Re: help me please

Posted by Why Chat (209.240.205.61) on February 09, 2004 at 20:20:12:

In Reply to: help me please posted by Hip2u on February 09, 2004 at 17:54:56:

Open the door.
File an answer to the lawsuit.
Fight them in Court.
Claim SOL and require them to prove it is your account and prove all of their claims re $$$.

If you lose and get a judgment against you, and assuming the mortgage is on record on your home, you figure your assailable equity based on the NET figures, not the market value. So deducting selling costs of at least 10%, even if it were to sell at a sheriffs sale for $70,000 deduct $7,000 in sale costs and $50,000 payoff to the 1st mortgage holder and your $15,000 exemption,and they would get ZILCH. Your house is safe from seizure.

It is true that if they get a judgment it will hurt your ability to refi or sell, but they need to refile every 3 years, and it is only good for 10 years, so you should sit tight.

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