missouri is a non-dificiency state, do they have any grounds to collect from me now?
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Old 01-22-2010, 02:33 PM
 
Location: New York
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Originally Posted by ef101966 View Post
I am in missouri, where deficiency judgements are not allowed. I had a house that had a first and second mortgage. the 2nd was secured by the property as far as I know, they did a appraisal and closing when it was taken out.

My home was foreclosed on this past summer and sold on the courthouse steps, we received nothing about this, which I found very odd. It sold for a fraction of the primary loan balance. The people who purchased it demanded possession and evicted us. I still am getting bills from the 2nd mortgage company (Chase). I don't know what to do, from what I have read the 2nd mortgage holder should've known that it was being foreclosed from the title work they should've done prior to the sale and should've been at the auction to protect their interest. They weren't so my question is since missouri is a non-dificiency state, do they have any grounds to collect from me now?

When you had your closing - you signed like 50 pages, you probably signed away any rights you had. Be seriously thinking about a chapter 7 bankruptcy.

It is true Missouri is primarily a non judicial state, where a deficiency judgment can not be obtained from a foreclosure when a property is foreclosed upon, for the amount it was sold for and the difference what was owed.

However - your lender recovering a deficiency, all they have to do is file a law suit on the person that originated the loan. A judgment and a law suit are to different things.

Chances are your old lender probably wrote off your loan as bad debt, and sold the loan to an Attorney or collection company. It will be up to them if they actually sue you.

.
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