Legal Question in Real Estate Law in Missouri

My home foreclosed in MArch 2008 (in Missouri) after I attempted to sell for 13 months. I had 2 mortgages on the home. The home sold at foreclosure sale for 85k less than value. The first lender was paid off and 2nd lender got nothing. The second lender tried to come after me for the money. Obviously, If I had it, my home wouldnt have foreclosed in the first place. This deficit has since accrued interst and now totals 108k. It has been turned over to several differnt collections agencies who hardly every contact me but to simply send a reminder that I owe the money. What are my options here?


Asked on 9/27/10, 7:37 am

1 Answer from Attorneys
Anthony Smith LawSmith

A person in your possion has three basic options:

1) Pay the debt [all or some conpromise settlement portion of it]

2) wait to see if they sue you for it within the ten-year Statute of Limitations.

3) file for bankruptcy protection

Obvioulsy, you cannot provide enough detail for anyone to give you specific recommendation of what you shoudl do in your particular case. For that, you may have to meet direclty with an attorney in your area, who can discuss your options with you.

Good luck

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Answered on 10/04/10, 10:57 am


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